Document:

Exhibit 10.1

FORM OF ADVISORY MANAGEMENT AGREEMENT

This
ADVISORY MANAGEMENT AGREEMENT (this “Agreement”)
is entered into on this the          
day of                         ,
2007, by and between BEHRINGER HARVARD OPPORTUNITY REIT II, INC., a
Maryland corporation (the “Company”),
and BEHRINGER HARVARD OPPORTUNITY ADVISORS II LP, a Texas limited partnership
(the “Advisor”).

W I T N E S S E T H

WHEREAS, the Company will be issuing shares of its
common stock, par value $.0001, to the public, such shares to be registered
with the Securities and Exchange Commission and may subsequently issue
additional securities;

WHEREAS, the Company has been formed to acquire and
operate a diverse portfolio of real estate assets with a focus on acquisitions
with significant possibilities for short-term capital appreciation, such as
properties requiring development, redevelopment or repositioning or those
located in markets and submarkets with high growth potential, where such
acquisitions may include office, industrial, retail, hospitality, recreation
and leisure, multifamily and other properties; 

WHEREAS, the Company intends to qualify as a real
estate investment trust and to invest its funds in investments permitted by the
terms of the Company’s Articles of Incorporation and Sections 856 through 860
of the Internal Revenue Code;

WHEREAS, the Company desires to avail itself of the
experience, sources of information, advice, assistance and certain facilities
available to the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the
supervision of, the Board, all as provided herein; and

WHEREAS, the Advisor is willing to undertake to
provide these services, subject to the supervision of the Board, on the terms
and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of
the mutual covenants and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS

The following defined terms used in this Agreement
shall have the meanings specified below:

Acquisition
Expenses. Any and
all expenses incurred by the Company, the Advisor, or any Affiliate of either
in connection with the selection and acquisition of any Asset, whether or not 

acquired, including, without limitation, legal fees and expenses,
travel and communications expenses, costs of appraisals, nonrefundable option
payments on property not acquired, accounting fees and expenses, title
insurance premiums, other closing costs.

Acquisition
Fees. Any and all
fees and commissions, exclusive of Acquisition Expenses but including the
Acquisition and Advisory Fees, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Company
or the Advisor) in connection with making or investing in Mortgages or other
loans or the purchase, development or construction of an Asset, including,
without limitation, real estate commissions, selection fees, Development Fees,
Construction Fees, non-recurring management fees, loan fees, points or any
other fees of a similar nature. Excluded shall be Development Fees and
Construction Fees paid to any Person not affiliated with the Sponsor in
connection with the actual development and construction of any Property. 

Acquisition and Advisory Fees. The fees payable to the Advisor pursuant to
Section 3.01(b).

Advisor. Behringer Harvard Opportunity Advisors II LP, a Texas limited partnership,
any successor advisor to the Company, or any Person to which Behringer Harvard
Opportunity Advisors II LP or any successor advisor subcontracts all or
substantially all of its functions.

Affiliate or Affiliated. As to any Person, (i) any Person directly
or indirectly owning, controlling, or holding, with the power to vote, 10% or
more of the outstanding voting securities of such other Person; (ii) any Person
10% or more of whose outstanding voting securities are directly or indirectly
owned, controlled, or held, with power to vote, by such other Person; (iii) any
Person, directly or indirectly, controlling, controlled by, or under common
control with such other Person; (iv) any executive officer, director, trustee
or general partner of such other Person; and (v) any legal entity for which
such Person acts as an executive officer, director, trustee or general partner.

Articles of
Incorporation.
The Articles of Incorporation of the Company filed with the Maryland State
Department of Assessments and Taxation in accordance with the Maryland General
Corporation Law, as amended or restated from time to time. 

Assets. Properties, Mortgages, loans and other
direct or indirect investments (other than investments in bank accounts, money
market funds or other current assets) owned by the Company, directly or
indirectly through one or more of its Affiliates or Joint Ventures or through
other investment interests. 

Asset Management Fee. The fee payable to the Advisor for
day-to-day professional management services in connection with the Company and
its investments in Assets pursuant to Section 3.01(a) of this Agreement.

Average
Invested Assets.
For a specified period, the average of the aggregate book value of the Assets
before deduction for depreciation, bad debts or other non-cash reserves,
computed by taking the average of the values at the end of each month during
the period. 

Board. The Board of Directors of the Company.

