Document:

FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED ADVISORY
MANAGEMENT AGREEMENT

 

This FIRST AMENDMENT
TO THE SECOND AMENDED AND RESTATED ADVISORY MANAGEMENT AGREEMENT (the “Amendment”), dated December 20, 2011,
by and between BEHRINGER HARVARD OPPORTUNITY REIT I, INC., a Maryland corporation (the “Company”), and BEHRINGER
HARVARD OPPORTUNITY ADVISORS I, LLC, a Texas limited liability company (the “Advisor”), as successor in interest
to Behringer Harvard Opportunity Advisors I LP, a Texas limited partnership.

 

WHEREAS, the Company
and the Advisor previously entered into that certain Second Amended and Restated Advisory Management Agreement dated May 13, 2011
(the “Agreement”).

 

WHEREAS, pursuant to
Section 6.06 of the Agreement, the Company and the Advisor desire to amend the Agreement to reduce the asset management fee payable
to the Advisor under the Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, the parties hereto, intending to be legally bound hereby, do hereby
agree as follows:

 

1.Defined Terms.
Any term used herein that is not otherwise defined herein shall have the meaning ascribed to such term as provided in the Agreement.

 

2.Amendment
to Article III. Effective January 1, 2012, Article III, Section 3.01(a) of the Agreement is hereby deleted in its entirety
and replaced with the following:

 

(a)               
Asset Management Fee. The Company shall pay the Advisor a monthly Asset Management
Fee in an amount equal to 1/12th of 0.60% of Aggregate Asset Value as of the last day of the month, payable on the 15th
day of following month. 

 

3.Continuing
Effect. Except as otherwise set forth in this Amendment, the terms of the Agreement shall continue in full force and effect
and shall not be deemed to have otherwise been amended, modified, revised or altered.

 

4.Counterparts.
The parties agree that this Amendment has been or may be executed in several counterparts, each of which shall be deemed an original,
and all counterparts shall together constitute one and the same instrument.

 

    	 

    	 	

    
 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written above.

 

	 	BEHRINGER HARVARD OPPORTUNITY REIT I, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Terry L. Gage
	 	 	Terry L. Gage
	 	 	Its Authorized Representative
	 	 	 
	 	 	 
	 	BEHRINGER HARVARD OPPORTUNITY ADVISORS I, LLC
	 	 	 
	 	 	 
	 	By:	Harvard Property Trust, LLC,
 its Manager
	 	 	 
	 	 	 	 
	 	 	By:	/s/ Robert S. Aisner
	 	 	 	Robert S. Aisner
	 	 	 	Chief Executive OfficerWHITE MOUNTAIN TITANIUM CORPORATION

STOCK OPTION PLAN

OPTION AGREEMENT

 

THESE SECURlTIES HAVE NOT BEEN REGISTERED
WITH THE UNITED STATES SECURlTIES AND EXCHANGE COMMISSION BECAUSE THEY ARE BELIEVED TO BE EXEMPT FROM REGISTRATION UNDER SECTION
4(2) AND/OR 4(6) OF THE SECURITIES ACT OF 1933. THESE SECURlTIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION. NEITHER THE SECURlTIES AND EXCHANGE COMMISSION NOR ANY OTHER AUTHORITY HAS PASSED UPON OR ENDORSED THE MERITS OF THE
OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION PROVIDED TO THE INVESTORS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE. INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY, AND THE RISKS,MERITS AND TERMS OF THIS OFFERlNG IN MAKrNG
AN rNVESTMENT DECISION. THE SECURlTIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURlTIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF REGULATION S PROMULGA TED UNDER THE SECURITIES ACT, PURSUANT TO REGTSTRATION UNDER THE SECURlTIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION
PRECEDENT TO THE SALE, PLEDGE, HYPOTHECATION OR ANY OTHER TRANSFER OF ANY INTEREST IN ANY OF THE SECURlTIES REPRESENTED BY THIS
CERTIFICATE. WITHOUT COMPLIANCE WITH ALL APPLlCABLE CANADIAN SECURlTJES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT
AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MA Y NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED IN CANADA OR TO
OR FOR THE BENEFIT OF A CANADIAN RESIDENT.

