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                                                                    EXHIBIT 10.4

                                     FORM OF
                                ESCROW AGREEMENT

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York 10286
Attn:  Insurance Trust and Escrow Unit

        Re:     BEHRINGER HARVARD OPPORTUNITY REIT I, INC.

Ladies and Gentlemen:

        BEHRINGER HARVARD OPPORTUNITY REIT I, INC., a Maryland corporation (the
"Company"), will issue in a public offering (the "Offering") shares of its
common stock (the "Stock") pursuant to a Registration Statement on Form S-11
filed by the Company 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 Stock. The Company is entering into this
agreement to set forth the terms on which The Bank of New York (the "Escrow
Agent"), will hold and disburse the proceeds from subscriptions for the purchase
of the Stock in the Offering until such time as: (i) in the case of
subscriptions received from all nonaffiliates of the Company, the Company has
received and accepted subscriptions for Stock resulting in a total of 200,000
shares of common stock sold in the offering (the "Required Capital"); and (ii)
in the case of subscriptions received from residents of Pennsylvania
("Pennsylvania Subscribers"), the Company has received subscriptions for Stock
from nonaffiliates of the Company resulting in total minimum capital raised of
$23,800,000 (the "Pennsylvania Required Capital"); and (iii) in the case of
subscriptions received from residents of New York ("New York Subscribers"), the
Company has received subscriptions for Stock from nonaffiliates of the Company
resulting in total minimum capital raised of $2,500,000 (the "New York Required
Capital").

        The Company hereby appoints The Bank of New York as Escrow Agent for
purposes of holding the proceeds from the subscriptions for the Stock, on the
terms and conditions hereinafter set forth:

        1.      Until such time as the Company has received subscriptions for
Stock resulting in total minimum capital raised equal to the Required Capital
and such funds are disbursed from the Escrow Account in accordance with
paragraph 3(a) hereof, persons subscribing to purchase the Stock (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 "The Bank of New York, as Escrow Agent for
Behringer Harvard Opportunity REIT I, Inc." Until such time as the Company has
received subscriptions for Stock resulting in total minimum capital raised equal
to the Required Capital and such funds are disbursed from the Escrow Account in
accordance with paragraph 3(a) hereof, 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 shares purchased, and purchase price
remitted, and (b) deposit the instruments of payment from such Subscriber (the
"Subscription Materials"), into an interest-bearing deposit account entitled
"ESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF BEHRINGER
HARVARD OPPORTUNITY REIT I, INC." or such similar designation as the parties may
agree (the "Escrow Account"), until such Escrow Account has closed pursuant to
paragraph 3(a) hereof. Instruments of payment received from Pennsylvania
Subscribers (as identified as such by the Company) shall be accounted for
separately in a subaccount entitled "ESCROW ACCOUNT FOR THE BENEFIT OF
PENNSYLVANIA

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

        2.      The Escrow Agent agrees to promptly process for collection the
instruments of payment upon deposit into the Escrow Account, Pennsylvania Escrow
Account, or New York Escrow Account, as applicable. Deposits shall be held in
the Escrow Account, the Pennsylvania Escrow Account, and the New York Escrow
Account until such funds are disbursed in accordance with paragraph 3(a) hereof.
Prior to disbursement of the funds deposited in the Escrow Account, the
Pennsylvania Escrow Account, or the New York Escrow Account, such funds shall
not be subject to claims by creditors of the Company or 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
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 Company in writing via mail or facsimile of such nonpayment, and
is authorized to debit the Escrow Account, the Pennsylvania Escrow Account, or
the New York Escrow Account, as applicable, in the amount of such returned
payment as well as any interest earned on the amount of such payment.

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

                        (i)     once the aggregate of all collected funds in the
                Escrow Account is an amount equal to or greater than the
                Required Capital, the Escrow Agent shall promptly notify the
                Company and, upon receiving written instruction from the
                Company, (A) disburse to the Company, by check, ACH or wire
                transfer, the funds in the Escrow Account representing the gross
                purchase price for the Stock, and (B) disburse to the
                Subscribers or the Company, 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 Company
                shall continue to cause subscriptions for the Stock that are not
                to be deposited in the Pennsylvania Escrow Account or the New
                York Escrow Account to be deposited therein until the Company
                informs the Escrow Agent in writing to close the Escrow Account,
                and thereafter any subscription documents and instruments of
                payment received by the Escrow Agent from Subscribers other than
                Pennsylvania Subscribers and New York Subscribers shall be
                forwarded directly to the Company.