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Bylaws. The bylaws of the Company, as the same are in effect from time to
time.

Change of
Control. Any (i)
event (including, without limitation, issue, transfer or other disposition of
Shares of capital stock of the Company or equity interests in the Partnership,
merger, share exchange or consolidation) after which any “person” (as that term
is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or
indirectly, of securities of the Company or the Partnership representing
greater than 50% of the combined voting power of the Company’s or the
Partnership’s then outstanding securities, respectively; provided, that, a
Change of Control shall not be deemed to occur as a result of any widely
distributed public offering of the Shares or (ii) direct or indirect sale,
transfer, conveyance or other disposition (other than pursuant to clause (i)),
in one or a series of related transactions, of all or substantially all of the
properties or assets of the Company or the Partnership, taken as a whole, to
any “person” (as that term is used in Sections 13(d) and 14(d) of the
Exchange Act). 

Closing
Price. On any
date, the last sale price for any class or series of the Shares, regular way,
or, in case no sale takes place on that day, the average of the closing bid and
asked prices, regular way, for the Shares, in either case as reported in the
principal consolidated transaction reporting system with respect to Shares
Listed or, if the Shares are not Listed, the average of the high bid and low
asked prices in the over-the-counter market, as reported by the principal
automated quotation system or other quotation service that may then be in use
or, if the Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making
a market in the Shares selected by the Board. 

Code. Internal Revenue Code of 1986, as amended
from time to time, or any successor statute thereto. Reference to any provision
of the Code shall mean the provision as in effect from time to time, as the
same may be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time. 

Company. Behringer Harvard Opportunity REIT II, Inc., a corporation organized
under the laws of the State of Maryland. 
Unless the context clearly indicates otherwise, references to the
Company shall include its direct and indirect subsidiaries, including the
Partnership.

Company
Value. The actual
value of the Company as a going concern based on the difference between (a) the
actual value of all of its assets as determined in good faith by the Board,
including a majority of the Independent Directors, and (b) all of its
liabilities as set forth on its balance sheet for the period ended immediately
prior to the determination date; provided, that (i) if such Company Value is
being determined in connection with a Change of Control that establishes the
Company’s net worth, then the Company Value shall be the net worth established
thereby and (ii) if the Company Value is being determined in connection with a
Listing, then the Company Value shall be equal to the number of outstanding
Shares multiplied by the Closing Price of a single Share averaged over a period
of 30 trading days during which the Shares are listed or quoted for trading
after the date of Listing. For purposes hereof, a “trading day” shall be any
day on which the NYSE is open for trading whether or not the Shares are then
Listed on the NYSE and whether or not there is an actual trade of the Shares on
that day. 

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Competitive Real Estate Commission. A real estate or brokerage commission paid
or, if no commission is paid, the amount that customarily would be paid for the
purchase or sale of a Property that is reasonable, customary, and competitive
in light of the size, type and location of the Property (as determined by the
Board, including a majority of the Independent Directors).

Construction Fee. A fee or other remuneration for acting as
general contractor and/or construction manager to construct improvements,
supervise and coordinate projects or to provide major repairs or
rehabilitations on a Property.

Contract
Purchase Price.
The amount (i) actually paid and/or budgeted in respect of the purchase,
development, construction or improvement of a Property, (ii) of funds advanced
with respect to a Mortgage or other loan or (iii) actually paid and/or budgeted
in respect to the purchase of other Assets, in each case exclusive of
Acquisition Fees and Acquisition Expenses but including any debt attributable to
such acquired Assets. 

Contract Sales Price. The total consideration provided for in the
sales contract for the sale of a Property.

Cost of Investment. For each Asset, (i) with respect to an
Asset wholly owned by the Company or any wholly owned subsidiary, the Fully Loaded Cost, and (ii) in the
case of an Asset owned by any Joint Venture or in some other manner in which
the Company is a co-venturer or partner or otherwise a co-owner, (A) the Fully Loaded Cost if the Company (or any
subsidiary) controls the Asset; owns a majority interest, directly or
indirectly, in the Asset; or provides a substantial amount of services in the
acquisition, development, or management of the Asset (as determined by a
majority of the Independent Directors) or (B) the portion of the Fully Loaded
Cost that is attributable to the Company’s investment in the Joint
Venture or other interest in such Asset if the Company does not control, own a
majority of, or provide substantial services in the acquisition, development,
or management of, the Asset. 

