Document:

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                                                                    Exhibit 10.5

                                      1

Walden Pond

                                                            RESIDENTIAL PROPERTY

                          PROPERTY MANAGEMENT AGREEMENT

This Agreement is made as of the 1st day of January, 2002 between the
undersigned, Walden Pond Limited Partnership, a Delaware limited partnership,
(the "Owner") and the undersigned BRI OP LIMITED PARTNERSHIP, (the "Agent").

     1. APPOINTMENT AND ACCEPTANCE. The Owner appoints the Agent as exclusive
agent for the management of the property described in Section 2 of this
Agreement, and the Agent accepts the appointment, subject to the terms and
conditions set forth in this Agreement.

     2. DESCRIPTION OF THE PROJECT. The property to be managed by the Agent
under this Agreement (the "Project") is a housing development consisting of the
land, buildings, and other improvements located in Houston, Texas and known as
Walden Pond Apartments, containing 416 dwelling units.

     3. BASIC INFORMATION. The Agent will thoroughly familiarize itself with the
character, location, construction, layout, plan and operation of the Project,
and especially the electrical, plumbing, air-conditioning and ventilating
systems, the elevators and all other mechanical equipment.

     4. MARKETING. The Agent will carry out the marketing activities designed to
attract tenants as described below.

     5. RENTALS. The Agent will offer for rent and will rent the dwelling units
and commercial space, if any, in the Project. Incident thereto, the following
provisions will apply:

          a.   The Agent will show the Project to prospective tenants;

          b.   The Agent will take and process applications for rentals. If an
               application is rejected, the applicant will be told the reason
               for rejection, and will be given the rejected application, with
               reason for rejection noted. A current list of prospective tenants
               will be maintained;

          c.   The Agent will prepare all dwelling leases and, unless otherwise
               directed by the Owner, will execute the same in its name,
               identifying itself thereon as agent for the Owner. Dwelling
               leases will be in a form approved by the Owner;

          d.   The Owner will furnish the Agent with rent schedules, showing
               contract rents for dwelling units, and other charges for
               facilities and services. The Agent will periodically review such
               rent schedules and make recommendations to the Owner with respect
               to changes thereto;

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                                       2
Walden Pond

          e.   The Agent will collect, deposit, and disburse security deposits,
               if required, in accordance with the terms of each tenant's lease;

          f.   The Agent will negotiate and prepare commercial leases and
               concession agreements, if the Project shall now or hereafter
               contain any commercial space, and will execute the same in its
               name, identified thereon as agent for the Owner, subject to the
               Owner's prior approval of all terms and conditions; and

          g.   The Agent will perform periodic market surveys with respect to
               the market area in which the Project is located.

     6. COLLECTION OF RENTS AND OTHER RECEIPTS. The Agent will collect, when
due, all rents, charges and other amounts receivable for the Owner's account in
connection with the management and operation of the Project. Such receipts will
be deposited in an account, separate from all other accounts and funds, with a
bank whose deposits are insured by the Federal Deposit Insurance Corporation.
This account will be carried in the Owner's name and designated of record as
Walden Pond Limited Partnership d/b/a "Walden Pond Apartments" (the "Project
Rental Account"). Subject to compliance with Section 11 hereof, the Agent is,
however, hereby authorized to make deposits to and withdrawals from the Project
Rental Account as agent for the Owner.

     7. ENFORCEMENT OF LEASES. The Agent will secure full compliance by each
tenant with the terms of such tenant's lease. Voluntary compliance will be
emphasized, but the Agent may lawfully terminate any tenancy when, in the
Agent's judgment, sufficient cause (including but not limited to non-payment of
rent) for such termination occurs under the terms of the tenant's lease. For
this purpose, the Agent is authorized to consult with legal counsel, to be
designated by the Owner, to bring actions for eviction against such tenants;
provided, however, the Agent shall keep the Owner informed of such actions and
shall follow such instructions as the Owner may prescribe for the conduct of any
such action. Subject to the Owner's approval, attorney fees and other necessary
costs incurred in connection with such actions will be paid out of the Project
Rental Account as Project expenses.

