Document:

Exhibit 10.4

 

FIRST AMENDMENT TO GUARANTY AGREEMENT

 

This FIRST AMENDMENT TO GUARANTY AGREEMENT (“Amendment”) is entered into to be effective as of                                   ,
2008, by and between Behringer Harvard Short-Term Opportunity Fund I LP, a
Texas limited partnership (“Guarantor”),
as guarantor, and Credit Union Liquidity Services, LLC, a Texas limited
liability company (formerly known as Texans Commercial Capital, LLC, a Texas
limited liability company) (“Lender”),
as lender.

 

RECITALS

 

A.            Behringer Harvard Mountain
Village, LLC, a Colorado limited liability company (“Borrower”), and Lender have executed that certain Construction
Loan Agreement dated as of September 29, 2006 (“Loan Agreement”) with respect to a loan in the original
principal amount of Thirty-one Million Six Hundred Fifty Thousand and No/100
Dollars ($31,650,000) (the “Loan”).  The Loan is evidenced by a Note (“Note”) from Borrower to Lender, dated as of
September 29, 2006, in the amount of the Loan.  The Note and Loan are secured by a Deed of
Trust, Security Agreement, Financing Statement, and Assignment of Rental dated of
even date with the Note (the “Security
Instrument”) encumbering the Mortgaged Property described in the
Security Instrument.  (The Note, the Loan
Agreement, the Security Instrument, and all other documents that evidence and
secure the Loan collectively are referred to as the “Loan Documents”.) 
Guarantor guaranteed the payment of certain amounts under the Loan
Documents under the terms of a Guaranty Agreement dated as of September 29,
2006 (the “Guaranty”).

 

B.            Borrower and Lender have
agreed to enter into a First Modification Agreement to modify certain terms and
conditions of the Loan (the “Modification”).

 

C.            As a condition of agreeing
to the Modification, Lender requires that the Guarantor execute this Amendment.

 

NOW, THEREFORE, in order to induce Lender to execute the Modification,
and in consideration thereof, Guarantor agrees as follows:

 

1.             Reaffirmation.  Guarantor hereby (a) ratifies
and reaffirms the terms and conditions of the Guaranty; (b) acknowledges
that the Guaranty remains in full force and effect without any exoneration; (c) agrees
that the Loan Documents, as the same may be modified in connection with the Modification,
will continue to be guaranteed by the Guarantor as and to the full extent
provided in the Guaranty; (d) acknowledges that there are no (or
irrevocably waives any) claims or offsets against, or defenses or counterclaims
to, the terms and provisions of and the obligations created and evidenced by
the Guaranty; and (e) certifies that the representations and warranties
contained in the Guaranty are true and correct representations and warranties
of Guarantor, and hereby remakes to Lender such representations and warranties
as of the date hereof.

 

2.             Liquidity
Requirement.  From and
after the first Advance (as that term is defined in the Loan Agreement) by
Lender on or subsequent to the date hereof (“Liquidity
Requirement Date”), Guarantor shall at all times maintain
unencumbered cash and/or marketable securities in an amount of not less than
Four Million and No/100 Dollars ($4,000,000) (the “Liquidity Requirement”) in the form of (i) cash on hand
or on deposit in commercial banks operating in the United States, (ii) readily
marketable securities issued by the United States, (iii) readily
marketable commercial paper rated A-1 by Standard & Poor’s corporation
(or a similar rating by any similar organization that rates commercial paper), (iv) certificates
of deposit issued by commercial banks operating in the United States with
maturities of one (1) year or less, and (v) publicly traded stocks
and bonds.

 

 

3.             Liquidity
Account Statements.  From and
after the Liquidity Requirement Date, Guarantor shall, within forty-five (45)
days after the end of each Quarterly Period (as that term is defined in the
Loan Agreement), deliver to Lender statements evidencing, in a manner
reasonably satisfactory to Lender, that Guarantor is in compliance with the
Liquidity Requirement.

 

4.             Liability.  The provisions of Section 24 of the
Guaranty are hereby specifically confirmed and shall remain in full force and
effect.

 

[SIGNATURE PAGES FOLLOW]

 

2

 

IN WITNESS WHEREOF, Guarantor and Lender have
signed and delivered this Amendment under seal or have caused this Amendment to
be signed and delivered under seal by its duly authorized representative.

