Document:

Exhibit 10.0

 

FORBEARANCE AGREEMENT

 

THIS FORBEARANCE AGREEMENT (“Agreement”) is being entered into as of July 24,
2008, by and between PEOPLES COMMUNITY BANCORP, INC., a Maryland corporation (“Borrower”),
and INTEGRA BANK, N.A., a national banking association (“Bank”).

 

RECITALS

 

A.                                   Bank and Borrower
entered into a Revolving Credit Loan Agreement dated December 8, 2006, as
amended by the Amendment to Revolving Credit Loan Agreement dated December 5,
2007, (collectively, the “Loan Agreement”).

 

B.                                     The loan made to
Borrower pursuant to the terms of the Loan Agreement is evidenced by an Amended
and Restated Revolving Credit Note dated December 8, 2006, in the original
principal amount of Seventeen Million Five Hundred Thousand Dollars
($17,500,000), as amended by the Amendment to Revolving Credit Note dated as of
December 5, 2007 (collectively, the “Note”).

 

C.                                     Borrower failed to
pay the principal amount of the loan within ten (10) business days of the maturity date of June 30,
2008 and, accordingly, an “Event of Default” as defined in the Loan Agreement
exists and is continuing.

 

D.                                    The Note is secured
by the Stock Pledge Agreement dated as of December 8, 2006 (the “Pledge
Agreement”), pursuant to which Borrower has pledged 100% of the outstanding
common stock (the “Pledged Stock”) of its
banking subsidiary, Peoples Community Bank, a federal savings bank (“PCB”).

 

E.                                      Borrower has
developed a structured plan which contemplates the participation of certain
parties whose identities have been disclosed to Bank (the “Third Parties”) and
involves a series of transactions (collectively, the “Transaction”) which, when
implemented, will result in the repayment in full of the Indebtedness.

 

NOW,
THEREFORE, in consideration of the Recitals, the mutual covenants and agreements
contained herein and the acts to be performed hereunder, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.                                  Definitions. Unless otherwise specifically defined herein, capitalized
terms shall have the respective meanings ascribed to them in the Recitals or
the Loan Documents.

 

(a)                                  “Acceptable
Transaction Agreement” means a definitive agreement between Borrower and the
Third Parties with respect to the Transaction which (1) will provide for
either payment in full of the Indebtedness or a purchase of the Note for the full
amount of the Indebtedness at the earlier of the closing of the Transaction or
the end

 

 

of the Forbearance Period and (2) has other terms and conditions
which Bank consents to (such consent not to be unreasonably withheld).

 

(b)                                 “Collection
Action” has the meaning set forth in Section 5 of this Agreement.

 

(c)                                  “Forbearance
Period” means: (1) the period that commences on the date of this Agreement
and ends thirty (30) days from the date hereof; provided, however, Bank may, in
its sole discretion, extend such initial 30-day period for an additional
fifteen (15) days; and (2) if prior to the end of the period contemplated
in clause (1), Borrower and the Third Parties enter into an Acceptable
Transaction Agreement, the Forbearance Period shall be extended and shall end
on the earliest of (i) the closing date under the Acceptable Transaction
Agreement, (ii) the occurrence of a Termination Event (as such term is
defined in Section 7 of this Agreement) or (iii) December 31,
2008. Upon the expiration of the Forbearance Period, Bank may initiate its
remedies under the Loan Documents.

 

(d)                                 “Forbearance
Rate” means the annual interest rate for a “Prime Rate Based Loan” as defined
in the Note plus three percent (3%).

 

(e)                                  “Indebtedness”
has the meaning set forth in Section 3 of this Agreement.

 

(f)                                    “Loan
Documents” means, collectively, the Loan Agreement, the Note, the Pledge
Agreement and any other agreements, documents or instruments evidencing,
governing or securing the Indebtedness, as hereinafter defined.

 

(g)                                 “Termination
Event” has the meaning set forth in Section 7 of this Agreement.

 

2.                                       Recitals. The Recitals are incorporated herein and made a part hereof.
Borrower acknowledges, represents and warrants that the Recitals are true and
correct.

 

3.                                       Acknowledgment of Existing Indebtedness. Borrower acknowledges that the Note
matured on June 30, 2008, and that Bank is entitled to exercise all of its
rights, powers and remedies provided for in the Loan Documents following
maturity. Borrower further acknowledges that as of June 30, 2008, Borrower
is indebted to Bank in the principal amount of $17,500,000.00. The foregoing
amount, together with interest accruing at the Forbearance Rate commencing July 1,
2008 until payment in full and all other obligations owed by Borrower to Bank
under the Loan Documents, this Agreement, or otherwise, are collectively
referred to herein as the “Indebtedness.”

 

4.                                       Reaffirmation of Loan Documents-No Defenses. Borrower reaffirms all of its
obligations under the Loan Documents. The Loan Documents are valid, binding and
enforceable in accordance with their respective terms against Borrower, and
remain in full force and effect. Borrower acknowledges that it has no defenses,
set-offs, claims, counterclaims or causes of action of any kind or nature with
respect to any of the Loan Documents or the Indebtedness represented thereby.
The lien and security interest of Bank with respect to the Pledged Stock is
valid and in full force and effect, and is prior to any other liens and
security interests granted to

 

2

 

or obtained by third parties on such asset. Bank is entitled under the
terms of the Loan Documents to exercise all voting and consensual rights and
powers of the Pledged Shares and to receive and retain all dividends on the
Pledged Shares without advance notice to Borrower or any other party of any
such action. The Loan Documents remain in full force and effect and nothing
contained herein shall be deemed to be a waiver by Bank of any provision
contained in the Loan Documents. This Agreement does not supersede the Loan
Documents; however, in the event of any conflict between this Agreement and the
Loan Documents, this Agreement shall control. Borrower acknowledges that the
Indebtedness is not impaired or cancelled by this Agreement and Borrower
remains obligated to pay the Indebtedness in full.