                        (ii)    regardless of any closing of the Escrow Account,
                the Company 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 Company
                notifies the Escrow Agent in writing that total subscription
                proceeds (including the amount then in the New York Escrow
                Account, but excluding the amount then in the Pennsylvania
                Escrow Account) equal or exceed the New York Required Capital.
                Upon receipt of a written notice from the Company that total
                subscription proceeds (including the amount then in the New York
                Escrow Account, but excluding the amount then in the
                Pennsylvania Escrow Account) equaling or exceeding the New York
                Required Capital have been received in

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                collected funds, the Escrow Agent shall (A) disburse to the
                Company, by check, ACH or wire transfer, the funds then in the
                New York Escrow Account representing the gross purchase price
                for the Stock, and (B) disburse to the New York Subscribers or
                the Company, 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 Company, if
                it has closed the Escrow Account, as instructed in writing by
                the Company).

                        (iii)   regardless of any closing of the Escrow Account
                or the New York Escrow Account, the Company and the Dealer
                Manager shall continue to forward instruments of payment and
                Subscription Materials received from Pennsylvania Subscribers
                for deposit into the Pennsylvania Escrow Account to the Escrow
                Agent until such time as the Company notifies the Escrow Agent
                in writing that total subscription proceeds (including the
                amount then in the Pennsylvania Escrow Account) equal or exceed
                the Pennsylvania Required Capital. Within five days, the Escrow
                Agent shall (A) disburse to the Company, by check, ACH or wire
                transfer, the funds then in the Pennsylvania Escrow Account
                representing the gross purchase price for the Stock, and (B)
                disburse to the Pennsylvania Subscribers or the Company, as
                applicable, any interest thereon pursuant to the provisions of
                subparagraph 3(f). Following such disbursements, the Escrow
                Agent shall close the Pennsylvania Escrow Account, and
                thereafter any Subscription Materials and instruments of payment
                received by the Escrow Agent from Pennsylvania Subscribers shall
                be deposited directly to the Escrow Account (or to the Company,
                if it has closed the Escrow Account, as instructed in writing by
                the Company).

                (b)     Within four business days of the close of business on
        the date that is two years following commencement of the Offering (the
        "Expiration Date"), the Escrow Agent shall promptly notify the Company
        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 Stock providing
        for total purchase proceeds that equal or exceed the Required Capital
        (from all sources but exclusive of any funds received from subscriptions
        for Stock from entities which the Company has notified the Escrow Agent
        are affiliated with the Company). In the event the Escrow Agent is not
        in possession of an executed IRS Form W-9 from any Subscriber, the
        Company 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 date of such notice, the Escrow Agent
        shall promptly return directly to each Subscriber the collected funds
        deposited in the Escrow Account, the Pennsylvania Escrow Account and the
        New York Escrow Account on behalf of such Subscriber (unless earlier
        disbursed in accordance with paragraph 3(c)), or shall return the
        instruments of payment delivered, but not yet processed for collection
        prior to such time, together with interest in the amounts calculated
        pursuant to paragraph 7 for each Subscriber at the address provided by
        the Dealer Manager or the Company. 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 twenty-eight percent
        (28%), or otherwise in accordance with IRS regulations then in effect,
        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