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD SHORT-TERM

  OPPORTUNITY FUND I LP,

  
	
   

  	
  a Texas limited partnership

  
	
   

  	
  By:

  	
  Behringer Harvard Advisors II LP,

  
	
   

  	
   

  	
  a Texas limited partnership,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Harvard Property Trust, LLC,

  
	
   

  	
   

  	
   

  	
  a Delaware limited liability company,

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
   

  	
  Title:
  Secretary

  
							

 

 

	
  STATE OF

  	
  )

  
	
   

  	
  ) ss.

  
	
  CITY/COUNTY OF

  	
  )

  

 

On this        day of                               
2008, before me, the undersigned Notary Public in and for the State of Texas,
personally appeared Gerald J. Reihsen, III to me personally known, who
being by me duly sworn did say that he is the Secretary of Harvard Property
Trust, LLC, the general partner of the general partner of Behringer Harvard
Short-Term Opportunity Fund I LP, a Texas limited partnership, executing the
foregoing instrument, that the instrument was signed on behalf of the limited
partnership by authority of the limited partnership; and said Gerald J. Reihsen, III
acknowledged the execution of the instrument to be the voluntary act and deed
of the limited partnership.

 

Witness my hand and official seal.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My commission expires:

  	
   

  

 

3

 

	
   

  	
  LENDER:

  
	
   

  	
  CREDIT UNION LIQUIDITY SERVICES, LLC,

  a Texas limited liability company (formerly known

  as Texans Commercial Capital)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  Bill Henderson

  
	
   

  	
  Title:  Treasurer of the Board
  of Managers

  

 

 

	
  STATE OF TEXAS
                     

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY OF
                   

  	
  §

  
			

 

On this           
day of                               
2008, before me, the undersigned Notary Public in and for the State of                         ,
personally appeared Bill Henderson to me personally known who being by me duly
sworn did say that he is the Treasurer of the Board of Managers of Credit Union
Liquidity Services, LLC, a Texas limited liability company, executing the
foregoing instrument, that the instrument was signed on behalf of the limited
liability company by authority of the limited liability company; and said Bill
Henderson acknowledged the execution of the instrument to be the voluntary act
and deed of the limited liability company.

 

Witness my hand and official seal.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My commission expires:

  	
   

  

 

4Exhibit
10.5

 

FIRST AMENDMENT TO DEED OF
TRUST, SECURITY AGREEMENT, FINANCING STATEMENT, AND ASSIGNMENT OF RENTAL

 

THIS FIRST AMENDMENT TO DEED
OF TRUST, SECURITY AGREEMENT, FINANCING STATEMENT, AND ASSIGNMENT OF RENTAL
(this “Amendment”) is entered into
as of this        day of                           ,  2008, by and between Credit Union
Liquidity Services, LLC, a Texas limited liability company (formerly known as
Texans Commercial Capital, LLC, a Texas limited liability company) (“Lender”), and Behringer Harvard Mountain
Village, LLC (“Borrower”), a
Colorado limited liability company.

 

Recitals

 

A.            Borrower and Lender have
executed that certain Construction Loan Agreement dated as of September 29,
2006 (“Loan Agreement”) with
respect to a loan in the original principal amount of Thirty-one Million Six
Hundred Fifty Thousand and No/100 Dollars ($31,650,000) (the “Loan”). 
The Loan is evidenced by a Note (“Note”)
from Borrower to Lender, dated as of September 29, 2006 in the amount of
the Loan.  The Note and Loan are secured
by a Deed of Trust, Security Agreement, Financing Statement, and Assignment of
Rental dated as of September 29, 2006 recorded as Instrument No. 387559,
in the real property records in San Miguel County, Colorado (the “Deed of Trust”) encumbering, inter alia, the real property of which is
more particularly described on Exhibit A attached hereto and
incorporated herein by this reference.  Simultaneously
with the execution hereof, Borrower and Lender entered into a First
Modification Agreement (“Modification
Agreement”) to modify certain terms and conditions of the Loan.  (The Note, the Loan Agreement, the Deed of
Trust, the Modification Agreement, and all other documents that evidence and
secure the Loan, as modified from time to time, collectively are referred to as
the “Loan Documents”.)