 

5.                                       Agreement to Forbear-Extent of Forbearance. Subject to complete and timely
compliance with the terms of this Agreement by Borrower, Bank agrees to (a) forbear
and refrain during the Forbearance Period from initiating or prosecuting any
action in any court to collect the Indebtedness, including without limitation
any action seeking the establishment of a receivership, trust, or similar
arrangement with respect to Borrower, business, or any portion of its assets,
petitioning as a creditor for the establishment of any case under the Bankruptcy
Code against Borrower or for any determination that Borrower is insolvent,
seeking prejudgment attachment of any of Borrower’s assets, or similar action,
or from exercising any non-judicial means of collecting the Indebtedness,
including without limitation any remedy available to Bank under the Uniform
Commercial Code as enacted in the applicable jurisdiction (referred to herein
as a “Collection Action”); and (b) refrain from exercising its vested
rights to vote and receive dividends on the Pledged Stock. “Collection Action”
does not include, and the forbearance provided in this Section 5 does not
extend to, any action which Bank may take to preserve, perfect, protect or
otherwise act with respect to the lien and security interest held by Bank with
respect to the Pledged Stock or from enforcing the provisions of this
Agreement.

 

6.                                       Borrower Covenants. To induce Bank to enter into this
Agreement, Borrower agrees to the following covenants:

 

(a)                                  Borrower
agrees to pay Bank interest at the Forbearance Rate on the Indebtedness
commencing July 1, 2008, payable as follows: (1) Borrower shall pay
Bank interest at the annual rate for a “Prime Rate Based Loan” on the
Indebtedness as defined in the Note monthly in arrears commencing August 1,
2008; and (2) Borrower shall pay the unpaid portion of all accrued
interest at the earlier of the closing of the Transaction or the end of the
Forbearance Period.

 

(b)                                 Borrower
shall pay Bank a forbearance fee equal to $175,000.00, which fee shall be fully
earned and nonrefundable upon execution of this Agreement and shall be payable
no later than the earlier of the termination of the Forbearance Period or the
closing of the Transaction.

 

(c)                                  Borrower
shall pay within five (5) days of receipt of an invoice from Bank upon
demand Bank’s reasonable attorney’s fees incurred by Bank in the negotiation
and preparation of this Agreement.

 

(d)                                 At
Bank’s request, Borrower shall execute and deliver or cause to be delivered to
Bank and/or file with the appropriate offices, such documents, instruments, agreements, financing statements, amendments
and/or other things deemed necessary by

 

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Bank, in its sole discretion, to implement the substance and intent of
this Agreement, the Loan Documents, and the other documents executed in
connection herewith or therewith.

 

(e)                                  Borrower
shall provide Bank and its advisors with reasonable access to all financial
books, records and files (whether such information is stored on any computer or
disk) to, among other things, verify the results of operations, loans and the
loan loss reserves. Reasonable fees and expenses incurred by Bank in connection
with the foregoing shall be paid or reimbursed by Borrower.

 

(f)                                    Borrower
shall continue to provide Bank all information required to be reported to Bank
under the Loan Documents and, in addition, on the 15th day of each month (each such day, a “Reporting
Date”), Borrower shall provide to Bank:

 

(1)                                  projected
cash flows of Borrower and PCB for the following month;

 

(2)                                  a
report on the status of and any developments concerning the Transaction; and

 

(3)                                  a
report on Borrower’s progress with respect to generating cash sufficient to
repay the Indebtedness in full before or concurrently with consummation of the
Transaction.

 

(g)                                 Neither
Borrower nor PCB shall become an obligor or guarantor with respect to any
indebtedness owed to any person other than the Bank. Further, neither Borrower
nor PCB shall pledge any of its respective assets to any person other than Bank
or allow, voluntarily or involuntarily, any liens or security interests to
attach to any of its respective assets other than liens and security interests
in favor of Bank.

 

(h)                                 Borrower
shall promptly notify Bank of the commencement of any litigation, including the
commencement of an involuntary case under Chapters 7 or 11 of the United States
Bankruptcy Code, as amended, 11 U.S.C. 101 et seq. (the “Bankruptcy Code”)
against Borrower.

 

7.                                       Termination
Events. As used in this Agreement, the term “Termination Event” shall mean
the earliest of any of the following events to occur:

 

(a)                                  Borrower
fails to pay the Indebtedness, including interest, as provided herein or
Borrower or PCB default in the payment of any other debt or obligation which
exceeds $100,000.

 

(b)                                 Borrower
fails to perform any covenants, obligations, or agreements contained in this
Agreement and the Loan Documents which failure would affect the timely
repayment of the Indebtedness in full or Borrower or PCB fails to perform any
covenant, obligation or agreement with respect to any other debt or obligation
which exceeds $100,000.

 

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(c)                                  The
Acceptable Transaction Agreement is modified in any material respect which
would affect the timely repayment of the Indebtedness in full or is terminated.

 

(d)                                 Borrower
becomes the subject of a voluntary or involuntary case under the Bankruptcy
Code or shall become the subject of an order for relief under the Bankruptcy
Code.

 

(e)                                  Any
representation or warranty of Borrower contained in this Agreement is or
becomes untrue or inaccurate in any material respect.

 

(f)                                    A
receiver is appointed with respect to any of the assets or properties of
Borrower, including the Pledged Stock.

 

(g)                                 A
creditor of Borrower takes any action to enforce by repossession, foreclosure,
or other legal proceeding, any lien or security interest against any asset of
Borrower, including the Pledged Stock, or to collect any indebtedness secured
by any of the collateral.

 

(h)                                 A
sale, transfer, conveyance or other disposition of the Pledged Stock is
attempted or purported to have been made without the prior written consent of
Bank.

 

(i)                                     An
action, litigation or proceeding is brought against Borrower in any court or
before or by any agency or regulatory body which could materially and adversely
affect the financial condition of Borrower, or which results in a final,
non-appealable judgment against Borrower not covered by insurance in an amount
in excess of $50,000.

 

(j)                                     Any
term or provision of this Agreement or any of the Loan Documents is disputed
by, on behalf of, or in the right or name of, Borrower or any material term or
provision of this Agreement or any of the Loan Documents is found or declared
to be invalid, avoidable, or unenforceable by any court of competent
jurisdiction.