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        that is 120 days after commencement of the Offering (the Company 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 Stock providing for total purchase
        proceeds from all nonaffiliated sources that equal or exceed the
        Pennsylvania Required Capital, the Escrow Agent shall promptly notify
        the Company. Thereafter, the Company shall send to each Pennsylvania
        Subscriber by certified mail within ten (10) calendar days after the end
        of the Initial Escrow period a notification in the form of Exhibit A.
        If, pursuant to such notification, a Pennsylvania Subscriber requests
        the return of his or her subscription funds within ten (10) calendar
        days after receipt of the notification (the "Request Period") and the
        Escrow Agent is not in possession of an executed IRS form W-9, the
        Company shall provide the Escrow Agent with an executed IRS Form W-9
        from each such Pennsylvania Subscriber within ten (10) calendar days
        after receiving notice from such Pennsylvania Subscriber. The Escrow
        Agent shall promptly refund directly to each Pennsylvania Subscriber the
        collected funds deposited in the Pennsylvania Escrow Account on behalf
        of such Pennsylvania Subscriber, or shall return the instruments of
        payment delivered, but not yet processed for collection prior to such
        time, to the address provided by the Dealer Manager or the Company,
        together with interest income in the amounts calculated pursuant to
        paragraph 7. If an executed IRS Form W-9 is not received for such
        Pennsylvania Subscriber within ten (10) calendar days, the Escrow Agent
        shall thereupon remit an amount to such Pennsylvania Subscriber in
        accordance with the provisions hereof, withholding twenty-eight percent
        (28%), or otherwise in accordance with IRS regulations then in effect,
        of any interest income earned on subscription proceeds (determined in
        accordance with paragraph 7) attributable to such Pennsylvania
        Subscriber for whom the Escrow Agent does not possess an executed IRS
        Form W-9. However, the Escrow Agent shall not be required to remit such
        payments until funds represented by such payments have been collected by
        the Escrow Agent.

                (d)     The subscription funds of Pennsylvania Subscribers who
        do not request the return of their subscription funds within the Request
        Period shall remain in the Pennsylvania Escrow Account for successive
        120-day escrow periods (a "Successive Escrow Period"), each commencing
        automatically upon the termination of the prior Successive Escrow
        Period, and the Company 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 Company of subscriptions for the purchase of Stock
        with total purchase proceeds that equal or exceed the Pennsylvania
        Required Capital and the disbursement of the Pennsylvania Escrow Account
        on the terms specified herein, or (iii) all funds held in the
        Pennsylvania Escrow Account having been returned to the Pennsylvania
        Subscribers in accordance with the provisions hereof.

                (e)     If the Company rejects any subscription for which the
        Escrow Agent has collected funds, the Escrow Agent shall, upon the
        written request of the Company, promptly issue a refund to the rejected
        Subscriber. If the Company 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 Company'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 Company shall provide the Escrow Agent with

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        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 twenty-eight percent (28%), or
        otherwise in accordance with IRS regulations then in effect, 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
        Company.

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

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

        5.      Prior to the disbursement of funds deposited in the Escrow
Account, the Pennsylvania Escrow Account, or the New York Escrow Account in
accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall
invest all of the funds deposited as well as earnings and interest derived
therefrom in the Escrow Account, the Pennsylvania Escrow Account, or the New
York Escrow Account, as applicable, in the "Short-Term Investments" specified
below at the written request of the Company, unless the costs to the Company 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
Company for the making of such investment, as determined by the Company 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.

        The following securities are not permissible investments:

        (a) money market 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

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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 Company, 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 Company are unclear, the Escrow Agent
may request clarification from the Company prior to taking any action. 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 Company.

        7.      If the Offering terminates prior to receipt of the Required
Capital, or one or more Pennsylvania Subscribers elects to have his or her
subscription returned in accordance with paragraph 3, interest income earned on
subscription proceeds deposited in the Escrow Account (the "Escrow Income"), the
Pennsylvania Escrow Account (the "Pennsylvania Escrow Income"), and the New York
Escrow Account (the "New York Escrow Income"), as applicable, shall be remitted
to Subscribers, or to the Company 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. The Company shall
reimburse the Escrow Agent for all escrow expenses. The Escrow Agent shall remit
all such Escrow Income, Pennsylvania Escrow Income, and New York Escrow Income
in accordance with paragraph 3. If the Company 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 Company, as applicable, pursuant to the provisions of
paragraph 3(f).

