Document:

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                               GUARANTY AGREEMENT

        THIS GUARANTY AGREEMENT is made by BEHRINGER HARVARD REIT I, INC. (the
"GUARANTOR") to and for the benefit of FIRST AMERICAN BANK, SSB, a Texas state
savings bank (the "LENDER"), its successors and assigns and any subsequent
holder or holders of the Note (hereinafter defined).

                                R E C I T A L S :

        A.      Behringer Harvard Holdings, LLC (the "BORROWER"), desires to
borrow from the Lender from time to time a principal sum not in excess of
$12,600,000.00 (the "LOAN"), pursuant to that certain Loan Agreement (the "LOAN
AGREEMENT") and related Promissory Note (the "NOTE") of even date herewith,
between the Borrower and the Lender.

        B.      The Guarantor desires the Lender to make the Loan to the
Borrower, and the Lender requires, as a condition thereof, that the Guarantor
execute and deliver to the Lender this Guaranty Agreement and that certain
Security Agreement (the "SECURITY AGREEMENT") of even date herewith, pledging
certain collateral to secure the Loan.

        C.      Guarantor will receive, directly or indirectly, a tangible
benefit from the disbursement of the proceeds of the Loan by the Lender to the
Borrower.

        NOW, THEREFORE, in consideration of the premises and to induce the
Lender to make the Loan, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Guarantor
unconditionally guarantees to the Lender the prompt and full payment of the
Guaranteed Indebtedness (hereinafter defined) as and when the Guaranteed
Indebtedness shall become due and payable, whether by lapse of time,
acceleration of maturity or otherwise, and at all times thereafter. As used
herein the term "GUARANTEED INDEBTEDNESS" means: (i) the principal of and
accrued interest on the Note; (ii) any and all costs, attorneys' fees and
expenses incurred by the Lender by reason of Borrower's default in the payment
of the Note or default in the performance of any conditions or obligations under
any of the other Loan Documents (hereinafter defined); and (iii) any and all
additional amounts owing or which hereafter become owing by the Borrower under
the terms of the Note, the Loan Agreement, the Security Agreement, and/or any
other instrument evidencing, securing or governing the disbursement of the Loan,
whether presently existing or hereinafter entered into (collectively, the "LOAN
DOCUMENTS"). The Guarantor further unconditionally guarantees to the Lender the
prompt observance and performance of all covenants and agreements of the
Borrower contained in the Loan Documents.

        The obligations of the Guarantor shall be performable without demand of
the Lender and shall be unconditional irrespective of the genuineness, validity,
regularity or enforceability of the

<PAGE>

Loan Documents or any other circumstance which might otherwise constitute a
legal or equitable discharge of a surety or a guarantor. The Guarantor waives
diligence, presentment, demand of payment, protest, all notices (whether of
nonpayment, acceleration, intent to accelerate, dishonor, protest or otherwise)
with respect to the Note, notice of acceptance of this Guaranty Agreement and of
the incurring by the Borrower of any of the obligations hereinbefore mentioned
and all demands whatsoever. The Guarantor further waives all rights to require
the Lender to: (i) proceed against the Borrower; (ii) proceed against or exhaust
any collateral held by the Lender to secure the payment of the Guaranteed
Indebtedness; or (iii) pursue any other remedy the Lender may now or hereafter
have against the Borrower.

        The Guarantor agrees that, at any time or from time to time, without
notice to the Guarantor and without affecting the liability of the Guarantor:
(i) the time for payment of the principal of or interest on the Note may be
extended, or the Note may be renewed in whole or in part; (ii) the time for the
Borrower's performance of or compliance with any covenant or agreement contained
in the Loan Documents may be extended, or such performance or compliance may be
waived; (iii) the maturity of the Note may be accelerated as provided therein or
in the Loan Documents; (iv) the Loan Documents may be modified or amended by the
Lender and the Borrower in any respect; and (v) any security for the Loan may be
modified, exchanged, surrendered or otherwise dealt with and/or additional
security may be pledged or mortgaged for the Loan.

