Document:

Investment Advisory Agreement

 Exhibit 10.7 
 INVESTMENT ADVISORY AGREEMENT ASSUMPTION AGREEMENT 
 This assumption agreement (the
“Agreement”) is effective as of the 16th day of December, 2005 (the “Effective Date”) by and between UST Advisers, Inc., a Delaware corporation (“USTA”), U.S. Trust Company, National Association, a national bank
organized under the laws of the United States (“UST-NA”), LaSalle Investment Management, Inc., a Maryland corporation (the “Adviser”) and Excelsior LaSalle Property Fund, Inc., a Maryland corporation (the “Fund”).

 WHEREAS, UST-NA, the Adviser and the Fund are parties to a investment advisory agreement dated December 23, 2004 (the “Advisory
Agreement”); 
 WHEREAS, UST-NA wishes to restructure the manner in which it provides management and administrative services to the Fund
under its management agreement with the Fund (the “Management Agreement”) so as to deliver such services through USTA, a new wholly-owned subsidiary of UST-NA, which will provide all of the services formerly provided by UST-NA under the
Management Agreement and the Advisory Agreement to the Fund; 
 WHEREAS, USTA wishes to assume all of UST-NA’s duties, obligations,
liabilities and rights under the Advisory Agreement and UST-NA wishes to assign and be discharged from its duties, obligations, liabilities and rights under the Advisory Agreement; and 
 WHEREAS, U.S. Trust Corporation, the parent of UST-NA and USTA (“UST-Corp.”), wishes to provide an indemnity to the Adviser and the Fund for
certain matters as described herein. 
 NOW, THEREFORE, based on the foregoing, the parties intending to be legally bound, agree as follows:

  

	 	1.	Assumption. UST-NA hereby assigns to USTA and USTA hereby agrees to assume, as of the Effective Date, all of UST-NA’s respective obligations, liabilities and rights and
agrees to perform all of UST-NA’s respective duties under the Advisory Agreement. 

  

	 	2.	Release. The Adviser and the Fund hereby release UST-NA, as of the Effective Date, from all of its duties, obligations, and liabilities under the Advisory Agreement and
UST-NA hereby surrenders all of its rights under the Advisory Agreement. 

  

	 	3.	Indemnity. UST-Corp. agrees to ensure that USTA will perform all of UST-NA’s duties and obligations under the Advisory Agreement and agrees to indemnify, defend and hold
the Adviser and the Fund harmless for any and all losses, liabilities, actions or expenses resulting from or arising out of USTA’s performance of the duties and obligations assumed 

 by it under the Advisory Agreement to the same extent that UST-NA would have been liable for its
performance under the Advisory Agreement. 
 UST-Corp. hereby waives any requirement that the Adviser or the Fund exhaust any right or remedy
or proceed or take any action against USTA or UST-NA or any other person or entity before exercising any right or remedy against UST-Corp. under this Agreement. 
 The obligations of UST-Corp. hereunder are absolute and unconditional. UST-Corp.’s indemnity shall be a continuing indemnity and shall continue in full force and effect indefinitely. The parties understand and
agree that this indemnity is applicable only with respect to the Advisory Agreement. 
  

	 	4.	Other Matters. USTA is hereby bound by all of the terms and conditions of the Advisory Agreement, which will continue in full force and effect with respect to USTA.

  

	 	5.	Headings and Captions. The document headings and captions contained herein are for ease of reference only, and shall not effect the meaning or interpretation of this
Agreement. 

  

	 	6.	Counterparts. This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one instrument. 

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the 16th day of December, 2005. 
  

			
	UST ADVISERS, INC.
		
	By:	 	 /s/ Robert Aufenanger

	Name:	 	Robert Aufenanger
	Title:	 	President
	
	U.S. TRUST COMPANY, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Neil M. McDonnell

	Name:	 	Neil M. McDonnell
	Title:	 	SVP/CFO
	
	LaSALLE INVESTMENT MANAGEMENT, INC.
		
	By:	 	 /s/ Peter H. Schaff

	Name:	 	Peter H. Schaff
	Title:	 	Regional CEO – North America
	
	EXCELSIOR LaSALLE PROPERTY FUND, INC.
		
	By:	 	 /s/ Lee A. Gardella

	Name:	 	Lee A. Gardella
	Title:	 	Co-CEO
	
	U.S. TRUST CORPORATION, for purposes of section 3 hereof only
		
	By:	 	 /s/ Richard E. Brinkmann

	Name:	 	Richard E. Brinkmann
	Title:	 	Managing Director & Comptroller

  

 3Excelsior LaSalle Property Fund, Inc

 Exhibit 10.8 
 EXCELSIOR LASALLE PROPERTY FUND, INC. 
 EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT