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

        9.      The duties, responsibilities and obligations of Escrow Agent
shall be limited to those expressly set forth herein and no duties,
responsibilities or obligations shall be inferred or implied. Escrow Agent shall
not be subject to, nor required to comply with, any other agreement between or
among the Company or to which the Company is a party, even though reference
thereto may be made herein, or to comply with any direction or instruction
(other than those contained herein or delivered in accordance with this Escrow
Agreement) from the Company or the Dealer Manager. Escrow Agent shall not be
required to, and shall not, expend or risk any of its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder

        10.     If at any time Escrow Agent is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects Escrow Property (including but
not limited to orders of attachment or garnishment or other forms of levies or
injunctions or stays relating to the transfer of escrow property), Escrow Agent
is authorized to comply therewith in any manner as it or its legal counsel of
its own choosing deems appropriate; and if Escrow Agent complies with any such
judicial or administrative order, judgment, decree, writ or other form of
judicial or administrative process, Escrow Agent shall not be liable to any of
the parties hereto or to any other person or entity even though such order,
judgment, decree, writ or process may be subsequently modified or vacated or
otherwise determined to have been without legal force or effect.

        11.     (a)     Escrow Agent shall not be liable for any action taken or
                omitted or for any loss or injury resulting from its actions or
                its performance or lack of performance of its duties hereunder
                in the absence of gross negligence or willful misconduct on its
                part. In no event shall Escrow Agent be liable (i) for acting in
                accordance with or relying upon any instruction, notice, demand,
                certificate or document from the Company, (ii) for any

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                consequential, punitive or special damages, (iii) for the acts
                or omissions of its nominees, correspondents, designees,
                subagents or subcustodians, or (iv) for an amount in excess of
                the value of the collected funds in the Escrow Account, the New
                York Escrow Account, and the Pennsylvania Escrow Account, valued
                as of the date of deposit.

                (b)     If any fees, expenses or costs incurred by, or any
                obligations owed to, Escrow Agent hereunder are not promptly
                paid when due, Escrow Agent may reimburse itself therefor from
                the collected funds in the Escrow Account, the New York Escrow
                Account, and the Pennsylvania Escrow Account and may sell,
                convey or otherwise dispose of any collected funds in the Escrow
                Account, the New York Escrow Account, and the Pennsylvania
                Escrow Account for such purpose.

                (c)     As security for the due and punctual performance of any
                and all of the Company's obligations to Escrow Agent hereunder,
                now or hereafter arising, the Company hereby pledges, assigns
                and grants to Escrow Agent a continuing security interest in,
                and a lien on, the collected funds in the Escrow Account, the
                New York Escrow Account, and the Pennsylvania Escrow Account and
                all distributions thereon or additions thereto (whether such
                additions are the result of deposits by Subscribers or the
                Company or the investment of collected funds). The security
                interest of Escrow Agent shall at all times be valid, perfected
                and enforceable by Escrow Agent against the Company and all
                third parties in accordance with the terms of this Escrow
                Agreement.

                (d)     Escrow Agent may consult with legal counsel at the
                expense of the Company as to any matter relating to this Escrow
                Agreement, and Escrow Agent shall not incur any liability in
                acting in good faith in accordance with any advice from such
                counsel.

                (e)     Escrow Agent shall not incur any liability for not
                performing any act or fulfilling any duty, obligation or
                responsibility hereunder by reason of any occurrence beyond the
                control of Escrow Agent (including but not limited to any act or
                provision of any present or future law or regulation or
                governmental authority, any act of God or war, or the
                unavailability of the Federal Reserve Bank wire or telex or
                other wire or communication facility).

        12.     Unless otherwise specifically set forth herein, Escrow Agent
shall proceed as soon as practicable to collect any checks or other collection
items at any time deposited hereunder. All such collections shall be subject to
Escrow Agent's usual collection practices or terms regarding items received by
Escrow Agent for deposit or collection. Escrow Agent shall not be required, or
have any duty, to notify anyone of any payment or maturity under the terms of
any instrument deposited hereunder, nor to take any legal action to enforce
payment of any check, note or security deposited hereunder or to exercise any
right or privilege which may be afforded to the holder of any such security.