 

This Option Agreement
is entered into between WHITE MOUNTAIN TITANIUM CORPORATION (the "Company") and the Optionee named below pursuantto the
Company Stock Option Plan (the "Plan"), a copy of which is attached hereto, and confirms that:

 

1. on August 31, 2007 (the "Grant Date");

 

2. Trio International Capital Corp. (the "Optionee");

 

3. was granted the option (the "Option") to purchase
150,000 Common Shares (the"Option Shares") of the Company;

 

4. for the price (the "Option Price") of $0.50 per
share;

 

5. which shall be exercisable ("Vested") Immediately;

 

6. terminating on August 31, 2012 (the "Expiry Date");

 

all on the
terms and subject to the conditions set out in the Plan. For greater certainty,once Option Shares have become Vested, they continue
to be exercisable until the termination or cancellation thereof as provided in this Option
Agreement and the Plan.

 

    	 

    	 

    

 

By signing this Option
Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees lO the terms and conditions
of the Plan and this Option Agreement.

 

IN WITNESS WHEREOF the parties hereto have
executed this Option Agreement to be effective as of the 17th day of October, 2007.

  

	OPTIONEE:	WHITE MOUNTAIN TITANIUM CORPORATION
	Trio International Capital Corp.	 

 

	/s/ Brian Flower	 	/s/ Michael P. Kurtanjek	 
	Signature	 	Michael P. Kurthanjek	 

 

Attached: Stock Option PlanWHITE MOUNTAIN TITANIUM CORPORATION

STOCK OPTION PLAN

OPTION AGREEMENT

 

THESE SECURlTIES HAVE NOT BEEN REGISTERED
WITH THE UNITED STATES SECURlTIES AND EXCHANGE COMMISSION BECAUSE THEY ARE BELIEVED TO BE EXEMPT FROM REGISTRATION UNDER SECTION
4(2) AND/OR 4(6) OF THE SECURITIES ACT OF 1933. THESE SECURlTIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION. NEITHER THE SECURlTIES AND EXCHANGE COMMISSION NOR ANY OTHER AUTHORITY HAS PASSED UPON OR ENDORSED THE MERITS OF THE
OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION PROVIDED TO THE INVESTORS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE. INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY, AND THE RISKS,MERITS AND TERMS OF THIS OFFERlNG IN MAKrNG
AN rNVESTMENT DECISION. THE SECURlTIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURlTIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF REGULATION S PROMULGA TED UNDER THE SECURITIES ACT, PURSUANT TO REGTSTRATION UNDER THE SECURlTIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION
PRECEDENT TO THE SALE, PLEDGE, HYPOTHECATION OR ANY OTHER TRANSFER OF ANY INTEREST IN ANY OF THE SECURlTIES REPRESENTED BY THIS
CERTIFICATE. WITHOUT COMPLIANCE WITH ALL APPLlCABLE CANADIAN SECURlTJES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT
AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MA Y NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED IN CANADA OR TO
OR FOR THE BENEFIT OF A CANADIAN RESIDENT.

 

This Option Agreement
is entered into between WHITE MOUNTAIN TITANIUM CORPORATION (the "Company") and the Optionee named below pursuantto the
Company Stock Option Plan (the "Plan"), a copy of which is attached hereto, and confirms that:

 

1. on August 31, 2007 (the "Grant Date");

 

2. Charles E. Jenkins (the "Optionee");

 

3. was granted the option (the "Option") to purchase
300,000 Common Shares (the"Option Shares") of the Company;

 

4. for the price (the "Option Price") of $0.50 per
share;

 

5. which shall be exercisable ("Vested") Immediately;

 

6. terminating on August 31, 2012 (the "Expiry Date");

 

all on the
terms and subject to the conditions set out in the Plan. For greater certainty,once Option Shares have become Vested, they continue
to be exercisable until the termination or cancellation thereof as provided in this Option
Agreement and the Plan.