 

(k)                                  A
material adverse change occurs in the financial condition or credit-worthiness
of Borrower or with respect to the Pledged Stock, with such determination to be
made by Bank in its sole and absolute discretion, including, but not limited
to, any change or potential change that occurs or which could occur in Borrower’s
financial condition or assets as a result of any action taken by, or on behalf
of, any creditor or group of creditors of Borrower.

 

(1)                                  The
Transaction is not submitted to a vote of the shareholders of Borrower on or
before November 15, 2008 or is not approved by the shareholders of
Borrower or applicable regulatory agencies on or before December 10, 2008.

 

(m)                               The
Third Parties announce that they do not intend to complete the Transaction or
withdraw any regulatory application relating thereto.

 

(n)                                 Either
Borrower or PCB fails to perform their obligations under the Cease and Desist
Orders issued by the Office of Thrift Supervision dated April 2, 2008, or
the Office of Thrift Supervision or any
other banking regulatory authority initiates any

 

5

 

additional enforcement actions against Borrower or PCB which failure or
additional enforcement action would affect the timely repayment of the
Indebtedness in full.

 

8.                                       Further
Agreements/No Course of Dealing Established/ No Further Obligation To Extend
Credit. Borrower hereby acknowledges and agrees that:

 

(a)                                  Except
as herein provided, this Agreement does not constitute, and no agreement,
compromise or settlement of any kind has been reached between Bank and Borrower
regarding a reinstatement, restructuring or modification of the Indebtedness or
any portion thereof or of any of the Loan Documents, and no such agreement
shall exist or be deemed to exist unless and until all parties thereto execute
and deliver complete documentation setting forth the terms of any such
reinstatement, restructuring or modification;

 

(b)                                 Bank
is not obligated to reach any further agreement concerning the reinstatement,
restructure or modification of the Indebtedness or any of the Loan Documents;

 

(c)                                  Neither
this Agreement, nor any action taken or forbearance by Bank pursuant to this
Agreement, shall impair, prejudice, or in any other manner affect the rights of
Bank in and to any of the collateral (including, without limitation, any
proceeds thereof) or establish or be deemed to establish any precedent or
course of dealing with respect to any of the Indebtedness or collateral;

 

(d)                                 Neither
this Agreement, nor any action taken or forbearance pursuant to this Agreement,
shall constitute or be deemed to be a waiver by Bank of any default under the
Loan Documents or any rights or
remedies of Bank has with respect thereto and Bank has reserved and continues
to expressly reserve and shall retain all rights, claims, remedies, actions and
causes of action in connection with and with respect to the Indebtedness, the
Loan Documents, and the Pledged Stock, or arising out of any action or failure
to act by Borrower either before or after execution of this Agreement;

 

(e)                                  BORROWER
HEREBY ACKNOWLEDGES AND AGREES THAT BANK HAS MADE NO COMMITMENT, EXPRESS OR
IMPLIED, TO MAKE ANY LOANS TO EXTEND FURTHER CREDIT TO BORROWER AND HAS NO
OBLIGATION TO ENTER INTO ANY FURTHER AGREEMENTS, INCLUDING ANY AGREEMENTS TO
EXTEND THE TERM OF THE FORBEARANCE PERIOD;

 

(f)                                    The
execution, delivery and performance of this Agreement by Borrower has been duly
authorized by all necessary corporate action; and

 

(g)                                 The
execution and delivery of this Agreement by Bank and its performance under or
pursuant to this Agreement contemplated hereby, does not and shall not create,
result in, or provide Borrower with any defense, setoff, claim, counterclaim,
or cause of action of any nature whatsoever with respect to the Indebtedness or
any of the Loan Documents, or, except for the express obligation to forbear
evidenced by this Agreement, impair, prejudice, waive, extinguish, or in any

 

6

 

other manner affect, directly or indirectly, the rights of Bank under
any of the Loan Documents or with respect to the Pledged Stock.

 

9.                                       Release of
Bank. For value received, the receipt and sufficiency of which are hereby
acknowledged, Borrower, for itself and its respective directors, officers,
shareholders, parents, subsidiaries or affiliates, employees, agents,
attorneys, representatives, successors, assigns, heirs, and personal
representatives, hereby release and forever discharge Bank, and its respective
directors, officers, shareholders, parents, subsidiaries, affiliates,
employees, agents, attorneys, representatives, successors and assigns, of and
from any and all actions, claims, causes of action, suits, proceedings,
demands, damages, costs, expenses and liabilities of any kind or nature
whatsoever, whether known or unknown, against any and all of them arising from,
relating to or involving in any way, directly or indirectly, any act,
statement, omission or conduct by the released parties relating to any
transaction or event occurring prior to the date of this Agreement. The
foregoing release shall not be construed as or deemed an acknowledgment or
admission on the part of Bank or any other released party of any liability to
Borrower or its related parties or as precedent on which any such liability may
be assessed.

 

10.                                 Notices. Any
notices to be given pursuant to this Agreement shall be deemed adequate when
transmitted by U.S. mail or telephone facsimile to:

 

	
   Borrower at:

  	
   

  	
  Bank at:

  
	
   

  	
   

  	
   

  
	
   Peoples Community Bancorp, Inc. 

  	
   

  	
  Integra Bank, N.A.

  
	
   6100 West Chester Road

  	
   

  	
  21 S.E. Third Street

  
	
   P.O. Box 1130

  	
   

  	
  P.O. Box 868

  
	
   West Chester, OH 45071-1130 

  	
   

  	
  Evansville, IN 47705-0868

  
	
   Attention: Jerry D. Williams

  	
   

  	
  Attention: Martin M. Zorn

  
	
   

  	
   

  	
   

  
	
   With a copy to:

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   Peoples Community Bancorp, Inc. 

  	
   

  	
  Baker & Daniels LLP

  
	
   6100 West Chester Road

  	
   

  	
  600 East 96th Street, Suite 600

  
	
   P.O. Box 1130

  	
   

  	
  Indianapolis, IN 46240

  
	
   West Chester, OH 45071-1130 

  	
   

  	
  Attention: David C. Worrell

  
	
   Attention: Fred L. Darlington

  	
   

  	
   

  

 

11.                                      Costs and
Expenses. Borrower shall reimburse Bank upon demand for all out of pocket
costs and expenses of the Bank (including reasonable attorney fees and legal
expenses) incurred by Bank enforcing the terms of this Agreement.