     8. MAINTENANCE AND REPAIR. The Agent will maintain the Project in good
repair and in compliance with local codes, and in a condition at all times
acceptable to the Owner, including, but not limited to, cleaning, painting,
decorating, plumbing, carpentry, grounds care, and such other maintenance,
repair, remodeling and refurbishing work as may be necessary, subject to any
limitations imposed by the Owner in addition to those contained herein. The
Agent will also assist the Owner in identifying and implementing capital
improvements to the Project.

The Agent will perform such periodic physical inspections as shall be
appropriate in connection therewith. Incident thereto, the following
additional provisions will apply:

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                                        3
Walden Pond

          a.   Special attention will be given to preventive maintenance, and,
               to the extent feasible, the services of regular maintenance
               employees will be used;

          b.   Subject to the Owner's prior approval, the Agent will negotiate,
               review and sign, on behalf of the Owner, contracts with qualified
               independent contractors for the maintenance and repair of heating
               and air-conditioning systems and elevators, and for extraordinary
               repairs to such items and other assets of the Project, which are
               beyond the capability of regular maintenance employees;

          c.   The Agent will systematically and promptly receive and
               investigate all service requests from tenants, take such action
               thereon as may be justified, and will keep records of the same.
               Emergency requests will be received and serviced on a twenty-four
               (24) hour basis. Complaints of a serious nature will be reported
               to the Owner after investigation;

          d.   The Agent is authorized to purchase all materials, equipment,
               tools, appliances, supplies and services necessary to the proper
               maintenance and repair of the Project; and

          e.   Notwithstanding any of the foregoing provisions, the prior
               approval of the Owner will be required for any expenditure which
               exceeds Five Thousand Dollars ($5,000) in any one instance for
               labor, materials or otherwise, in connection with the maintenance
               and repair of the Project, except for recurring expenses within
               the limits of the operating budget and emergency repairs
               involving manifest danger to persons or property or required to
               avoid suspension of any necessary service to the Project. In the
               latter event, the Agent will inform the Owner of the facts as
               promptly as possible.

     9. UTILITIES AND SERVICES. In accordance with the operating budget, the
Agent will make arrangements for water, electricity, gas, sewage and trash
disposal, vermin extermination, decorating, laundry facilities, and telephone
service. Subject to the Owner's prior approval, the Agent will make such
contracts as may be necessary to secure such utilities and services.

     10. NONCUSTOMARY SERVICES. Notwithstanding any contrary provision in this
Agreement, the Owner shall cause any services, in connection with the rental of
the Project, that are not customarily furnished to tenants of comparable
buildings in the region (including, but not limited to, the provision of maid
service and the furnishing of parking facilities, other than on a complimentary,
unreserved basis), to be performed by an entity qualifying as an independent
contractor.

     11. EMPLOYEES. Except as otherwise agreed, all on-site personnel will be
employees of the Owner, for purposes of their compensation, and not the Agent,
but will be hired, paid,

<PAGE>

                                        4
Walden Pond

supervised, and discharged through the Agent, in the Agent's sole discretion,
subject to the following conditions:

          a.   The resident manager will have duties of the type usually
               associated with this position;

          b.   Compensation (including fringe benefits) of bookkeeping,
               clerical, and other managerial personnel will be within the
               Agent's sole discretion, provided minimum wage standards are met;

          c.   The Owner will reimburse the Agent for the compensation
               (including fringe benefits) payable to the on-site management and
               maintenance employees, and for all local, state and federal taxes
               and assessments (including, but not limited to, Social Security
               taxes, unemployment insurance, and Workman's Compensation
               insurance) incident to the employment of such personnel. Such
               reimbursements will be paid out of the Project Rental Account and
               will be treated as Project expenses; and

          d.   Compensation (including fringe benefits) payable to the on-site
               staff, and all bookkeeping, clerical and other managerial
               personnel, plus all local, state and federal taxes and
               assessments incident to the employment of such personnel will be
               borne solely by the Project, and will not be paid out of the
               Agent's management fee. The rental value of any dwelling unit
               furnished rent-free to on-site personnel will be treated as a
               cost of the Project.