        Guarantor agrees that Guarantor's obligations under this Guaranty
Agreement shall not be released, diminished, impaired, reduced or affected by
the occurrence of any one or more of the following events: (i) the taking or
accepting of any other security or guaranty for any or all of the Guaranteed
Indebtedness; (ii) any release, surrender, exchange, subordination or loss of
any security at any time existing or in connection with any or all of the
Guaranteed Indebtedness; (iii) any partial release of the liability of Guarantor
hereunder; (iv) the death, insolvency, bankruptcy, disability, dissolution,
liquidation, termination, receivership, reorganization or lack of corporate,
partnership or other power of the Borrower, any other guarantor of the
Guaranteed Indebtedness, or any party at any time liable for the payment of any
or all of the Guaranteed Indebtedness, whether now existing or hereafter
occurring; (v) any neglect, delay, omission, failure or refusal of Lender to
take or prosecute any action for the collection of any of the Guaranteed
Indebtedness or to foreclose or take or prosecute any action under the Loan
Documents; (vi) the unenforceability of all or any part of the Guaranteed
Indebtedness against Borrower, whether because the Guaranteed Indebtedness
exceeds the amount permitted by law, the act of creating the Guaranteed
Indebtedness, or any part thereof, is ULTRA VIRES, the officer or persons
creating the Guaranteed Indebtedness acted in excess of their authority, or
otherwise, it being agreed that Guarantor shall remain liable hereon regardless
of whether Borrower or any other person is found to be not liable on the
Guaranteed Indebtedness, or any part thereof, for any reason; or (vii) if any
payment by Borrower to Lender is held to constitute a preference under the
bankruptcy laws or if for any other reason Lender is required to refund such
payment or pay such payment to someone else. It is the intent of Guarantor and
Lender that the obligations and

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liabilities of Guarantor hereunder are absolute and unconditional under any and
all circumstances and that until the Guaranteed Indebtedness is fully and
finally paid, such obligations and liabilities shall not be discharged or
released, in whole or in part, by any act or occurrence which might, but for the
provisions of this Guaranty Agreement, be deemed a legal or equitable discharge
or release of a guarantor.

        The obligations secured under this Guaranty are limited to the principal
amount of funds borrowed by Borrower for each real estate project for tenant in
common syndications as specified in Section 4.06 of the Loan Agreement (each a
"PROJECT") and related accrued interest thereon. Borrower's certification that
the funds borrowed by Borrower are for a specific Project shall be dispositive
of that fact.

        The obligations of the Guarantor and any other guarantor of the
Guaranteed Indebtedness shall be joint and several. The Guarantor agrees that
the Lender, in its discretion, may: (i) bring suit against the Guarantor and any
other guarantor of the Guaranteed Indebtedness jointly and severally or against
any one or more of them; (ii) compound or settle with any one or more of the
guarantors of the Guaranteed Indebtedness for such consideration as the Lender
may deem proper; (iii) release one or more of the guarantors of the Guaranteed
Indebtedness from liability; and (iv) otherwise deal with the Guarantor and any
other guarantors of the Guaranteed Indebtedness in any manner whatsoever, and
that no such action shall impair the rights of the Lender to collect the
Guaranteed Indebtedness from the Guarantor.

        The Lender may assign its rights hereunder in whole or in part. Upon any
such assignment, all the terms and provisions of this Guaranty Agreement shall
inure to the benefit of such assignee to the extent so assigned. The terms used
to designate any of the parties herein shall be deemed to include the heirs,
legal representatives, successors and assigns of such parties, and the term
"LENDER" shall include, in addition to the Lender, any and all lawful owners,
holders or pledgees of all or any part of the Guaranteed Indebtedness.

        If, for any reason whatsoever, Borrower is now or hereafter becomes
indebted to Guarantor, such indebtedness and all interest thereon shall at all
times be subordinate in all respects to the Guaranteed Indebtedness, and
Guarantor shall not be entitled to enforce or receive payment thereof until the
Guaranteed Indebtedness has been paid in full. Guarantor waives and releases any
right the Guarantor may have: (i) of subrogation in or under any of the Loan
Documents; (ii) to participate in any way in any payments made by any party to
the Lender in connection with the Guaranteed Indebtedness; and (iii) in any
mortgaged property or any collateral given to secure the payment of the
Guaranteed Indebtedness.