 

12.                                      Survival/No
Third Party Beneficiaries.                             All
of the acknowledgments, representations, warranties, covenants and agreements
of Borrower shall survive and continue in full force and effect notwithstanding
the expiration of the Forbearance Period or the occurrence of a Termination
Event. The covenants, terms, provisions and agreements in this Agreement shall
be binding upon, and inure to the benefit of, the parties hereto and their
respective estates, successors, and assigns. There are no third party
beneficiaries of or to this Agreement.

 

13.                                      Bank’s Right
to Partially Enforce Agreements. No delay on the part of Bank in the exercise of any right or remedy hereunder
or under any of the Loan Documents shall operate

 

7

 

as a waiver. No single or partial exercise by Bank of any right or
remedy hereunder or under any of the Loan Documents shall preclude any other
right or remedy. No waiver or indulgence by Bank of any default remedy
hereunder or under any of the Loan Documents shall be effective unless in
writing and signed by Bank, nor shall a waiver of any default on one occasion
be construed as a waiver of that default on any future occasion.

 

14.                                 Choice of Law. Notwithstanding
the choice of law provisions in the Loan Documents, this Agreement shall be
governed by and construed in accordance with the internal laws of the State of
Indiana, without reference to any choice or conflict of laws provisions
thereof.

 

15.                                 Counterparts.
This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, and all of which taken together shall
constitute one and the same instrument.

 

16.                               CONSENT TO JURISDICTION. BORROWER HEREBY AGREES THAT
ALL ACTIONS OR PROCEEDINGS INITIATED BY OR AGAINST BORROWER AND ARISING
DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS
SHALL BE LITIGATED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF INDIANA, EVANSVILLE DIVISION. Borrower hereby expressly
submits and consents in advance to such jurisdiction in any action or
proceeding commenced by Bank in any of such courts, and hereby waive personal
service of the summons and complaint, or other process or papers issued
therein, and agree that service of such summons and complaint or other process
or papers may be made by registered or certified
mail addressed to such parties at the address to which notices are to be sent
pursuant to this Agreement. BORROWER WAIVES ANY CLAIM THAT EITHER COURT IS AN
INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. The
exclusive choice of forum for Borrower set forth in this section shall not be
deemed to preclude Bank’s enforcement of any judgment obtained in any other forum
or any action by Bank to enforce the same in any other appropriate
jurisdiction, and Borrower hereby waives the right, if any, to collaterally
attack any such judgment or action.

 

17.                                 Waiver
Of Jury Trial. Bank and Borrower acknowledge and agree that any controversy which may arise under this
Agreement or the other Loan Documents or with respect to the
transactions contemplated herein and therein would be based upon difficult and complex issues. THEREFORE, THE PARTIES AGREE
THAT ANY COURT PROCEEDING ARISING OUT OF ANY SUCH CONTROVERSY WILL BE TRIED IN
A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

18.                                 Supremacy. If
any provision in this Agreement shall conflict with any term or condition set
forth in the Loan Documents, the provision of this Agreement shall supersede
and control the matter.

 

19.                                 Severability.
If any provision of this Agreement shall be invalid, illegal or otherwise
unenforceable, such provision shall be severable from the remainder of this
Agreement, and the validity, legality and enforceability of the remaining
provisions shall not be adversely affected or impaired thereby and shall remain in full force and effect.

 

8

 

20.                                 Miscellaneous.
Each party hereto acknowledges that such party has read this Agreement,
understands it, and agrees to be bound by its terms. The parties further
acknowledge they have each had the opportunity to consult legal counsel. The
parties further acknowledge this Agreement is the complete and final agreement
between them, that it includes all understandings between them, and that it
supersedes any other conflicting contracts or agreements between them relating
to the subject of the Agreement. This Agreement may not be modified or amended
except in writing signed by the parties. Borrower acknowledges that the
relationship between Borrower and Bank is strictly that of “debtor/creditor”,
and that this Agreement shall not be construed as creating a partnership, joint
venture or co-venture between them. Borrower acknowledges and agrees that Bank
is not a fiduciary with respect to them, or the shareholders or creditors of
Borrower.

 

[Signature page follows]

 

9

 

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

 

	
  PEOPLES
  COMMUNITY BANCORP, INC.

  	
  INTEGRA
  BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Jerry D. Williams

  	
   

  	
  By:

  	
  /s/
  Raymond D. Beck, EVP

  
	
   

  	
  Jerry
  D. Williams, President

  	
   

  	
   

  	
  Raymond
  D. Beck, EVPExhibit 10.7

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

THIS THIRD AMENDMENT TO
CREDIT AGREEMENT (this “Third Amendment”), dated effective as of October 30,
2008, is entered into by and among BANK OF AMERICA, N.A., a national banking
association, as Administrative Agent for itself and on behalf of the Lenders
(herein so called) now or hereafter made a party to the Credit Agreement
referenced below (in such capacity, “Administrative Agent”), BEHRINGER
HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas limited partnership (“Borrower”),
and BEHRINGER HARVARD 250/290 CARPENTER LP, a Texas limited partnership (“Subsidiary
Guarantor”), who agree as follows:

 

BACKGROUND

 

A.    Borrower, Subsidiary Guarantor, and
Administrative Agent have executed that certain Credit Agreement dated as of September 1,
2005, as amended by the First Amendment to Credit Agreement (the “First
Amendment”) dated as of June 30, 2006 
and further amended by the Second Amendment to Credit Agreement (the “Second
Amendment”) dated as of August 30, 2008 (as so amended, the “Credit
Agreement”).  Pursuant to the terms
of the Credit Agreement, Borrower has executed and delivered to Bank of
America, N.A., as a Lender, a certain Promissory Note dated September 1,
2005, in the original principal amount of $11,250,000.00, made payable to the
order of Bank of America, N.A. (as amended by the First Amendment and the
Second Amendment, the “Note”).