        13.     Escrow Agent shall not be responsible in any respect for the
form, execution, validity, value or genuineness of documents or securities
deposited hereunder, or for any description therein, or for the identity,
authority or rights of persons executing or delivering or purporting to execute
or deliver any such document, security or endorsement.

        14.     The Company shall be liable for and shall reimburse and
indemnify Escrow Agent and hold Escrow Agent harmless from and against any and
all claims, losses, liabilities, costs, damages or expenses (including
reasonable attorneys' fees and expenses) (collectively, "Losses") arising from
or in connection with or related to this Escrow Agreement or being Escrow Agent
hereunder (including but not limited to Losses incurred by Escrow Agent in
connection with its successful defense, in whole or in part, of any claim of
gross negligence or willful misconduct on its part), provided, however, that
nothing

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contained herein shall require Escrow Agent to be indemnified for Losses caused
by its gross negligence or willful misconduct.

        15.     (a)     In the event of any ambiguity or uncertainty hereunder
                or in any notice, instruction or other communication received by
                Escrow Agent hereunder, Escrow Agent may, in its sole
                discretion, refrain from taking any action other than retain
                possession of the collected funds in the Escrow Account, the New
                York Escrow Account, and the Pennsylvania Escrow Account, unless
                Escrow Agent receives written instructions, signed by the
                Company, which eliminates such ambiguity or uncertainty.

                (b)     In the event of any dispute between or conflicting
                claims by or among the Company and/or any other person or entity
                with respect to any of the collected funds in the Escrow
                Account, the New York Escrow Account, or the Pennsylvania Escrow
                Account, Escrow Agent shall be entitled, in its sole discretion,
                to refuse to comply with any and all claims, demands or
                instructions with respect to such collected funds so long as
                such dispute or conflict shall continue, and Escrow Agent shall
                not be or become liable in any way to the Company for failure or
                refusal to comply with such conflicting claims, demands or
                instructions. Escrow Agent shall be entitled to refuse to act
                until, in its sole discretion, either (i) such conflicting or
                adverse claims or demands shall have been determined by a final
                order, judgment or decree of a court of competent jurisdiction,
                which order, judgment or decree is not subject to appeal, or
                settled by agreement between the conflicting parties as
                evidenced in a writing satisfactory to Escrow Agent or (ii)
                Escrow Agent shall have received security or an indemnity
                satisfactory to it sufficient to hold it harmless from and
                against any and all Losses which it may incur by reason of so
                acting. Escrow Agent may, in addition, elect, in its sole
                discretion, to commence an interpleader action or seek other
                judicial relief or orders as it may deem, in its sole
                discretion, necessary. The costs and expenses (including
                reasonable attorneys' fees and expenses) incurred in connection
                with such proceeding shall be paid by, and shall be deemed an
                obligation of, the Company.

        16.     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 by
facsimile evidenced by a confirmation of successful 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 Company:

                Behringer Harvard Opportunity REIT I, Inc.
                15601 Dallas Parkway, Suite. 600
                Addison, Texas 75001
                Fax:  (214) 655-1600
                Attention:  President and Chief Executive Officer

        (b)     if to the Dealer Manager:

                Behringer Securities LP
                15601 Dallas Parkway, Ste. 600
                Addison, Texas 75001
                Fax:  (214) 655-6801
                Attention:  Chief Operating Officer of Harvard Property Trust,
                LLC, General Partner

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        (c)     if to the Escrow Agent:

                The Bank of New York
                101 Barclay Street, Floor 8W
                New York, New York 10286
                Attention:  Annette Kos, Insurance Trust and Escrow Unit

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. Escrow Agent is authorized to comply with and rely upon any
notices, instructions or other communications believed by it to have been sent
or given by the Company or by a person or persons authorized by the Company.
Whenever under the terms hereof the time for giving a notice or performing an
act falls upon a Saturday, Sunday, or banking holiday, such time shall be
extended to the next day on which Escrow Agent is open for business.