        The Guarantor represents and warrants to the Lender that the financial
statements and information regarding the Guarantor which have been delivered to
the Lender are true and correct in all material respects, have been prepared in
accordance with generally accepted accounting practices applied on a consistent
basis throughout the period covered thereby, fairly

<PAGE>

present the financial position of the Guarantor as of the dates thereof and that
no material adverse change has occurred in the financial condition of the
Guarantor since the date of such financial statements.

        If Guarantor becomes liable for any indebtedness owing by the Borrower
to the Lender, by endorsement or otherwise, other than under this Guaranty
Agreement, such liability shall not in any manner be impaired or affected by
this Guaranty Agreement, and any rights of the Lender under the Guaranty
Agreement shall be cumulative of any and all other rights that the Lender may
ever have against the Guarantor.

        If any provision of this Guaranty Agreement or the application thereof
to any person or circumstance shall, for any reason and to any extent, be
invalid or unenforceable, neither the remainder of this Guaranty Agreement nor
the application of such provision to any other person or circumstance shall be
affected thereby, but rather the same shall be enforced to the greatest extent
permitted by law.

        The Guarantor shall pay all costs and expenses, including attorneys'
fees, which may be incurred by the Lender in the enforcement of this Guaranty
Agreement.

        This Guaranty Agreement and all rights, obligations and liabilities
arising hereunder shall be construed according to the laws of the State of
Texas. The Guarantor agrees that this Guaranty Agreement is performable in
Dallas County, Texas.

        EXECUTED as of the ____ day of October, 2004.

                                             GUARANTOR:

                                             BEHRINGER HARVARD REIT I, INC.

                                             By:________________________________
                                             Name:______________________________
                                             Title:_____________________________<PAGE>

                               SECURITY AGREEMENT

DATE:                             October 1, 2004

DEBTOR:                           Behringer Harvard REIT I, Inc.

DEBTOR'S MAILING ADDRESS:         Addison Circle One
                                  15601 Dallas Parkway, Suite 600
                                  Addison, Texas 75001

SECURED PARTY:                    First American Bank, SSB

SECURED PARTY'S MAILING ADDRESS:  One Lincoln Park
                                  8401 N. Central Expressway, Suite 500
                                  Dallas, Dallas County, Texas 75225

COLLATERAL (INCLUDING
 ALL ACCESSIONS):                 Money Market Account #0332594925 at First
                                  American Bank, in the name of Behringer
                                  Harvard REIT I, Inc. (the "MONEY MARKET
                                  Account")

OBLIGATIONS:                      That certain Promissory Note ("NOTE")
                                  executed by Behringer Harvard Holdings, LLC
                                  ("BORROWER"), in the maximum principal amount
                                  of $12,600,000.00, dated of even date
                                  herewith, payable to the order of Secured
                                  Party, and all amendments thereto or
                                  extensions thereof, and that certain Guaranty
                                  Agreement, executed by Debtor, covering the
                                  Note, dated of even date herewith, for the
                                  benefit of the Secured Party.

        Subject to the terms of this Security Agreement, Debtor grants to
Secured Party a security interest in the Collateral and all its proceeds to
secure payment and performance of Debtor's obligation in this Security Agreement
and all renewals and extensions of any of the Obligations.

DEBTOR'S WARRANTIES

        1.      FINANCING STATEMENT. Except for those in favor of Secured Party,
no financing statement covering the Collateral is filed in any public office.

        2.      OWNERSHIP. Debtor owns the Collateral and has the authority to
grant this security interest. Ownership is free from any setoff, claim,
restriction, lien, security interest, or encumbrance except this security
interest and liens for taxes not yet due.

        3.      FIXTURES AND ACCESSIONS. None of the Collateral is affixed to
real estate, is an

<PAGE>

accession to any goods, is commingled with other goods, or will become a
fixture, accession, or part of a product or mass with other goods except as
expressly provided in this Security Agreement.

        4.      FINANCIAL STATEMENTS. All information about Debtor's financial
condition provided to Secured Party was accurate when submitted, as will be any
information subsequently provided.