 This EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT (this “Agreement”) is made as of the 23rd day of December 2004 by and between Excelsior LaSalle Property Fund, Inc., a Maryland corporation (the
“Fund”) and U.S. Trust Company, N.A., acting through its investment advisory division, U.S. Trust Company, N.A. Asset Management Division (the “Manager”). 
 W I T N E S S E T H: 
 WHEREAS, the Fund is a privately offered real estate investment
fund that will elect to be treated as a real estate investment trust for federal income tax purposes; and 
 WHEREAS, the Manager serves as
the manager of the Fund pursuant to a management agreement between the Fund and the Manager dated as of December 23, 2004 (the “Management Agreement”). Terms not otherwise defined herein shall have the meanings set forth in the
Management Agreement. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 1. Expense Limitation. Subject to the terms hereof, including, without limitation, Section 4, the Manager agrees to waive its fees, or to pay
or absorb the ordinary operating expenses of the Fund to the extent necessary to limit the specific offering, organizational and ordinary operating expenses of the Fund described in Section 2 below (including, but not limited to, printing,
legal, accounting and marketing expenses) (the “Specified Expenses”) to 0.75% per annum of the Fund’s Net Asset Value (the “Expense Limitation”). For purposes of this Agreement, Net Asset Value of the Fund
(“NAV”) will be determined quarterly in a manner consistent with the Management Agreement. 
 2. Specified Expenses.
(a) The Expense Limitation applies only to the following: (i) fees and expenses paid to the Fund’s valuation consultant, auditors, stockholder administrator, and the Fund’s legal counsel in connection with matters related to the
organization of the Fund and the offering of the Shares therein (but excluding all legal counsel fees and expenses incurred in connection with matters related to Real Estate Investments, such as property acquisition or disposition, leasing and legal
proceedings related to the Real Estate Investments, as well as extraordinary legal fees associated with litigation or other proceedings), as well as (ii) printing costs, mailing costs, fees associated with the board of directors of the Fund,
the cost of maintaining directors and officers insurance, blue sky fees and all Fund-level organizational expenses (which does not include expenses associated with the acquisition and management of the Initial Portfolio). 
 (b) For the avoidance of doubt, the Expense Limitation does not apply with regard to property level expenses (including, without limitation, property
insurance, 

 property operating expenses, and property financing expense), costs incurred in pursuing, acquiring, disposing, or
obtaining financing of Real Estate Investments, costs associated with any credit facility obtained by the Fund (which may be in addition to the leverage at the property level), taxes (including tax related charges such as interest or penalties)
payable by the Fund or its subsidiaries, or to extraordinary expenses, such as the costs of litigation. 
 3. Term. This Agreement
will remain in effect for two (2) years after the Initial Closing, unless terminated by the Manager or by the Fund upon thirty (30) days written notice to the other party, and may be renewed by the mutual agreement of the Manager and the
Fund for successive one year terms. This Agreement will terminate automatically upon the termination of the Management Agreement unless a new Management Agreement with the Manager (or an affiliate of the Manager) to replace the terminated agreement
becomes effective upon such termination. If this Agreement is terminated by the Fund or if this Agreement terminates because the Fund terminates or fails to renew for any additional term the Management Agreement, the Fund agrees for a period not to
exceed three (3) years to reimburse any remaining Excess Operating Expenses (as defined below) not previously reimbursed, such reimbursement to be made to the Manager not later than thirty (30) days after the termination of this Agreement
and without regard to the Expense Limitation. 
 4. Excess Expenses. In consideration of the Manager’s agreement to limit the
Fund’s expenses as provided herein, the Fund agrees to carry forward the annual amount of Specified Expenses waived, paid or absorbed by the Manager pursuant to this Agreement in excess of the Expense Limitation, for a period not to exceed
three (3) years from the end of the fiscal year in which such expense is incurred by the Manager (“Excess Operating Expenses”) and to reimburse the Manager in the amount of such Excess Operating Expenses as promptly as
possible, but only to the extent that it does not cause the Fund’s Specified Expenses for the fiscal year in which such reimbursement would otherwise be made to exceed the Expense Limitation. 
 5. Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements between the parties hereto relating to the matters contained herein and may not be modified, waived or terminated orally and may only be amended by an agreement in writing signed by the parties hereto.

 6. Construction and Forum. This Agreement shall be governed by the laws of the State of New York, without regard to its conflicts
of law principles. Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York, in
any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. 
 7. Counterparts. This
Agreement may be executed in any number of separate counterparts, each of which shall be deemed an original, but the several counterparts shall together constitute but one and the same Agreement of the parties hereto. 
  

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 8. Severability. If any one or more of the covenants, agreements, provisions or texts of this
Agreement shall be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement. 
 The remainder of this page has been intentionally left blank. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the day and year
first above written. 
  

			
	 EXCELSIOR LASALLE PROPERTY FUND, INC.

		
	 By:
	 	 /s/ Douglas A. Lindgren

	 Name:
	 	 Douglas A. Lindgren

	 Title:
	 	 President

	
	 U.S. TRUST COMPANY, N.A.

		
	 By:
	 	 /s/ Douglas A. Lindgren

	 Name:
	 	 Douglas A. Lindgren

	 Title:
	 	 Managing Director

  

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