     12. DISBURSEMENTS FROM PROJECT RENTAL ACCOUNT.

          a.   From the funds collected and deposited by the Agent in the
               Project Rental Account, either the Owner or the Agent, as shall
               be determined from time to time by the Owner, will make the
               following disbursements, when payable:

               (1)  Reimbursement to the Agent for compensation payable to the
                    employees specified in Section 11 above, and for the taxes
                    and assessments payable to local, state and federal
                    governmental agencies;

               (2)  All sums otherwise due and payable by the Owner as expenses
                    of the Project, including compensation payable to the Agent
                    for its services hereunder and expenses of the Project
                    incurred by the Agent under the terms of this Agreement;

               (3)  Any payment required to be made monthly by the Owner to any
                    mortgagee of the Project, including the amounts due under
                    the mortgage for principal amortization, interest, ground
                    rents, taxes and assessments, and fire and other hazard
                    insurance premiums;

<PAGE>

                                       5
Walden Pond

          b.   Except for the disbursements mentioned above, funds will be
               disbursed or transferred from the Project Rental Account only as
               the Owner may from time to time direct; and

          c.   In the event the balance in the Project Rental Account is at any
               time insufficient to pay disbursements due and payable under
               Section 12(a) above, the Agent will inform the Owner of that fact
               and Owner shall immediately deposit sufficient funds. In no event
               will the Agent be required to use its own funds to pay such
               disbursements.

     13. RECORDS AND REPORTS. The Agent will have the following responsibilities
with respect to records and reports:

          a.   The Agent will establish and maintain a comprehensive system of
               records, books and accounts in a manner satisfactory to the
               Owner;

          b.   With respect to each fiscal year ending during the term of this
               Agreement, the Agent will furnish an annual financial report. The
               Agent will also prepare and review budgets and cash flow
               projections for the Project in such manner and at such times as
               may be agreed with the Owner;

          c.   The Agent will furnish such information (including occupancy
               reports) as may be reasonably requested by the Owner from time to
               time with respect to the financial, physical, or operating
               condition of the Project; and

          d.   By the twenty-fifth (25th) day of each month, the Agent will
               furnish the Owner with a statement of receipts and disbursements
               during the previous month, a schedule of accounts receivable and
               payable, as of the end of the previous month and reconciled bank
               statements for the Project Rental Account, as of the end of the
               previous month.

     14. ON-SITE MANAGEMENT FACILITIES. Subject to the further agreement of the
Owner and the Agent as to more specific terms, the Agent will maintain a
management office within the Project, for the convenience of the Owner, for the
sole purpose of the Agent's performing its duties under this Agreement, and the
Owner will make no rental charge for such office.

     15. INSURANCE. The Owner will inform the Agent of insurance to be carried
with respect to the Project and its operations, and the Agent, when authorized
by the Owner, will cause such insurance to be placed and kept in effect at all
times. The Agent will pay premiums out of the Project Rental Account, as an
expense of the Project. All insurance will

<PAGE>

                                        6
Walden Pond

be placed with such companies, on such conditions, in such amounts, and with
such beneficial interests appearing thereon as shall be acceptable to the Owner
and shall be otherwise in conformity with any mortgage relating to the Project,
provided that the same will include public liability coverage, with the Agent
designated as one of the insured, in amounts acceptable to the Owner, Agent and
any mortgagee of the Project. The Agent will investigate and furnish the Owner
with full reports as to all accidents, claims, and potential claims for damage
relating to the Project and will cooperate with the Owner's insurers in
connection therewith.

     16. AGENT'S COMPENSATION. The Agent will be compensated for its service
under this Agreement by monthly fees to be paid out of the Project Rental
Account to be treated as Project expenses. Such fees will be payable monthly.
Each such monthly fee will be in an amount equal to five percent (5%) of the
gross receipts (including rentals and other operating income of the Project)
actually received during the preceding month.