 

    	 

    	 

    

 

By signing this Option
Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees lO the terms and conditions
of the Plan and this Option Agreement.

 

IN WITNESS WHEREOF the parties hereto have
executed this Option Agreement to be effective as of the 17th day of October, 2007.

   

	OPTIONEE:	 	WHITE MOUNTAIN TITANIUM CORPORATION	 
	Charles E. Jenkins	 	 	 
	 	 	 	 
	/s/ Charles E. Jenkins	 	/s/ Michael P. Kurtanjek	 
	Signature	 	Michael P. Kurthanjek	 

 

Attached: Stock Option PlanWHITE MOUNTAIN TITANIUM CORPORATION

STOCK OPTION PLAN

OPTION AGREEMENT

 

THESE SECURlTIES HAVE NOT BEEN REGISTERED
WITH THE UNITED STATES SECURlTIES AND EXCHANGE COMMISSION BECAUSE THEY ARE BELIEVED TO BE EXEMPT FROM REGISTRATION UNDER SECTION
4(2) AND/OR 4(6) OF THE SECURITIES ACT OF 1933. THESE SECURlTIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION. NEITHER THE SECURlTIES AND EXCHANGE COMMISSION NOR ANY OTHER AUTHORITY HAS PASSED UPON OR ENDORSED THE MERITS OF THE
OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION PROVIDED TO THE INVESTORS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE. INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY, AND THE RISKS,MERITS AND TERMS OF THIS OFFERlNG IN MAKrNG
AN rNVESTMENT DECISION. THE SECURlTIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURlTIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF REGULATION S PROMULGA TED UNDER THE SECURITIES ACT, PURSUANT TO REGTSTRATION UNDER THE SECURlTIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION
PRECEDENT TO THE SALE, PLEDGE, HYPOTHECATION OR ANY OTHER TRANSFER OF ANY INTEREST IN ANY OF THE SECURlTIES REPRESENTED BY THIS
CERTIFICATE. WITHOUT COMPLIANCE WITH ALL APPLlCABLE CANADIAN SECURlTJES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT
AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MA Y NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED IN CANADA OR TO
OR FOR THE BENEFIT OF A CANADIAN RESIDENT.

 

This Option Agreement
is entered into between WHITE MOUNTAIN TITANIUM CORPORATION (the "Company") and the Optionee named below pursuantto the
Company Stock Option Plan (the "Plan"), a copy of which is attached hereto, and confirms that:

 

1. on August 31, 2007 (the "Grant Date");

 

2. Howard M. Crosby (the "Optionee");

 

3. was granted the option (the "Option") to purchase
100,000 Common Shares (the"Option Shares") of the Company;

 

4. for the price (the "Option Price") of $0.50 per
share;

 

5. which shall be exercisable ("Vested") Immediately;

 

6. terminating on August 31, 2012 (the "Expiry Date");

 

all on the
terms and subject to the conditions set out in the Plan. For greater certainty,once Option Shares have become Vested, they continue
to be exercisable until the termination or cancellation thereof as provided in this Option
Agreement and the Plan.

 

    	 

    	 

    

 

By signing this Option
Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees lO the terms and conditions
of the Plan and this Option Agreement.

 

IN WITNESS WHEREOF the parties hereto have
executed this Option Agreement to be effective as of the 30th day of October, 2007.

 

	OPTIONEE:	 	WHITE MOUNTAIN TITANIUM CORPORATION	 
	Howard M. Crosby	 	 	 
	 	 	 	 
	/s/ Howard M.Crosby	 	/s/ Michael P. Kurtanjek	 
	Signature	 	Michael P. Kurthanjek	 

 

Attached: Stock Option Plan

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