DEBTOR'S COVENANTS

        1.      PROTECTION OF COLLATERAL. Debtor will defend the Collateral
against all claims and demands adverse to Secured Party's interest in it and
will keep it free from all liens except those for taxes not yet due and from all
security interests except this one. The Collateral will remain in Debtor's
possession or control at all times, except as otherwise provided in this
Security Agreement. Debtor will maintain the Collateral in good condition and
protect it against misuse, abuse, waste, and deterioration except for ordinary
wear and tear resulting from its intended use.

        2.      SECURED PARTY'S COSTS. Debtor will pay all expenses incurred by
Secured Party in obtaining, preserving, perfecting, defending, and enforcing
this security interest or the Collateral and in collecting or enforcing the
Obligations. Expenses for which Debtor is liable include, but are not limited
to, taxes, assessments, reasonable attorney's fees, and other legal expenses.
These expenses will bear interest from the dates of payments at the highest rate
stated in notes that evidence the Obligations, and Debtor will pay Secured Party
this interest on demand at a time and place reasonably specified by Secured
Party. These expenses and interest will be part of the Obligations and will be
recoverable as such in all respects.

        3.      ADDITIONAL DOCUMENTS. Debtor will sign any agreements, financing
statements, or other documents or instruments that Secured Party considers
necessary to obtain, maintain, and perfect this security interest or to comply
with any relevant law.

        4.      NOTICE OF CHANGES. Debtor will immediately notify Secured Party
of any material change in the Collateral; change in Debtor's name, address, or
location; change in any matter warranted or represented in this agreement;
change that may affect this security interest; and any event of default.

        5.      SALE. Debtor will not sell, transfer, or encumber any of the
Collateral without the prior written consent of Secured Party.

        6.      RESERVE. Debtor covenants to preserve and maintain, at all
times, in the Money Market Account an amount of funds (the "RESERVE") equal to
or greater than the principal and interest outstanding under the Note, which
amount shall be over and above and in addition to any other reserve amounts that
the Debtor is required to maintain in the Money Market Account under any other
loans between the Borrower and the Secured Party.

<PAGE>

RIGHTS AND REMEDIES OF SECURED PARTY

        1.      GENERALLY. Secured Party may exercise any of the following
rights and remedies either before or after default:

                a.      take control of any proceeds of the Collateral;

                b.      release any Collateral in Secured Party's possession to
                        any debtor, temporarily or otherwise;

                c.      take control of any funds generated by the Collateral,
                        such as refunds from and proceeds of insurance, and
                        reduce any part of the Obligations accordingly or permit
                        Debtor to use such funds to repair or replace damaged or
                        destroyed Collateral covered by insurance; or

                d.      demand, collect, convert, redeem, settle, compromise,
                        receipt for, realize on, sue for, and adjust the
                        Collateral either in Secured Party's or Debtor's name,
                        as Secured Party desires.

        2.      INSURANCE. If Debtor fails to maintain insurance as required by
this Security Agreement or otherwise by Secured Party, then Secured Party may
purchase single-interest insurance coverage that will protect only Secured
Party. If Secured Party purchases this insurance, its premiums will become part
of the Obligations.

EVENTS OF DEFAULT

        Each of the following conditions is an event of default:

        1.      If the Borrower defaults in timely payment or performance of any
Obligations, covenant, or liability in any written agreement between Borrower
and Secured Party, or if the Debtor defaults in the performance of any term or
condition of this Security Agreement;

        2.      If any warranty, covenant, or representation made to Secured
Party by or on behalf of Debtor or Borrower proves to have been false in any
material respect when made;

        3.      If a receiver is appointed for Borrower, Debtor or any of the
Collateral;

        4.      If the Collateral is assigned for the benefit of creditors or,
to the extent permitted by law if bankruptcy or, insolvency proceedings commence
against or by any of these parties: Borrower (or either of the entities
comprising the borrower), Debtor; any partnership of which

<PAGE>

Debtor is a general partner; and any maker, drawer, acceptor, endorser,
guarantor, surety, accommodation party, or other person liable on or for any
part of the Obligations;

        5.      If any financing statement regarding the Collateral but not
related to this security interest and not favoring Secured Party is filed;

        6.      If any lien attaches to any of the Collateral; or

        7.      If any of the Collateral is lost, stolen, damaged, or destroyed,
unless it is promptly replaced with collateral of like quality or restored to
its former condition.