     17. INDEMNIFICATION BY THE OWNER. The Owner shall indemnify and hold
harmless the Agent from all liability, claims, damages or loss arising out of
the performance of its duties hereunder, and related expenses, including
reasonable attorneys' fees, to the extent such liability, claims, damages or
losses and related expenses are not fully reimbursed by insurance; provided,
however, that the Agent shall be entitled to indemnification, under this Section
17, only if the Agent, in connection with any liability, damages, claim or loss
for which it seeks indemnity, acted in a manner which would not constitute gross
negligence or willful misfeasance.

     18. INDEMNIFICATION BY THE AGENT. The Agent shall indemnify and hold
harmless the Owner from contract or other liability, claims, damages, losses and
related expenses, including attorneys' fees, to the extent that such liability,
claims, damages, losses and related expenses are not fully reimbursed by
insurance and are incurred by the Owner by reason of the Agent's deliberate
dishonesty or gross negligence.

     19. RIGHT TO ASSIGN. The Agent may assign some or all of its rights or
obligations under this Agreement, provided that the Agent remains principally
responsible hereunder, and the Owner is given notice of such assignment. The
Owner may assign its rights and obligations under this Agreement to any
successor in title to the Property, and upon any such assignment, the Owner
shall be relived of all liability accruing after the effective date of such
assignment.

     20. TERM OF AGREEMENT. This agreement shall be in effect for a period
commencing on the date hereof. This agreement may be terminated, without
penalty, by written notice of either party to the other as of the end of any
calendar month, provided at least thirty (30) days advance notice thereof is
given.

<PAGE>

                                        7
Walden Pond

     IN WITNESS WHEREOF, the parties hereto (by their duly authorized
representatives) have executed this Agreement as of the date first above
written.

OWNER:                                         AGENT:

WALDEN POND LIMITED PARTNERSHIP                BRI OP LIMITED PARTNERSHIP
By: Walden Pond Texas, L.L.C.,                 By: Berkshire Apartments, L.L.C.,
    its general partner                            its general partner

By: /s/ David C. Quade                         By: /s/ Kenneth J. Richard
    ------------------------------                 -----------------------------
Its: Executive Vice President                  Its: Senior Vice President<PAGE>

                                                                    Exhibit 10.6

Century II                                1

                                                            RESIDENTIAL PROPERTY

                          PROPERTY MANAGEMENT AGREEMENT

This Agreement is made as of the 1st day of January, 2002 between the
undersigned, KR5 Acquisition Company, L.L.C., a Delaware limited liability
company, (the "Owner") and the undersigned BRI OP LIMITED PARTNERSHIP, (the
"Agent").

         1. APPOINTMENT AND ACCEPTANCE. The Owner appoints the Agent as
exclusive agent for the management of the property described in Section 2 of
this Agreement, and the Agent accepts the appointment, subject to the terms and
conditions set forth in this Agreement.

         2. DESCRIPTION OF THE PROJECT. The property to be managed by the Agent
under this Agreement (the "Project") is a housing development consisting of the
land, buildings, and other improvements located in Cockeysville, Maryland and
known as Century II Apartments, containing 468 dwelling units.

         3. BASIC INFORMATION. The Agent will thoroughly familiarize itself with
the character, location, construction, layout, plan and operation of the
Project, and especially the electrical, plumbing, air-conditioning and
ventilating systems, the elevators and all other mechanical equipment.

         4. MARKETING. The Agent will carry out the marketing activities
designed to attract tenants as described below.

         5. RENTALS. The Agent will offer for rent and will rent the dwelling
units and commercial space, if any, in the Project. Incident thereto, the
following provisions will apply:

         a.       The Agent will show the Project to prospective tenants;

         b.       The Agent will take and process applications for rentals. If
                  an application is rejected, the applicant will be told the
                  reason for rejection, and will be given the rejected
                  application, with reason for rejection noted. A current list
                  of prospective tenants will be maintained;

         c.       The Agent will prepare all dwelling leases and, unless
                  otherwise directed by the Owner, will execute the same in its
                  name, identifying itself thereon as agent for the Owner.
                  Dwelling leases will be in a form approved by the Owner;

         d.       The Owner will furnish the Agent with rent schedules, showing
                  contract rents for dwelling units, and other charges for
                  facilities and services. The Agent will periodically review
                  such rent schedules and make recommendations to the Owner with
                  respect to changes thereto;

<PAGE>

Century II                                2

         e.       The Agent will collect, deposit, and disburse security
                  deposits, if required, in accordance with the terms of each
                  tenant's lease;

         f.       The Agent will negotiate and prepare commercial leases and
                  concession agreements, if the Project shall now or hereafter
                  contain any commercial space, and will execute the same in its
                  name, identified thereon as agent for the Owner, subject to
                  the Owner's prior approval of all terms and conditions; and

         g.       The Agent will perform periodic market surveys with respect to
                  the market area in which the Project is located.