Dealer Manager. Behringer Securities LP, an Affiliate of
the Advisor, or such Person selected by the Board to act as the dealer manager
for an Offering.

Development
Fee. A fee for
the packaging of an Asset, including the negotiation and approval of plans, and
any assistance in obtaining zoning and necessary variances and financing for a
specific development Property, either initially or at a later date. 

Director. A member of the Board.

Distributions. Any dividends or other distributions of money
or other property by the Company to Stockholders, including distributions that
may constitute a return of capital for federal income tax purposes but
excluding distributions that constitute the redemption of any Shares and
excluding distributions on any Shares before their redemption.

Exchange Act.  The Securities Exchange Act of 1934, as
amended from time to time, or any successor statute thereto.  Reference to any provision of the Exchange
Act shall mean such provision as in effect from time to time, as the same may
be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time.

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Fully Loaded Cost.  The Contract Purchase Price of an Asset at
the time of acquisition (exclusive of closing costs), plus the amount actually
paid and/or budgeted for the development, construction or improvement of the
Asset, inclusive of expenses related thereto, plus the amount of any subsequent
debt attributable to such Asset. 

Gross
Proceeds. The
aggregate purchase price of all Shares sold for the account of the Company
through an Offering, without deduction for Selling Commissions, volume
discounts, any marketing support and due diligence expense reimbursement or
Organization and Offering Expenses. For the purpose of computing Gross
Proceeds, the purchase price of any Share for which reduced Selling Commissions
are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to
the Company are not reduced) shall be deemed to be the full amount of the Offering
price per Share pursuant to the Prospectus for the Offering without reduction. 

Independent Director. A Director who is not on the date of
determination, and within the last two years from the date of determination has
not been, directly or indirectly associated with the Sponsor or the Advisor by
virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of
their Affiliates, other than the Company, (ii) employment by the Sponsor, the
Company, the Advisor or any of their Affiliates, (iii) service as an officer or
director of the Sponsor, the Advisor or any of their Affiliates, other than as
a Director of the Company, (iv) performance of services for the Company, other
than as a Director of the Company, (v) service as a director or trustee of more
than three real estate investment trusts organized by the Sponsor or advised by
the Advisor, or (vi) maintenance of a material business or professional
relationship with the Sponsor, the Advisor or any of their Affiliates.  Notwithstanding the foregoing, and consistent
with (v) above, serving as a director of or receiving director fees from or
owning an interest in a REIT or other real estate program organized by the
Sponsor or advised or managed by the Advisor or its Affiliates shall not, by itself,
cause a Director to be deemed associated with the Sponsor or the Advisor.  A business or professional relationship is
considered material if the aggregate annual gross revenue derived by the
Director from the Sponsor, the Advisor and their Affiliates (excluding fees for
serving as a director of the Company or other REIT or real estate program
organized or advised or managed by the Advisor or its Affiliates) exceeds five
percent of either the Director’s annual gross income during either of the last
two years or the Director’s net worth on a fair market value basis. An indirect
association with the Sponsor or the Advisor shall include circumstances in
which a Director’s spouse, parent, child, sibling, mother- or father-in-law,
son- or daughter-in-law, or brother- or sister-in-law is or has been associated
with the Sponsor, the Advisor, any of their Affiliates, or the Company.

Intellectual Property Rights. All rights, titles and interests, whether
foreign or domestic, in and to any and all trade secrets, confidential
information rights, patents, invention rights, copyrights, service marks,
trademarks, know-how, or similar intellectual property rights and all
applications and rights to apply for such rights, as well as any and all moral
rights, rights of privacy, publicity and similar rights and license rights of
any type under the laws or regulations of any governmental, regulatory, or
judicial authority, foreign or domestic and all renewals and extensions
thereof.

Invested
Capital. The
amount calculated by multiplying the total number of Shares issued by the
Company by the price paid for each Share, reduced by an amount equal to the
total number of Shares repurchased from Stockholders by the Company (pursuant
to the Company’s plan for

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the repurchase of Shares)
multiplied by the price paid for each such redeemed Share when initially
purchased from the Company.

Joint Ventures. A legal organization formed to provide for
the sharing of the risks and rewards in an enterprise co-owned and operated for
mutual benefit by two or more business partners and established to acquire or
hold Assets.

Listing or
Listed.  The filing of a Form 8-A to register any
class of the Company’s securities on a national securities exchange and an
original listing application related thereto; provided, that the Shares shall
not be deemed to be Listed until trading in the Shares shall have commenced on
the relevant national securities exchange. 