        17.     This Agreement shall be interpreted, construed, enforced and
administered in accordance with the internal substantive laws (and not the
choice of law rules) of the State of New York. The Company hereby submits to the
personal jurisdiction of and agrees that all proceedings relating hereto shall
be brought in courts located within the City and State of New York or elsewhere
as Escrow Agent may select. The Company hereby waives the right to trial by jury
and to assert counterclaims in any such proceedings. To the extent that in any
jurisdiction the Company may be entitled to claim, for itself or its assets,
immunity from suit, execution, attachment (whether before or after judgment) or
other legal process, the Company hereby irrevocably agrees not to claim, and
hereby waives, such immunity. The Company waives personal service of process and
consents to service of process by certified or registered mail, return receipt
requested, directed to it at the address last specified for notices hereunder,
and such service shall be deemed completed ten (10) calendar days after the same
is so mailed.

        18.     This Agreement is for the exclusive benefit of the parties
hereto and their respective legal representatives, successors and assigns
hereunder, and shall not be deemed to give, either express or implied, any legal
or equitable right, remedy, or claim to any other entity or person whatsoever.

        19.     This Escrow Agreement and any amendment hereto may be executed
by each of the parties hereto in any number of counterparts, each of which
counterpart, when so executed and delivered, shall be deemed to be an original
and all such counterparts shall together constitute one and the same agreement.

        20.     The provisions set forth in paragraphs 8 through 32 of this
Agreement shall survive the termination of this Agreement and/or the resignation
or removal of the Escrow Agent.

        21.     The invalidity, illegality or unenforceability of any provision
of this Agreement shall in no way affect the validity, legality or
enforceability of any other provision; and if any provision is held to be
enforceable as a matter of law, the other provisions shall not be affected
thereby and shall remain in full force and effect.

        22.     Unless otherwise provided in this Agreement, final termination
of this Escrow Agreement shall occur on the date that all funds held in the
Escrow Account, the Pennsylvania Escrow Account and the New York Escrow Account
are distributed either (a) to the Company or to Subscribers and the Company has
informed the Escrow Agent in writing to close the Escrow Account, the
Pennsylvania 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 Company.

        23.     The Escrow Agent has no responsibility for accepting, rejecting,
or approving subscriptions.

                                       -9-
<PAGE>

        24.     The Escrow Agent will reasonably cooperate with the Company in
fulfilling any of the Company's obligations under the Sarbanes-Oxley Act of
2002, as such obligations relate to the provision of services under this
Agreement, including assistance as to the documentation and auditing of Escrow
Agent's procedures.

        25.     (a)     The Company may remove Escrow Agent at any time by
                giving to Escrow Agent sixty (60) calendar days' prior notice in
                writing signed by the Company. Escrow Agent may resign at any
                time by giving to the Company ninety (90) calendar days' prior
                written notice thereof.

                (b)     Within forty-five (45) calendar days after giving the
                foregoing notice of removal to Escrow Agent or receiving the
                foregoing notice of resignation from Escrow Agent, the Company
                appoint a successor Escrow Agent. If a successor Escrow Agent
                has not accepted such appointment by the end of such 45-day
                period, Escrow Agent may, in its sole discretion, deliver the
                collected funds in the Escrow Account, the New York Escrow
                Account, and the Pennsylvania Escrow Account to any the Company
                at the address provided herein or may apply to a court of
                competent jurisdiction for the appointment of a successor Escrow
                Agent or for other appropriate relief. The costs and expenses
                (including reasonable attorneys' fees and expenses) incurred by
                Escrow Agent in connection with such proceeding shall be paid
                by, and be deemed an obligation of, the Company.

                (c)     Upon receipt of the identity of the successor Escrow
                Agent, Escrow Agent shall either deliver the collected funds in
                the Escrow Account, the New York Escrow Account, and the
                Pennsylvania Escrow Account then held hereunder to the successor
                Escrow Agent, less Escrow Agent's fees, costs and expenses or
                other obligations owed to Escrow Agent, or hold such collected
                funds (or any portion thereof), pending distribution, until all
                such fees, costs and expenses or other obligations are paid.

                (d)     Upon delivery of the collected funds to successor Escrow
                Agent, Escrow Agent shall have no further duties,
                responsibilities or obligations, other than as provided
                hereunder.