REMEDIES OF SECURED PARTY ON DEFAULT

        During the existence of any event of default, Secured Party may declare
the unpaid principal and earned interest of any of the Obligations immediately
due in whole or part, enforce the Obligations, and exercise any rights and
remedies granted by Chapter 9 of the Texas Uniform Commercial Code or by this
Security Agreement, including the following:

        1.      Require Debtor to deliver to Secured Party all books and records
relating to the Collateral;

        2.      Require Debtor to assemble the Collateral and make it available
to Secured Party at a place reasonably convenient to both parties;

        3.      Take possession of any of the Collateral and for this purpose
enter any premises where it is located if this can be done without breach of the
peace;

        4.      Sell, lease, or otherwise dispose of any of the Collateral in
accord with the rights, remedies, and duties of a secured party under Chapter 9
of the Texas Uniform Commercial Code after giving notice as required by such
chapter; unless the Collateral threatens to decline speedily in value, is
perishable, or would typically be sold on a recognized market. Secured Party
will give Debtor reasonable notice of any public sale of the Collateral or of a
time after which it may be otherwise disposed of without further notice to
Debtor; in this event, notice will be deemed reasonable if it is mailed, postage
prepaid, to Debtor at the address specified in this agreement at least ten days
before any public sale or ten days before the time when the Collateral may be
otherwise disposed of without further notice to Debtor;

        5.      Surrender any insurance policies covering the Collateral and
receive the unearned premium;

        6.      Apply any proceeds from disposition of the Collateral after
default in the manner specified in Chapter 9 of the Texas Uniform Commercial
Code, including payment of Secured Party's reasonable attorney's fees and court
expenses; and

<PAGE>

        7.      If disposition of the Collateral leaves the Obligations
unsatisfied, collect the deficiency from Borrower, Debtor or any guarantor of
the Obligations.

GENERAL PROVISIONS

        1.      PARTIES BOUND. Secured Party's rights under this Security
Agreement shall inure to the benefit of its successors and assigns. Assignment
of any part of the Obligations and delivery by Secured Party of any part of the
Collateral will fully discharge Secured Party from responsibility for that part
of the Collateral. If Debtor is more than one, all their representations,
warranties, and agreements are joint and several. Debtor's obligations under
this Security Agreement shall bind Debtor's personal representatives,
successors, and assigns.

        2.      WAIVER. Neither delay in exercise nor partial exercise of any of
Secured Party's remedies or rights shall waive further exercise of those
remedies or rights. Secured Party's failure to exercise remedies or rights does
not waive subsequent exercise of those remedies or rights. Secured Party's
waiver of any default does not waive further default. Secured Party's waiver of
any right in this Security Agreement or of any default is binding only if it is
in writing. Secured Party may remedy any default without waiving it.

        3.      REIMBURSEMENT. If Debtor fails to perform any of Debtor's
obligations, Secured Party may perform those obligations and be reimbursed by
Debtor on demand at the place where any note evidencing the Obligations is
payable for any sums so paid, including attorney's fees and other legal
expenses, plus interest on those sums from the dates of payment at the rate
stated in any such note for matured, unpaid amounts. The sum to be reimbursed
shall be secured by this Security Agreement.

        4.      INTEREST RATE. Interest included in the Obligations shall not
exceed the maximum amount of nonusurious interest that may be contracted for,
taken, reserved, charged, or received under law; any interest in excess of that
maximum amount shall be credited to the principal of the Obligations or, if that
has been paid, refunded. On any acceleration or required or permitted prepayment
of the Obligations, any such excess shall be canceled automatically as of the
acceleration or prepayment or, if already paid, credited on the principal amount
of the Obligations or, if the principal amount has been paid, refunded. This
provision overrides other provisions in this and all other instruments
concerning the Obligations.

        5.      MODIFICATIONS. No provisions of this Security Agreement shall be
modified or limited except by written agreement.