         6. COLLECTION OF RENTS AND OTHER RECEIPTS. The Agent will collect, when
due, all rents, charges and other amounts receivable for the Owner's account in
connection with the management and operation of the Project. Such receipts will
be deposited in an account, separate from all other accounts and funds, with a
bank whose deposits are insured by the Federal Deposit Insurance Corporation.
This account will be carried in the Owner's name and designated of record as KR5
Acquisition Company, L.L.C. d/b/a "Century II Apartments" (the "Project Rental
Account"). Subject to compliance with Section 11 hereof, the Agent is, however,
hereby authorized to make deposits to and withdrawals from the Project Rental
Account as agent for the Owner.

         7. ENFORCEMENT OF LEASES. The Agent will secure full compliance by each
tenant with the terms of such tenant's lease. Voluntary compliance will be
emphasized, but the Agent may lawfully terminate any tenancy when, in the
Agent's judgment, sufficient cause (including but not limited to non-payment of
rent) for such termination occurs under the terms of the tenant's lease. For
this purpose, the Agent is authorized to consult with legal counsel, to be
designated by the Owner, to bring actions for eviction against such tenants;
provided, however, the Agent shall keep the Owner informed of such actions and
shall follow such instructions as the Owner may prescribe for the conduct of any
such action. Subject to the Owner's approval, attorney fees and other necessary
costs incurred in connection with such actions will be paid out of the Project
Rental Account as Project expenses.

         8. MAINTENANCE AND REPAIR. The Agent will maintain the Project in good
repair and in compliance with local codes, and in a condition at all times
acceptable to the Owner, including, but not limited to, cleaning, painting,
decorating, plumbing, carpentry, grounds care, and such other maintenance,
repair, remodeling and refurbishing work as may be necessary, subject to any
limitations imposed by the Owner in addition to those contained herein. The
Agent will also assist the Owner in identifying and implementing capital
improvements to the Project.

The Agent will perform such periodic physical inspections as shall be
appropriate in connection therewith. Incident thereto, the following additional
provisions will apply:

         a.       Special attention will be given to preventive maintenance,
                  and, to the extent feasible, the services of regular
                  maintenance employees will be used;

<PAGE>

Century II                                3

         b.       Subject to the Owner's prior approval, the Agent will
                  negotiate, review and sign, on behalf of the Owner, contracts
                  with qualified independent contractors for the maintenance and
                  repair of heating and air-conditioning systems and elevators,
                  and for extraordinary repairs to such items and other assets
                  of the Project, which are beyond the capability of regular
                  maintenance employees;

         c.       The Agent will systematically and promptly receive and
                  investigate all service requests from tenants, take such
                  action thereon as may be justified, and will keep records of
                  the same. Emergency requests will be received and serviced on
                  a twenty-four (24) hour basis. Complaints of a serious nature
                  will be reported to the Owner after investigation;

         d.       The Agent is authorized to purchase all materials, equipment,
                  tools, appliances, supplies and services necessary to the
                  proper maintenance and repair of the Project; and

         e.       Notwithstanding any of the foregoing provisions, the prior
                  approval of the Owner will be required for any expenditure
                  which exceeds Five Thousand Dollars ($5,000) in any one
                  instance for labor, materials or otherwise, in connection with
                  the maintenance and repair of the Project, except for
                  recurring expenses within the limits of the operating budget
                  and emergency repairs involving manifest danger to persons or
                  property or required to avoid suspension of any necessary
                  service to the Project. In the latter event, the Agent will
                  inform the Owner of the facts as promptly as possible.