Mortgages. In connection with mortgage financing provided, invested in or
purchased by the Company, all of the notes, deeds of trust, security interests
or other evidence of indebtedness or obligations, which are secured or
collateralized by Real Property owned by the borrowers under such notes, deeds
of trust, security interests or other evidence of indebtedness or obligations.

NASAA
Guidelines. The
Statement of Policy Regarding Real Estate Investment Trusts adopted by the
North American Securities Administrators Association, Inc. on September 29,
1993, and in effect on the date hereof. 

Net Income. For any period, the Company’s total
revenues applicable to that period, less the total expenses applicable to the
period other than additions to reserves for depreciation, bad debts or other
similar non-cash reserves and excluding any gain from the sale of the Assets. 

Net Sales
Proceeds. In the
case of a transaction described in clause (i)(A) of the definition of Sale, the
proceeds of any such transaction less the amount of selling expenses incurred
by or on behalf of the Company, including all real estate commissions, closing
costs and legal fees and expenses. In the case of a transaction described in
clause (i)(B) of the definition, Net Sales Proceeds means the proceeds of any
such transaction less the amount of selling expenses incurred by or on behalf of
the Company, including any legal fees and expenses and other selling expenses
incurred in connection with such transaction. In the case of a transaction
described in clause (i)(C) of the definition, Net Sales Proceeds means the
proceeds of any such transaction actually distributed to the Company from the
Joint Venture less the amount of any selling expenses, including legal fees and
expenses incurred by or on behalf of the Company (other than those paid by the
Joint Venture). In the case of a transaction or series of transactions
described in clause (i)(D) of the definition of Sale, Net Sales Proceeds means
the proceeds of any such transaction (including the aggregate of all payments
under a Mortgage or other loan or in satisfaction thereof other than regularly
scheduled interest payments) less the amount of selling expenses incurred by or
on behalf of the Company, including all commissions closing costs and legal
fees and expenses. In the case of a transaction described in clause (i)(E) of
the definition, Net Sales Proceeds means the proceeds of any such transaction
less the amount of selling expenses incurred by or on behalf of the Company,
including any legal fees and expenses and other selling expenses incurred in
connection with such transaction. In the case of a transaction described in
clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of
such transaction or series of transactions less all amounts generated thereby
which are reinvested in one or more Assets within 180 days thereafter and less
the amount of any real estate 

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commissions, closing costs,
and legal fees and expenses and other selling expenses incurred by or allocated
to the Company in connection with such transaction or series of transactions.
Net Sales Proceeds shall also include any consideration (including non-cash
consideration such as stock, notes, or other property or securities) that the
Company determines, in its discretion, to be economically equivalent to
proceeds of a Sale, valued in the reasonable determination of the Company. Net
Sales Proceeds shall not include any reserves established by the Company in its
sole discretion. 

NYSE. The New York Stock Exchange, Inc.

Offering. Any public offering of Shares pursuant to an effective registration
statement filed under the Securities Act.

Organization and Offering Expenses. Any and all costs and expenses incurred by
and to be paid by the Company in connection with an Offering, the formation of
the Company, and including the qualification and registration of the Offering
and the marketing and distribution of its Shares, including, without
limitation:  total underwriting and
brokerage discounts and commissions (including fees of the underwriters’
attorneys); expenses for printing, engraving, amending registration statements
and supplementing prospectuses; mailing and distribution costs; salaries of
employees while engaged in sales activity, such as preparing supplemental sales
literature; telephone and other telecommunication costs; all advertising and
marketing expenses, including the costs related to investor and broker-dealer
meetings; charges of transfer agents, registrars, trustees, escrow holders,
depositories and experts; filing, registration and qualification fees and taxes
relating to the Offering under federal and state laws; and accountants’ and
attorneys’ fees.

Partnership. Behringer Harvard Opportunity OP II, LP, a
Texas limited partnership, through which the Company may own Assets or
otherwise conduct its operations. 

Person. An individual, corporation, association, business trust, estate,
trust, partnership, limited liability company or other legal entity.

Property or Properties. As the context requires, any, or all,
respectively, of the Real Property acquired by the Company, either directly or
indirectly (whether through Joint Ventures or other investment interests,
regardless of whether the Company consolidates the financial results of these
entities). 