 

B.            Borrower and Lender now
propose to modify certain of the terms and provisions of the Deed of Trust.

 

NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree
as follows:

 

Agreements

 

1.             Defined Terms.  All
capitalized terms in this Amendment which are not otherwise defined herein
shall have the meaning ascribed to such terms in the Deed of Trust.

 

2.             Amendment
of Certain Definitions and Provisions.

 

(a)           The references
to October 1, 2009 and October 1, 2010 appearing in the definition of
“Note” in Section 1.1 of the Deed of Trust are hereby amended to be October 1,
2011 and October 1, 2012, respectively.

 

(b)           The reference to
ninety percent (90%) appearing in the definition of “Release Price” in Section 6.1
of the Deed of Trust is hereby amended to be one hundred percent (100%).

 

1

 

(c)           The reference to
seventy-five percent (75%) appearing in Section 6.2 of the Deed of Trust
is hereby amended to be sixty percent (60%).

 

3.             Continuing Validity.  The Deed of Trust, as amended herein,
continues to be in full force and effect. 
Nothing herein contained shall affect or impair the validity or priority
of the lien and security interests granted by the Deed of Trust.  This Amendment shall not constitute a
novation or have the effect of discharging any liability or obligation
evidenced by the Deed of Trust or the other Loan Documents.

 

4.             Severability.  The
invalidity, illegality or unenforceability of any provision of this Amendment
shall not affect or impair the validity, legality or enforceability of the
remainder of this Amendment, and to this end, the provisions of this Amendment
are declared to be severable.

 

5.             Counterparts.  To facilitate execution, this
Amendment may be executed in as many counterparts by original or facsimile
transmission as may be convenient or required. 
It shall not be necessary that the signature and acknowledgment of, or
on behalf of, each party, or that the signature and acknowledgment of all
persons required to bind any party, appear on each counterpart.  All counterparts shall collectively
constitute a single instrument.  It shall
not be necessary in making proof of this Amendment to produce or account for
more than a single counterpart containing the respective signatures and
acknowledgment of, or on behalf of, each of the parties hereto.

 

[SIGNATURE PAGES FOLLOWS]

 

2

 

IN WITNESS WHEREOF, Borrower
and Lender have caused this Amendment to be duly executed by their duly
authorized officers, to be effective as of the date first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD MOUNTAIN

  VILLAGE, LLC, a Colorado limited liability

  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

	
  STATE
  OF
                       

  	
  §

  
	
   

  	
   

  	
   

  
	
  COUNTY
  OF
                   

  	
  §

  
			

 

On this           
day of                               
2008, before me, the undersigned Notary Public in and for the State of                         ,
personally appeared                                       
to me personally known who being by me duly sworn did say that he is the                                           of
Behringer Harvard Mountain Village, LLC, a Colorado limited liability company,
executing the foregoing instrument, that the instrument was signed on behalf of
Behringer Harvard Mountain Village, LLC by authority, and said                                     
acknowledged the execution of the instrument to be the voluntary act and deed
of Behringer Harvard Mountain Village, LLC.

 

Witness my hand and official seal.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My commission expires:

  	
   

  

 

Borrower’s Signature Page

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  CREDIT
  UNION LIQUIDITY SERVICES,

  LLC, a Texas limited liability company

  (formerly known as Texans Commercial

  Capital)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:  Bill Henderson

  
	
   

  	
  Title:  Treasurer of the Board of Managers

  

 

	
  STATE
  OF TEXAS
                     

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY
  OF
                   

  	
  §

  
			

 

On this           
day of                               
2008, before me, the undersigned Notary Public in and for the State of                         ,
personally appeared Bill Henderson to me personally known who being by me duly
sworn did say that he is the Treasurer of the Board of Managers of Credit Union
Liquidity Services, LLC, a Texas limited liability company, executing the
foregoing instrument, that the instrument was signed on behalf of the limited
liability company by authority of the limited liability company; and said Bill
Henderson acknowledged the execution of the instrument to be the voluntary act
and deed of the limited liability company.

 

Witness my hand and official seal.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My commission expires:

  	
   

  

 

Lender’s Signature Page

 

 

EXHIBIT A

 

The
Property

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]