 

B.    Subsidiary Guarantor also executed and
delivered to Administrative Agent that certain Guaranty Agreement dated as of September 1,
2005 (as amended by the First Amendment and Second Amendment, the “Guaranty”).  The obligations of Subsidiary Guarantor
arising under the Guaranty are secured by, among other things, that certain
Deed of Trust, Assignment of Rents and Leases, Security Agreement, Fixture
Filing and Financing Statement dated September 1, 2005, executed by
Borrower for the benefit of Administrative Agent, on behalf of the Lenders,
recorded as Instrument No. 2005-174 01724 in the Real Property Records of
Dallas County, Texas (as amended, the “Deed of Trust”).

 

C.    The Credit Agreement, the Note, the
Guaranty, the Deed of Trust, and all other documents or instruments executed in
connection therewith are hereinafter referred to, collectively, as the “Loan
Documents”.  All capitalized terms
herein shall have the meanings set forth in the Credit Agreement, unless
otherwise defined herein.

 

D.    The maturity date of the Loan is October 30,
2008 and  Borrower and Subsidiary
Guarantor have requested that Administrative Agent and the Lenders agree to
extend the maturity date of the Loan for a period of ten (10) months.

 

NOW, THEREFORE, in
consideration of the covenants, conditions and agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and adequacy
of which are all hereby acknowledged, Borrower, Administrative Agent and
Subsidiary Guarantor covenant and agree as follows:

 

1

 

1.     EXTENSION OF
MATURITY DATE. 
Hereinafter, the term “Maturity Date” and all other references to the
maturity date of the Loan, in the Note and the other Loan Documents shall mean August 30,
2009.  The unpaid principal balance of
the Loan, together with all accrued but unpaid interest thereon, shall be due
and payable on the Maturity Date, as extended hereby. Borrower hereby renews,
but does not extinguish, the Note and the liens, security interests and
assignments created and evidenced by the Deed of Trust and the other Loan
Documents, and all of the Loan Documents are hereby renewed and modified by
extending the maturity date thereof as set forth above.  The extension evidenced by this Agreement
shall constitute the exercise of Borrower’s extension option pursuant to Section 1.5
of the Credit Agreement, notwithstanding that the terms of such extension
option have not been satisfied.  Borrower
and Administrative Agent hereby acknowledge that, from and after the date of
this Agreement, Borrower shall have no further right or option to extend the
Maturity Date.

 

2.     FEES AND EXPENSES.  Simultaneously with the execution of this
Agreement, Borrower shall (i) pay to Administrative Agent all costs and
expenses incurred by Administrative Agent in respect of the preparation and
recordation of this Agreement; and (ii) pay to Administrative Agent, for
the ratable benefit of the Lenders, the sum of $70,312.50 (the “Extension
Fee”), representing the extension fee payable by Borrower to the Lenders in
connection with the extension of the Maturity Date of the Loan.  Borrower acknowledges and agrees that the
Extension Fee is a bona fide fee and is intended as reasonable compensation to
the Lenders for agreeing to extend the Maturity Date of the Loan.

 

3.     AMENDMENTS TO CREDIT
AGREEMENT.

 

3.1   Definitions. Except with respect to terms that are defined
in this Amendment or terms used in the Credit Agreement that are redefined in
this Amendment, capitalized terms used in this Amendment shall have the meaning
given such terms in the Credit Agreement. Commencing on the date of this
Amendment, (i) the terms “Cash,” “Cash Equivalents,” and “Tangible Net
Worth” are hereby deleted from the Credit Agreement, and (ii) the
following capitalized terms shall have the meaning set forth below when used in
the Credit Agreement, and to the extent such capitalized terms are also defined
in the Credit Agreement, such definitions are amended by this Amendment:

 

“Assets” means, with respect to any Person
and without duplication, (1) all real property, together with all
buildings and improvements located on such real property, owned in whole or in
part by such Person, (2) all fixtures, personal property and equipment
owned by such Person, and (3) all Liquid Assets of such Person; provided,
however, that (i) the value of real property wholly owned by such
Person shall be determined based upon the fair value of such real property, as
set forth in a Current Appraisal of such real property, (ii) the value of
real property owned, in part, by such Person shall be determined based upon the
fair value of such real property, as set forth in a Current Appraisal of such
real property, multiplied by such Person’s
partial ownership interest (expressed as a percentage of the total ownership
interests in such real property), and (iii) the value of Equity
Investments in another Person shall be the fair value of such Equity Investment
(based upon a Current Appraisal of such Equity Investment or, 

 

2

 

alternatively,
if no Current Appraisal of such Equity Investment is available, then based upon
the fair value, without duplication and as set forth in a Current Appraisal, of
all real property owned indirectly through such Equity Investment, multiplied by such Person’s percentage ownership interest
(expressed as a percentage of the Equity Interests owned in such other Person
to the total Equity Interests issued by such other Person). Borrower covenants
and agrees with Administrative Agent that, for purposes of determining the
value of the real property Assets of Borrower, Borrower shall obtain and deliver
to Administrative Agent Current Appraisals with respect to all real property
owned by Borrower, directly or indirectly and in whole or in part, once every
twelve (12) months; provided, however, that if as of any Test
Date, Borrower has failed to deliver to Administrative Agent a Current
Appraisal for any such real property, then the value of such real property
shall be determined by Administrative Agent in its sole discretion based upon
Administrative Agent’s assessment of relevant information readily available to
Administrative Agent regarding such real property.

 

“Attributable Indebtedness” means, on any
date, (a) in respect of any capital lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a
capital lease.

 

“Base
Rate” means, on any day, a simple rate per annum equal to the LIBOR Daily
Rate.

 

“Base
Rate Principal” means LIBOR Daily Rate Principal.

 

“BBA
LIBOR Daily Rate” means a fluctuating rate of interest per annum equal to
the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published
by Reuters (or other commercially available source providing quotations of BBA
LIBOR as selected by Administrative Agent from time to time) as determined for
each Business Day at approximately 11:00 a.m. London time, two (2) Business
Days prior to the date in question, for U.S. dollar deposits (for delivery on
the first day of such interest period) with a one month term, as adjusted from
time to time in Administrative Agent’s sole discretion for reserve
requirements, deposit insurance assessment rates and other regulatory
costs.  If such rate is not available at
such time for any reason, then the rate will be determined by such alternate
method as reasonably selected by Administrative Agent.