         9. UTILITIES AND SERVICES. In accordance with the operating budget, the
Agent will make arrangements for water, electricity, gas, sewage and trash
disposal, vermin extermination, decorating, laundry facilities, and telephone
service. Subject to the Owner's prior approval, the Agent will make such
contracts as may be necessary to secure such utilities and services.

         10. NONCUSTOMARY SERVICES. Notwithstanding any contrary provision in
this Agreement, the Owner shall cause any services, in connection with the
rental of the Project, that are not customarily furnished to tenants of
comparable buildings in the region (including, but not limited to, the provision
of maid service and the furnishing of parking facilities, other than on a
complimentary, unreserved basis), to be performed by an entity qualifying as an
independent contractor.

         11. EMPLOYEES. Except as otherwise agreed, all on-site personnel will
be employees of the Owner, for purposes of their compensation, and not the
Agent, but will be hired, paid,

<PAGE>

Century II                                4

supervised, and discharged through the Agent, in the Agent's sole discretion,
subject to the following conditions:

         a.       The resident manager will have duties of the type usually
                  associated with this position;

         b.       Compensation (including fringe benefits) of bookkeeping,
                  clerical, and other managerial personnel will be within the
                  Agent's sole discretion, provided minimum wage standards are
                  met;

         c.       The Owner will reimburse the Agent for the compensation
                  (including fringe benefits) payable to the on-site management
                  and maintenance employees, and for all local, state and
                  federal taxes and assessments (including, but not limited to,
                  Social Security taxes, unemployment insurance, and Workman's
                  Compensation insurance) incident to the employment of such
                  personnel. Such reimbursements will be paid out of the Project
                  Rental Account and will be treated as Project expenses; and

         d.       Compensation (including fringe benefits) payable to the
                  on-site staff, and all bookkeeping, clerical and other
                  managerial personnel, plus all local, state and federal taxes
                  and assessments incident to the employment of such personnel
                  will be borne solely by the Project, and will not be paid out
                  of the Agent's management fee. The rental value of any
                  dwelling unit furnished rent-free to on-site personnel will be
                  treated as a cost of the Project.

         12. DISBURSEMENTS FROM PROJECT RENTAL ACCOUNT.

         a.       From the funds collected and deposited by the Agent in the
                  Project Rental Account, either the Owner or the Agent, as
                  shall be determined from time to time by the Owner, will make
                  the following disbursements, when payable:

                  (1)      Reimbursement to the Agent for compensation payable
                           to the employees specified in Section 11 above, and
                           for the taxes and assessments payable to local, state
                           and federal governmental agencies;

                  (2)      All sums otherwise due and payable by the Owner as
                           expenses of the Project, including compensation
                           payable to the Agent for its services hereunder and
                           expenses of the Project incurred by the Agent under
                           the terms of this Agreement;

                  (3)      Any payment required to be made monthly by the Owner
                           to any mortgagee of the Project, including the
                           amounts due under the mortgage for principal
                           amortization, interest, ground rents, taxes and
                           assessments, and fire and other hazard insurance
                           premiums;

<PAGE>

Century II                                5

         b.       Except for the disbursements mentioned above, funds will be
                  disbursed or transferred from the Project Rental Account only
                  as the Owner may from time to time direct; and

         c.       In the event the balance in the Project Rental Account is at
                  any time insufficient to pay disbursements due and payable
                  under Section 12(a) above, the Agent will inform the Owner of
                  that fact and Owner shall immediately deposit sufficient
                  funds. In no event will the Agent be required to use its own
                  funds to pay such disbursements.

         13. RECORDS AND REPORTS. The Agent will have the following
responsibilities with respect to records and reports:

         a.       The Agent will establish and maintain a comprehensive system
                  of records, books and accounts in a manner satisfactory to the
                  Owner;

         b.       With respect to each fiscal year ending during the term of
                  this Agreement, the Agent will furnish an annual financial
                  report. The Agent will also prepare and review budgets and
                  cash flow projections for the Project in such manner and at
                  such times as may be agreed with the Owner;

         c.       The Agent will furnish such information (including occupancy
                  reports) as may be reasonably requested by the Owner from time
                  to time with respect to the financial, physical, or operating
                  condition of the Project; and

         d.       By the twenty-fifth (25th) day of each month, the Agent will
                  furnish the Owner with a statement of receipts and
                  disbursements during the previous month, a schedule of
                  accounts receivable and payable, as of the end of the previous
                  month and reconciled bank statements for the Project Rental
                  Account, as of the end of the previous month.