        26.     Except as otherwise permitted herein, this Escrow Agreement may
be modified only by a written amendment signed by all the parties hereto, and no
waiver of any provision hereof shall be effective unless expressed in a writing
signed by the party to be charged.

        27.     The rights and remedies conferred upon the parties hereto shall
be cumulative, and the exercise or waiver of any such right or remedy shall not
preclude or inhibit the exercise of any additional rights or remedies. The
waiver of any right or remedy hereunder shall not preclude the subsequent
exercise of such right or remedy.

        28.     The Company hereby represents and warrants (a) that this Escrow
Agreement has been duly authorized, executed and delivered on its behalf and
constitutes its legal, valid and binding obligation and (b) that the execution,
delivery and performance of this Escrow Agreement by the Company does not and
will not violate any applicable law or regulation.

        29.     This Agreement shall constitute the entire agreement of the
parties with respect to the subject matter and supersedes all prior oral or
written agreements in regard thereto.

        30.     No printed or other material in any language, including
prospectuses, notices, reports, and promotional material which mentions "The
Bank of New York" by name or the rights, powers, or duties of the Escrow Agent
under this Agreement shall be issued by any other parties hereto, or on such
party's

                                       -10-
<PAGE>

behalf, without the prior written consent of Escrow Agent.

        31.     The headings contained in this Agreement are for convenience of
reference only and shall have no effect on the interpretation or operation
hereof.

        32.     The Escrow Agent does not have any interest in the collected
funds in the Escrow Account, the New York Escrow Account, and the Pennsylvania
Escrow Account but is serving as escrow holder only and having only possession
thereof. The Company shall pay or reimburse the Escrow Agent upon request for
any transfer taxes or other taxes relating to the Escrowed Property incurred in
connection herewith and shall indemnify and hold harmless the Escrow Agent any
amounts that it is obligated to pay in the way of such taxes. Any payments of
income from this Escrow Account, the New York Escrow Account, and the
Pennsylvania Escrow Account shall be subject to withholding regulations then in
force with respect to United States taxes. The parties hereto will provide the
Escrow Agent with appropriate W-9 forms for tax I.D., number certifications, or
W-8 forms for non-resident alien certifications. It is understood that the
Escrow Agent shall be responsible for income reporting only with respect to
income earned on investment of funds which are a part of the collected funds and
is not responsible for any other reporting. This paragraph and paragraph (14)
shall survive notwithstanding any termination of this Escrow Agreement or the
resignation of the Escrow Agent.

                            [Signature page follows]

                                       -11-
<PAGE>

        Agreed to as of the ___ day of _________, 2005.

                         BEHRINGER HARVARD OPPORTUNITY REIT I, INC.

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

                          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:

THE BANK OF NEW YORK, AS ESCROW AGENT

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

                                       -12-
<PAGE>

                                    EXHIBIT A

                   FORM OF NOTICE TO PENNSYLVANIA SUBSCRIBERS

        You have tendered a subscription to purchase shares of common stock of
Behringer Harvard Opportunity REIT I, Inc. (the "Company"). Your subscription is
currently being held in escrow. The guidelines of the Pennsylvania Securities
Commission do not permit the Company to accept subscriptions from Pennsylvania
residents until an aggregate of $23,800,000 of gross offering proceeds have been
received by the Company. The Pennsylvania guidelines provide that until this
minimum amount of offering proceeds is received by the Company, every 120 days
during the offering period Pennsylvania Subscribers may request that their
subscription be returned.

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

        If you wish to terminate your subscription for the Company's common
stock and have your subscription returned please so indicate below, sign, date,
and return to the Escrow Agent at The Bank of New York, Corporate Trust
Administration Division, 101 Barclay Street, Floor 8W, Attn: Annette Kos,
Insurance Trust and Escrow Unit.

        I hereby terminate my prior subscription to purchase shares of common
stock of Behringer Harvard Opportunity REIT I, Inc. and request the return of my
subscription funds. I certify to Behringer Harvard Opportunity REIT I, Inc. that
I am a resident of Pennsylvania.