        6.      SEVERABILITY. The unenforceability of any provision of this
Security Agreement will not affect the enforceability or validity of any other
provision.

        7.      AFTER-ACQUIRED CONSUMER GOODS. This security interest shall
attach to after-acquired consumer goods only to the extent permitted by law.

<PAGE>

        8.      APPLICABLE LAW. This Security Agreement will be construed
according to Texas laws.

        9.      PLACE OF PERFORMANCE. This Security Agreement is to be performed
in the county of Secured Party's mailing address.

        10.     FINANCING STATEMENT. A carbon, photographic, or other
reproduction of this Security Agreement or any financing statement covering the
Collateral is sufficient as a financing statement.

        11.     PRESUMPTION OF TRUTH AND VALIDITY. If the Collateral is sold
after default, recitals in the bill of sale or transfer will be prima facie
evidence of their truth, and all prerequisites to the sale specified by this
agreement and by Chapter 9 of the Texas Uniform Commercial Code will be presumed
satisfied.

        12.     SINGULAR AND PLURAL. When the context requires, singular nouns
and pronouns include the plural.

        13.     PRIORITY OF SECURITY INTEREST. This security interest shall
neither affect nor be affected by any other security for any of the obligation.
Neither extensions of any of the obligation nor releases of any of the
Collateral will affect the priority or validity of this security interest with
reference to any third person.

        14.     CUMULATIVE REMEDIES. Foreclosure of this security interest by
suit does not limit Secured Party's remedies, including the right to sell the
Collateral under the terms of this Security Agreement. All remedies of Secured
Party may be exercised at the same or different times, and no remedy shall be a
defense to any other. Secured Party's rights and remedies include all those
granted by law or otherwise, in addition to those specified in this Security
Agreement.

        15.     AGENCY. Debtor's appointment of Secured Party as Debtor's agent
is coupled with an interest and will survive any disability of Debtor.

        16.     ATTACHMENTS INCORPORATED. The addendum indicated below is
attached to this Security Agreement and incorporated into it for all purposes:

        (_X_)   Addendum relating to accounts, inventory, documents, chattel
        paper, and general intangibles.

        (___)   Addendum relating to instruments.

<PAGE>

        17.     LOAN AGREEMENT. THIS WRITTEN LOAN AGREEMENT (AS DEFINED BY
SECTION 26.02 OF THE TEXAS UNIFORM COMMERCIAL CODE) REPRESENTS 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.

                                        DEBTOR:

                                        BEHRINGER HARVARD REIT I, INC.

                                        By:_________________________________
                                        Name:_______________________________
                                        Title:______________________________

                                        SECURED PARTY:

                                        FIRST AMERICAN BANK, SSB

                                        By:_________________________________
                                        Name:_______________________________
                                        Title:______________________________

<PAGE>

                         ADDENDUM TO SECURITY AGREEMENT
                 (ACCOUNTS, INVENTORY, DOCUMENTS, CHATTEL PAPER,
                              GENERAL INTANGIBLES)

Date:                October ___, 2004

Debtor:              Behringer Harvard REIT I, Inc.

Secured Party:       First American Bank, SSB

        The Collateral includes one or more of these classifications: accounts,
inventory, documents, chattel paper, and general intangibles; this Addendum
covering that Collateral applies to and is incorporated into the Security
Agreement to which it is attached.

DEBTOR'S WARRANTY

        No account debtors or other obligor whose debts or obligations are part
of the Collateral have any right to setoffs, counterclaims, or adjustments or
any defenses in connection with their debts or obligations.

DEBTOR'S COVENANTS

        1.      INFORMATION AND INSPECTION. At the time and in the form
specified by Secured Party, Debtor will furnish Secured Party any requested
information related to the Collateral, which may include:

                a.      all information necessary to identify any of the
                Collateral; and

                b.      shipping and delivery receipts evidencing the shipment
                of goods, and invoices evidencing receipt of and payment for
                inventory in the Collateral.

Debtor will also allow Secured Party to inspect the Collateral at any time and
place and to inspect and copy all records relating to the Collateral, as long as
these are accomplished without breach of the peace.