Proprietary
Property. All
modeling algorithms, tools, computer programs, know-how, methodologies, processes,
technologies, ideas, concepts, skills, routines, subroutines, operating
instructions and other materials and aides used in performing the duties set
forth in Section 2.02 that relate to advice regarding current and potential
Assets, and all modifications, enhancements and derivative works of the
foregoing. 

Prospectus. Prospectus has the meaning set forth in
Section 2(a)(10) of the Securities Act, including a preliminary prospectus, an
offering circular as described in Rule 253 of the General Rules and Regulations
under the Securities Act or, in the case of an intrastate offering, any
document by whatever name known, utilized for the purpose of offering and
selling securities of the Company. 

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Real Property or Real Estate. Land, rights in land (including leasehold
interests), and any buildings, structures, improvements, furnishings, fixtures
and equipment located on or used in connection with land and rights or
interests in land.

REIT. A corporation, trust, association or other
legal entity (other than a real estate syndication) that is engaged primarily
in investing in interests in Real Estate (including fee ownership and leasehold
interests) or in loans secured by Real Estate or both in accordance with
Sections 856 through 860 of the Code. 

Sale or Sales. (i) Any transaction or series of
transactions whereby: (A) the Company or the Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion
thereof, including the lease of any Property consisting of a building only, and
including any event with respect to any Property which gives rise to a
significant amount of insurance proceeds or condemnation awards; (B) the
Company or the Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of all or substantially all of the interest of the
Company or the Partnership in any Joint Venture in which it is a co-venturer or
partner; (C) any Joint Venture directly or indirectly (except as described in
other subsections of this definition) in which the Company or the Partnership
as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes
its ownership of any Property or portion thereof, including any event with
respect to any Property which gives rise to insurance claims or condemnation
awards; (D) the Company or the Partnership directly or indirectly (except as
described in other subsections of this definition) sells, grants, conveys or
relinquishes its interest in any Mortgage or other loan or portion thereof
(including with respect to any Mortgage or other loan, all payments thereunder
or in satisfaction thereof other than regularly scheduled interest payments of
amounts owed pursuant to the Mortgage or other loan) and any event with respect
to a Mortgage or other loan which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the Company or the Partnership
directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of
any other Asset not previously described in this definition or any portion
thereof, but (ii) not including any transaction or series of transactions
specified in clause (i) (A) through (E) above in which the proceeds of such
transaction or series of transactions are reinvested in one or more Assets
within 180 days thereafter. 

Securities
Act. The
Securities Act of 1933, as amended from time to time, or any successor statute
thereto. Reference to any provision of the Securities Act shall mean the
provision as in effect from time to time, as the same may be amended, and any
successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time. 

Selling Commissions. Any and all commissions payable to
underwriters, dealer managers or other broker-dealers in connection with the
sale of Shares, including, without limitation, commissions payable to Behringer
Securities LP.

Shares. Any shares of the Company’s common stock,
par value $0.0001 per share. 

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Soliciting Dealers. Broker-dealers who are members of the
National Association of Securities Dealers, Inc., or that are exempt from
broker-dealer registration, and who, in either case, have executed
participating broker or other agreements with the Dealer Manager to sell
Shares.

Sponsor. Sponsor has the meaning ascribed to such term in the Articles of
Incorporation.

Stockholders. The record holders of the Company’s Shares
as maintained in the books and records of the Company or its transfer agent.

Stockholders’ 10% Return. As of any date, an aggregate amount equal
to a 10% cumulative, noncompounded, annual return on Invested Capital
(calculated like simple interest on a daily basis based on a 365-day year);
provided, however, that for purposes of calculating the Stockholders’ 10%
Return, Invested Capital shall be determined for each day during the period for
which the Stockholders 10% Return is being calculated net of Distributions
attributable to Net Sales Proceeds but (consistent with the second clause of
the definition of Invested Capital) shall always exclude an amount equal to the
total number of Shares repurchased from Stockholders by the Company (pursuant
to the Company’s plan for the repurchase of Shares) multiplied by the price
initially paid for each such redeemed Share when initially purchased from the
Company.

Subordinated Disposition Fee. The fee payable to the Advisor for services
provided in connection with the Sale of one or more Properties pursuant to
Section 3.01(c).

Termination Date. The date of termination of this Agreement.