 

“Current Appraisal” means, as to any real
property or Equity Investment owned by a Person, an “as is” appraisal (or
update to a prior “as is” appraisal) of such real property or Equity
Investment, as applicable, prepared by CB Richard 

 

3

 

Ellis,
Integra Realty Resources, Inc., Cushman & Wakefield Inc., or any
other nationally recognized appraisal firm acceptable to Administrative Agent,
in form and content reasonably satisfactory to Administrative Agent, and
bearing a date no more than twelve (12) months prior to the applicable Test
Date.

 

“Equity Interests” means, with respect to any
Person and without duplication, all of the shares of capital stock of (or other
ownership or profit interests in) such Person, all of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of
capital stock of (or other ownership or profit interests in) such Person, all
of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights
or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in
such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights
or other interests are outstanding on any date of determination.

 

“Equity Investment” means, as to any Person,
any direct or indirect acquisition or investment by such Person, whether by
means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, and (b) a loan, advance or capital
contribution to, Guarantee or assumption of debt of, or purchase or other
acquisition of any other debt or equity participation or interest in, another
Person, including any partnership or joint venture interest in such other
Person and any arrangement pursuant to which the investor Guarantees any
Liabilities of such other Person.

 

“GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a
significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently
applied.

 

“Guarantee” means, as to any Person and
without duplication, (a) any obligation, contingent or otherwise, of such
Person guaranteeing or having the economic effect of guaranteeing any
Liabilities or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Liabilities or
other obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Liabilities
or other obligation of the payment or performance of such Liabilities or other
obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of
the 

 

4

 

primary
obligor so as to enable the primary obligor to pay such Liabilities or other
obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Liabilities or other obligation of the
payment or performance thereof or to protect such obligee against loss in
respect thereof (in whole or in part), or (b) any Lien on any assets of
such Person securing any Liabilities or other obligation of any other Person,
whether or not such Liabilities or other obligation is assumed by such Person
(or any right, contingent or otherwise, of any holder of such Liabilities to
obtain any such Lien).  The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith.

 

“Liabilities” means, as to any Person at a
particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP:

 

(a)   all
obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements, repurchase
agreements or other similar instruments;

 

(b)   all
direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety
bonds and similar instruments;

 

(c)   net
obligations of such Person under any Swap Transaction;

 

(d)   all
obligations of such Person to pay the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business
[and, in each case, not past due for more than 60 days]);

 

(e)   all
indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned (directly or indirectly or in whole or in part) or being purchased by
such Person (in the nature of indebtedness arising under conditional sales or
other title retention agreements and indebtedness secured by a Lien on such
property), whether or not such Person is personally liable for the repayment of
such indebtedness or such indebtedness shall have been assumed by such Person
or is limited in recourse;

 

(f)    capital
leases and Synthetic Lease Obligations;

 

5

 

(g)   all
refundable advances, deposits or similar funds representing advance
payment  to such Person for good or
services not yet rendered;

 

(h)   all
obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any Equity Interest in such Person or any other
Person, valued, in the case of a redeemable preferred interest, at the greater
of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends; and

 

(i)    all
Guarantees of such Person in respect of any of the foregoing.

 

For
all purposes hereof, (1) the Liabilities of any Person shall include the
Liabilities of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person
is a general partner or a joint venturer, unless such Liabilities are expressly
made non-recourse to such Person, (2) the amount of any net obligation
under any Swap Transaction on any date shall be deemed to be the Swap
Termination Value thereof as of such date, (3) the amount of any capital
lease or Synthetic Lease Obligation as of any date shall be deemed to be the
amount of Attributable Indebtedness in respect thereof as of such date, (4) the
term “Liabilities” shall exclude the Permitted Subordinated Debt, and (5) the
Liabilities for indebtedness of such Person pursuant to clause (e) above
shall, as to indebtedness secured by a Lien on real property owned, in part, by
such Person, be determined based upon the unpaid amount of such indebtedness multiplied by such Person’s partial ownership interest
(expressed as a percentage of the total ownership interests in such real
property).

 

“LIBOR
Daily Rate” means a simple rate per annum equal to the sum of the BBA LIBOR
Daily Rate plus 3.50%.

 

“LIBOR Rate Principal” means any portion of the Loan which bears interest at a rate
determined by reference to the LIBOR Daily Rate.

 

“Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or
preferential arrangement in the nature of a security interest of any kind or
nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real
property, and any financing lease having substantially the same economic effect
as any of the foregoing).

 

“Liquid Assets” means the sum of the
total assets of Borrower that are cash, cash equivalents, accounts and other
highly liquid investments that are not pledged, hypothecated, subject to rights
of offset (other than pursuant to 

 

6

 

customary banker’s liens
with respect to deposit or similar accounts not maintained for the purpose of
providing security) or otherwise restricted.

 

“Net Worth” shall mean the excess of total
assets over total liabilities (contingent or otherwise, including without
limitation, declared and unpaid distributions to partners of Borrower)
determined in accordance with GAAP (without giving effect to FASB 133 or any
liability pursuant to a hedging arrangement which is entered into to reduce or
eliminate or otherwise protect against the risk of fluctuations in prices or
rates, including interest rates, foreign exchange rates, commodity prices and
securities prices).

 

“Permitted Subordinated Debt” means unsecured
indebtedness for borrowed money owing by Borrower to Behringer Harvard Holdings
LLC.  Borrower hereby covenants and
agrees with Administrative Agent and the Lenders that Borrower shall not incur
any indebtedness for borrowed money from any Affiliate unless such indebtedness
(i) is subordinate, by its terms, or caused to be made subordinate by
agreement approved by Administrative Agent, to the payment in full of the Loan,
and (ii) is not due and payable, in whole or in part, prior to the maturity
date of the Loan.

 

“Swap Termination Value” means, in respect of
any one or more Swap Transactions, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Transactions, (a) for
any date on or after the date such Swap Transactions have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in clause (a),
the amount(s) determined as the mark-to-market value(s) for such Swap
Transactions, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap
Transactions (subject to the reasonable approval of Administrative Agent).