        2.      PARTIES LIABLE ON THE COLLATERAL. Debtor will preserve the
liability of all obligors on the Collateral, preserve the priority of all
security for the Collateral, and deliver to Secured Party the original
certificates of title on all motor vehicles included in the Collateral.

        3.      MODIFICATION OF COLLATERAL. Without the written consent of
Secured Party, Debtor will not agree to any modification of terms in any writing
related to the Collateral.

<PAGE>

        4.      DELIVERY OF RECEIPTS TO SECURED PARTY. On Secured Party's demand
Debtor will deposit all payments received as proceeds of Collateral in a special
bank account designated by Secured Party, who alone will have power of
withdrawal. Debtor will deposit the payments on receipt, in the form received,
and with any necessary endorsements as security for the Obligations described in
the Security Agreement. Secured Party may make any endorsements in Debtor's name
and behalf. Between receiving and depositing these payments, Debtor will not
mingle them with any of Debtor's other funds or property but will hold them
separate and in an express trust for Secured Party. Secured Party shall apply
all or part of these funds against the Obligations.

        5.      RECORDS OF COLLATERAL. Debtor will maintain accurate books and
records covering the collateral and showing the assignment of accounts in
Collateral to Secured Party. Only undisputed and unpaid amounts will be shown as
owed to Debtor on the books and any assignment schedule.

        6.      ACCOUNTS. Each account in the Collateral will represent the
valid, legally enforceable obligation of third parties and will not be evidenced
by any instrument or chattel paper.

        7.      CONSUMER CREDIT. If any Collateral or proceeds include
obligations of third parties to Debtor, the transactions creating those
obligations will conform in all respects to applicable state and federal
consumer credit law.

        8.      CHATTEL PAPER. By means satisfactory to Secured Party, Debtor
has perfected or will perfect a security interest in goods covered by chattel
paper in Collateral.

        9.      POSSESSION OF COLLATERAL. By delivering a copy of this Security
Agreement to the broker, seller, or other person in possession of Collateral
that is chattel paper or documents, Secured Party will effectively notify that
person of Secured Party's interest in the Collateral. Delivery of the copy of
the Security Agreement will also constitute Debtor's instruction to deliver to
Secured Party certificates or other evidence of the Collateral as soon as it is
available. Debtor will immediately deliver to Secured Party all chattel paper
and documents that are collateral in Debtor's possession. If that Collateral is
hereafter acquired, Debtor will deliver it to Secured Party immediately
following acquisition and either endorse it to Secured Party's order or give
Secured Party appropriate executed powers.

        10.     UNCERTIFICATED SECURITIES. If the collateral is uncertificated
securities, Secured Party's delivery of a copy of this Security Agreement to the
financial intermediary on whose books the Debtor's interest in the Collateral
appears will effectively notify the financial intermediary of Secured Party's
interest in the Collateral and will constitute Debtor's instruction that the
issuer of the securities register their pledge to Secured Party. Debtor agrees
to do everything required by Secured Party to complete the transfer and
perfection of this security interest.

<PAGE>

RIGHTS AND REMEDIES OF SECURED PARTY

        1.      GENERAL. Before or after default Secured Party may exercise any
or all of these rights and remedies:

                a.      contact account debtors directly to verify information
                        furnished by Debtor;

                b.      notify obligors on the Collateral to pay Secured Party
                        directly;

                c.      take control of all proceeds of and payments on any
                        Collateral and apply them against the Obligations; and

                d.      as Debtor's agent endorse any documents or chattel paper
                        that is Collateral or that represents proceeds of
                        Collateral.

        2.      LIABILITY. Secured Party has no obligation to collect any
account and will not be liable for failure to collect any account or for any act
or omission on the part of Secured Party or Secured Party's officers, agents, or
employees, except willful misconduct.

                                          DEBTOR:

                                          BEHRINGER HARVARD REIT I, INC.

                                          By:__________________________________
                                          Name:________________________________
                                          Title:_______________________________

                                          SECURED PARTY:

                                          FIRST AMERICAN BANK, SSB

                                          By:__________________________________
                                          Name:________________________________
                                          Title:_______________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]