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

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

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

Please send the subscription refund to:

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

<PAGE>

                                    EXHIBIT B

                            ESCROW AGENT COMPENSATION

ESCROW AGENCY FEES AND SERVICES

ACCEPTANCE FEE..................................................WAIVED

This one time fee is payable upon closing date and includes:

   [ ] Review of Agreement and supporting documents
   [ ] Establishment of accounts

ANNUAL ADMINISTRATION FEE, PER ESCROW ACCOUNT...................$6,000

This fee is not subject to pro-ration and is payable upon closing and on each
anniversary date and includes:

   [ ] Monitoring of accounts
   [ ] Reporting
   [ ] Reconciliation of each closing reflecting individual investments,
       receipt date, interest period and totals of each category per closing

ACTIVITY FEES

   [ ] Outgoing Wire Transfer/Checks, first four per fund each month included,
       thereafter per wire .............................$10
   [ ] For automatic  purchasers  under a fund's automatic  purchase plan,
       Escrow Agent will obtain ACH payments for a charge of $50 per fund per
       month, per 1,000 such investors.
   [ ] Per Investment, each trade........................$25
       Investment - each directed investment purchase/sale other than bank's
       cash reserve and approved money market funds.Separation Agreement

  
 Exhibit 10.4 
  
 SEPARATION AGREEMENT 
  
 This Separation Agreement (this “Agreement”) is entered into as of February 29,
2004 by and between Ingles Markets, Incorporated (the “Company” or the “Employer”), and Anthony Federico (“Federico”). 
  
 Section 1 — Benefits 
  
 (a) In General: In consideration of the mutual promises contained herein, the Company agrees to provide to Federico the benefits described in this
Agreement. Federico acknowledges that the Company is not otherwise required to pay or provide him these benefits. 
  
 (b) Payment: The Company shall pay Federico severance pay of $250,000 payable in 52 weekly installments of $4,807.69 before tax. All applicable
taxes will be deducted from these weekly payments. 
  
 (c)
Stock Options: Notwithstanding anything to the contrary in the Stock Option Agreement dated October 13, 1998 (the “Options”) or in the Company’s Amended and Restated 1997 Nonqualified Stock Option Plan (the “Plan”),
Federico’s termination of employment, as set forth in this Agreement, shall be deemed to constitute “retirement with the consent of the Company” for the sole purposes of the Plan and the Options. Therefore, Federico’s Options to
purchase 100,000 shares at an exercise price of $10.50 will not terminate upon termination of his employment but shall continue to be exercisable for a period of three months after such termination, as set forth in Section 7 of the Plan.
Federico’s termination of employment shall not be deemed retirement for purposes of other retirement or benefit plans of the Company, except to the extent separately determined thereunder. 
  
 (d) COBRA Benefits. Employer shall continue to provide insurance as
required by COBRA if Federico elects such coverage, which coverage Federico acknowledges shall be at his expense. 
  
 Section 2 — Promises 
  
 (a) Employment Termination: Federico agrees that his employment with the Company and its affiliates ends on February 29, 2004. 
  
 (b) Company Property: As a condition to the benefits set forth in
Section 1 hereof, Federico promises that he has returned or will return to the Employer all files, memoranda, documents, records, or copies of the foregoing (irrespective of the medium); credit cards; keys; computers or software; and any other
property of the Company or its affiliates in his possession. 
  
 (c) Confidentiality: Federico acknowledges and agrees that during his employment with the Company, he has been in a position to have access to and has been entrusted with confidential information of the Company, including information
regarding methods of operation, plans, procedures, financial data, lists of actual and potential suppliers and business partners, marketing strategies, plans for development and expansion and other confidential and sensitive information. Federico
acknowledges that the Company and its affiliates have legitimate business interests in protecting the confidentiality of that information. Therefore, the undersigned hereby acknowledges a continuing responsibility to protect such information.

  
 Executed this 1st day of March, 2004. 

			
	
	/s/ Anthony Federico
	ANTHONY FEDERICO

  
 Executed this
26th day of February, 2004. 
  

			
	
	INGLES MARKETS, INCORPORATED
		
	By:	 	/s/ Robert P. Ingle
	Name:	 	Robert P. Ingle
	Title:	 	Chairman of the Board

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