         14. ON-SITE MANAGEMENT FACILITIES. Subject to the further agreement of
the Owner and the Agent as to more specific terms, the Agent will maintain a
management office within the Project, for the convenience of the Owner, for the
sole purpose of the Agent's performing its duties under this Agreement, and the
Owner will make no rental charge for such office.

         15. INSURANCE. The Owner will inform the Agent of insurance to be
carried with respect to the Project and its operations, and the Agent, when
authorized by the Owner, will cause such insurance to be placed and kept in
effect at all times. The Agent will pay premiums out of the Project Rental
Account, as an expense of the Project. All insurance will

<PAGE>

Century II                                6

be placed with such companies, on such conditions, in such amounts, and with
such beneficial interests appearing thereon as shall be acceptable to the Owner
and shall be otherwise in conformity with any mortgage relating to the Project,
provided that the same will include public liability coverage, with the Agent
designated as one of the insured, in amounts acceptable to the Owner, Agent and
any mortgagee of the Project. The Agent will investigate and furnish the Owner
with full reports as to all accidents, claims, and potential claims for damage
relating to the Project and will cooperate with the Owner's insurers in
connection therewith.

         16. AGENT'S COMPENSATION. The Agent will be compensated for its service
under this Agreement by monthly fees to be paid out of the Project Rental
Account to be treated as Project expenses. Such fees will be payable monthly.
Each such monthly fee will be in an amount equal to five percent (5%) of the
gross receipts (including rentals and other operating income of the Project)
actually received during the preceding month.

         17. INDEMNIFICATION BY THE OWNER. The Owner shall indemnify and hold
harmless the Agent from all liability, claims, damages or loss arising out of
the performance of its duties hereunder, and related expenses, including
reasonable attorneys' fees, to the extent such liability, claims, damages or
losses and related expenses are not fully reimbursed by insurance; provided,
however, that the Agent shall be entitled to indemnification, under this Section
17, only if the Agent, in connection with any liability, damages, claim or loss
for which it seeks indemnity, acted in a manner which would not constitute gross
negligence or willful misfeasance.

         18. INDEMNIFICATION BY THE AGENT. The Agent shall indemnify and hold
harmless the Owner from contract or other liability, claims, damages, losses and
related expenses, including attorneys' fees, to the extent that such liability,
claims, damages, losses and related expenses are not fully reimbursed by
insurance and are incurred by the Owner by reason of the Agent's deliberate
dishonesty or gross negligence.

         19. RIGHT TO ASSIGN. The Agent may assign some or all of its rights or
obligations under this Agreement, provided that the Agent remains principally
responsible hereunder, and the Owner is given notice of such assignment. The
Owner may assign its rights and obligations under this Agreement to any
successor in title to the Property, and upon any such assignment, the Owner
shall be relived of all liability accruing after the effective date of such
assignment.

         20. TERM OF AGREEMENT. This agreement shall be in effect for a period
commencing on the date hereof. This agreement may be terminated, without
penalty, by written notice of either party to the other as of the end of any
calendar month, provided at least thirty (30) days advance notice thereof is
given.

<PAGE>

Century II                                7

         IN WITNESS WHEREOF, the parties hereto (by their duly authorized
representatives) have executed this Agreement as of the date first above
written.

OWNER:                                       AGENT:

KR5 ACQUISITION COMPANY, L.L.C.              BRI OP LIMITED PARTNERSHIP
                                             By:  Berkshire Apartments, L.L.C.,
                                                  its general partner
By:  /s/ David C. Quade
    --------------------------
Its: Executive Vice President
                                             By: /s/ Kenneth J. Richard
                                                -------------------------------
                                             Its: Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]