 

“Swap Transaction”
means, with respect to any Person, any agreement, whether or not in writing,
relating to any transaction that is a rate swap, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap or
option, bond, note or bill option, interest rate option, forward foreign
exchange transaction, cap, collar or floor transaction, currency swap,
cross-currency rate swap, swap option currency option or any other, similar
transaction (including any option to enter into any of the foregoing) or any
combination of the foregoing, and, unless the context otherwise clearly
requires, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., or any other master agreement, entered into
by such Person, together with any related schedules, as amended, supplemented,
superseded or replaced from time to time, relating to or governing any or all
of the foregoing.

 

7

 

“Synthetic Lease Obligation” means the monetary
obligation of a Person under (a) a so-called synthetic, off-balance sheet
or tax retention lease, or (b) an agreement for the use or possession of
property creating obligations that do not appear on the balance sheet of such
Person but which, upon the insolvency or bankruptcy of such Person, would be
characterized as the indebtedness of such Person (without regard to accounting
treatment).

 

“Test Date” shall mean, the last date
of each calendar quarter (i.e., every December 31st, March 31st, June 30th
and September 30th) during the term of the Loan.

 

3.2   INTEREST RATE. Notwithstanding the provisions in the Credit Agreement
or other Loan Documents to the contrary, Borrower will no longer have the
option to request or require that the Loan accrue interest with respect to the
Base Rate or LIBOR Rate. All references in the Loan Agreement to the terms “Base
Rate” shall mean and refer to the “LIBOR Daily Rate” as defined herein.  If for any reason on the date for
determining the LIBOR Daily Rate, Administrative Agent shall determine that any
of the circumstances or events described in Sections 1.7.4 and 1.7.5
of the Credit Agreement exist, then Administrative Agent shall promptly give to
Borrower telephonic notice (confirmed as soon as practicable in writing) of
such events or circumstances.  After
receipt of such notice and during the existence of such events or
circumstances, the interest rate applicable to the outstanding principal
balance of the Loan shall be determined based upon an alternate index selected
by Administrative Agent, in its sole discretion, reasonably comparable to that
of the BBA LIBOR Daily Rate, intended to generate a return substantially the
same as the LIBOR Daily Rate (based upon the most recently reported or
ascertainable BBA LIBOR Daily Rate as determined by Administrative Agent).

 

3.3   NO FURTHER ADVANCES OR LETTERS OF CREDIT; NO REVOLVING FEATURE.  Notwithstanding the provisions of
the Credit Agreement, (i) no further Advances of the Loan will be made by
Lenders and no LCs will be issued by Issuing Bank after the date of this Third
Amendment, and (ii) amounts borrowed and repaid by Borrower may not be
reborrowed by Borrower.

 

3.4   LC FEE. 
Section 1.10(j) of the Credit Agreement is hereby amended and
restated in its entirety as follows:

 

(j)    LC Fee.   Borrower
shall pay to the Administrative Agent for the account of each Lender in
accordance with its Pro Rata Share a LC fee for such LC equal to the greater of
(i) 3.50% per annum times the daily maximum amount available to be drawn
under the LC, or (ii) $500.  Such
fee shall be due and payable, quarterly, in advance, commencing on the date the
LC is issued by Issuing Bank and on the same day of each third calendar month
thereafter until the LC expiration date.

 

8

 

3.5           QUARTERLY PRINCIPAL PAYMENTS.  Section 1.12 of the Credit Agreement is
hereby amended and restated in its entirety as follows:

 

1.12         Payment Schedule and Maturity Date.  The entire principal balance of the Loan then
unpaid and all accrued interest then unpaid shall be due and payable in full on
the Maturity Date.  Accrued unpaid
interest shall be due and payable on the first (1st) day of the first (1st)
calendar month after the Closing Date and on the same day of each succeeding
calendar month thereafter until all principal and accrued interest owing on the
Loan shall have been fully paid and satisfied. 
Borrower agrees that on November 17, 2008, and on each of February 1,
2009, May 1, 2009 and August 1, 2009 thereafter, Borrower will pay to
Administrative Agent, for the ratable benefit of the Lenders, a principal
payment in the amount of $400,000.

 

3.6           FINANCIAL COVENANTS.  Section 2.16 of the Credit Agreement is
hereby amended and restated in its entirety as follows:

 

2.16         Financial
Covenants.  Borrower
hereby covenants and agrees with Administrative Agent and the other Lenders as
follows:

 

(a)           Minimum
Net Worth.   As of each Test Date
during the term of the Loan, Borrower shall have a Net Worth of not less than
$30,000,000; and

 

(b)           Minimum
Liquidity.  As of each Test Date
during the term of the Loan, Borrower shall have Liquid Assets at least equal
to $3,000,000; and

 

(c)           Liabilities/Assets.  As of each Test Date during the term of the
Loan, the ratio (expressed as a percentage) of all Liabilities of Borrower to
all Assets of Borrower shall not be greater than seventy-five percent (75%).

 

4.             WAIVER AND
AGREEMENT.  To the
extent that Borrower failed to satisfy the financial covenants in Section 2.16
of the Credit Agreement for the calendar quarters ending on September 30,
2008 and December 31, 2008, Administrative Agent, on behalf of the
Lenders, hereby waives compliance by Guarantor of such financial covenants for
such calendar quarters.  For purposes of
determining the value of Borrower’s Assets, Borrower will obtain, within 90
days after the date of this Agreement, Current Appraisals (as defined above)
for all real property which is owned, in whole or in part, by Borrower .

 

5.             REPRESENTATIONS. Borrower and
Subsidiary Guarantor each hereby severally represents and warrants to
Administrative Agent and the Lenders that (a) to the best of  such party’s knowledge, the execution and
delivery of this Third Amendment does not contravene, result in a breach of or
constitute a default under any deed of trust, loan agreement, indenture or
other contract or agreement to which it is a party or by which it or any of the

 

9

 

properties
of it may be bound; (b) this Third Amendment constitutes the legal, valid
and binding obligation of such party enforceable in accordance with its terms,
subject to the limitations of equitable principles and bankruptcy, insolvency,
debtor relief or other similar laws affecting generally the enforcement of
creditors’ rights; (c) the execution and delivery of, and performance
under this Third Amendment are within such party’s power and authority without
the joinder or consent of any other party and have been duly authorized by all
requisite action and are not in contravention of law or the provisions of any
organizational documents governing such party or of any indenture, agreement or
undertaking to which Borrower or Subsidiary Guarantor, as applicable, is a
party or by which it is bound; and (d) to the knowledge of such party,
there exists no uncured default under any Loan Document.

 

6.             RATIFICATION.  The parties to this Third Amendment agree
that the terms and provisions of this Third Amendment shall modify and
supersede all inconsistent terms and provisions of the Credit Agreement and, except
as expressly modified and superseded by this Third Amendment, the terms and
provisions of the Credit Agreement are ratified and confirmed and shall
continue in full force and effect.  The
liens, security interests, collateral assignments and financing statements in
respect of the Loan are hereby ratified and confirmed as valid, subsisting and
continuing to secure the Loan Documents. 
Nothing herein shall in any manner diminish, impair or extinguish the
Note or any of the Obligations. Borrower and Subsidiary Guarantor hereby ratify
and acknowledge that the Loan Documents are valid, subsisting and enforceable
and agree and warrant that there are no offsets, claims or defenses with
respect to any of the Obligations.

 

7.             CONSENT
AND RATIFICATION. Subsidiary Guarantor hereby unconditionally and
irrevocably acknowledges and agrees that the Guaranty and Subsidiary Guarantor’s
obligations, covenants, agreements and duties thereunder remain in full force
and effect, notwithstanding the modification of the Credit Agreement effected
hereby.  Subsidiary Guarantor hereby
unconditionally and irrevocably ratifies, reaffirms and confirms the Guaranty
and its obligations thereunder.

 

8.             RELEASE
OF USURY CLAIMS. Borrower and Subsidiary Guarantor each hereby releases
Administrative Agent and the Lenders and their successors and assigns, from all
claims, demands, liabilities, rights of offsets, defenses and causes of action
which Borrower and/or Subsidiary Guarantor may be entitled to assert (although
no such claims are known to exist) against Administrative Agent and the Lenders
in respect of the Note, the Credit Agreement and the other Loan Documents for
any reason whatsoever, including without limitation, by reason of Lenders’
contracting, charging or receiving for the use, forbearance or detention of
money, interest on the loan evidenced by the Note prior to the execution of
this Third Amendment in excess of that permitted to be charged to Borrower or
Subsidiary Guarantor under applicable law.

 

9.             COUNTERPARTS.  This Third Amendment may be executed in any
number of counterparts with the same effect as if all parties hereto had signed
the same document.  All such counterparts
shall be construed together and shall constitute one instrument, but in making
proof hereof it shall only be necessary to produce one such counterpart.

 

10

 

10.           BINDING
EFFECT.  The terms and provisions
hereof shall be binding upon and inure to the benefit of the parties hereto,
their representatives, successors and assigns.

 

11.           APPLICABLE
LAW.  This Third Amendment shall be
construed in accordance with the laws of the State of Texas and the laws of the
United States applicable to transactions in the State of Texas.

 

THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 

11

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD SHORT-TERM

  
	
   

  	
  OPPORTUNITY
  FUND I LP, a Texas limited 

  
	
   

  	
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Behringer
  Harvard Advisors II LP, a Texas

  
	
   

  	
   

  	
  limited
  partnership, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Harvard
  Property Trust, LLC, a 

  Delaware limited liability company, 

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  
						

 

	
  STATE
  OF TEXAS

  	
   

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY
  OF DALLAS

  	
   

  	
  §

  

 

The
foregoing instrument was acknowledged before me this
         day of November, 2008, by
Gerald J. Reihsen, III, Executive Vice President of Harvard Property
Trust, LLC, a Delaware limited liability company, general partner of Behringer
Harvard Advisors II LP, a Texas limited partnership, general partner of
Behringer Harvard Short-Term Opportunity Fund I, LP, a Texas limited
partnership, on behalf of said partnerships and company.

 

WITNESS
my hand and official seal.

 

	
  (SEAL)

  	
   

  
	
   

  	
  Notary
  Public, State of Texas

  
	
   

  	
   

  
	
   

  	
  Notary’s
  Printed Name:

  
	
   

  	
   

  
	
   

  	
  Notary’s
  Commission Expires:

  
	
   

  	
   

  

 

 

	
   

  	
  ADMINISTRATIVE
  AGENT:

  
	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A., a national banking 

  association, as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  

  	
  Jamison
  L. Fox

  
	
   

  	
  Title:

  	
  Vice
  President

  
				

 

	
  STATE
  OF TEXAS

  	
   

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY
  OF DALLAS

  	
   

  	
  §

  

 

The foregoing instrument was
severally acknowledged before me this
           day of November,
2008, by Jamison L. Fox, Vice President of Bank of America, N.A., a national
banking association, on behalf of said association.

 

WITNESS
my hand and official seal.

 

	
  (SEAL)

  	
   

  
	
   

  	
  Notary
  Public, State of Texas

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Notary’s
  Printed Name

  
	
   

  	
   

  
	
   

  	
  Notary’s
  Commission Expires:

  
	
   

  	
   

  

 

 

	
   

  	
  SUBSIDIARY  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD 250/290 CARPENTER LP, a 

  Texas limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Behringer
  Harvard 250/290 Carpenter GP, LLC, a 

  Texas
  limited liability company, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
					

 

 

	
  STATE
  OF TEXAS

  	
   

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY
  OF DALLAS

  	
   

  	
  §

  

 

The foregoing instrument was
acknowledged before me this
             day of
November, 2008, Gerald J. Reihsen, III, Secretary of Behringer Harvard
250/290 Carpenter GP, LLC, a Texas limited liability company, general partner
of Behringer Harvard 250/290 Carpenter LP, a Texas limited partnership, on
behalf such partnership and company.

 

Witness my hand and official
seal.

 

	
   

  	
   

  
	
   

  	
  Notary Public, State of Texas

  
	
   

  	
   

  
	
   

  	
  My
  commission expires:

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