Texas Tax Code. The Texas Tax Code as amended by Texas H.B.
3, 79th Leg., 3rd C.S. (2006).  Reference
to any provision of the Texas Tax Code Act shall mean the provision as in
effect from time to time, as the same may be amended, and any successor
provision thereto, as interpreted by any applicable administrative rules as in
effect from time to time. 

Total
Operating Expenses.
All costs and expenses paid or incurred by the Company, as determined under
generally accepted accounting principles, which are in any way related to the
operation of the Company or to Company business, including the Asset Management
Fee, but excluding (i) the expenses of raising capital such as Organization and
Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing,
registration, and other fees, printing and other expenses and tax incurred in connection
with the issuance, distribution, transfer, registration and Listing of the
Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as
depreciation, amortization and bad debt reserves, (v) Acquisition Fees and
Acquisition Expenses, (vi) real estate commissions on the Sale of Assets
(including the Subordinated Disposition Fee), and (vii) other fees and expenses
connected with the acquisition, disposition, management and ownership of real
estate interests, mortgage loans or other property (including the costs of
foreclosure, insurance premiums, legal services, maintenance, repair and
improvement of property). 

Value of Investment.  For
each Asset, the Cost of Investment until the Company begins obtaining
independent valuations of its Assets as set forth in its Prospectus, and
thereafter (i) with respect to an Asset wholly owned by the Company or any
wholly owned subsidiary, the Asset’s
value established by the most recent independent valuation report (without
reduction for depreciation, bad debts or other non-cash reserves), and (ii) in the case of an Asset
owned by any Joint Venture or in some other manner in which the Company is a
co-venturer or partner or otherwise a co-owner, (A) the Asset’s value established by the most recent independent
valuation report (without reduction for 

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depreciation, bad debts or
other non-cash reserves) if the
Company (or any subsidiary) controls the Asset; owns a majority interest,
directly or indirectly, in the Asset; or provides a substantial amount of
services in the acquisition, development, or management of the Asset (as
determined by a majority of the Independent Directors) or (B) the portion of the
Asset’s value established by the most recent independent valuation report
(without reduction for depreciation, bad debts or other non-cash reserves) that
is attributable to the Company’s investment in the Joint Venture or other
interest in such Asset if the Company does not control, own a majority of, or
provide substantial services in the acquisition, development, or management of,
the Asset.  Nothing in this definition is
intended to obligate the Advisor to obtain independent valuations at any point
in time beyond those specified in the Company’s Prospectus. 

2%/25% Guidelines. The requirement pursuant to the NASAA
Guidelines that, in any 12 month period, Total Operating Expenses not exceed
the greater of 2% of Average Invested Assets during such 12 month period or 25%
of Net Income over the same 12 month period.

ARTICLE II

THE ADVISOR

2.01         Appointment. The Company hereby
appoints the Advisor to serve as its advisor on the terms and conditions set
forth in this Agreement, and the Advisor hereby accepts such appointment.

2.02         Duties of the Advisor.
The Advisor shall be deemed to be in a fiduciary relationship to the Company
and its Stockholders. Subject to Section 2.08, the Advisor undertakes to use
its commercially reasonable best efforts to present to the Company potential
investment opportunities consistent with the investment objectives and policies
of the Company as determined and adopted from time to time by the Board. In
performing its duties, subject to the supervision of the Board and consistent
with the provisions of the Company’s most recent Prospectus for Shares, the
Articles of Incorporation and Bylaws, the Advisor shall, either directly or by
engaging an Affiliate of the Advisor or other Person: 

(a)           provide the Company
with research and economic and statistical data in connection with the Assets
and investment policies; 

(b)           manage the Company’s
day-to-day operations and perform and supervise the various administrative
functions reasonably necessary for the management and operations of the
Company; 

(c)           maintain and
preserve the books and records of the Company, including stock books and records
reflecting a record of the Stockholders and their ownership of the Company’s
Shares; 

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(d)           investigate, select,
and, on behalf of the Company, engage and conduct business with the Persons as
the Advisor deems necessary to the proper performance of its obligations
hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters,
corporate fiduciaries, escrow agents, depositaries, custodians, agents for
collection, insurers, insurance agents, banks, builders, developers, property
owners, mortgagors, property management companies, transfer agents and any and
all agents for any of the foregoing, including Affiliates of the Advisor, and
Persons acting in any other capacity deemed by the Advisor necessary or
desirable for the performance of any of the foregoing services, including but
not limited to entering into contracts in the name of the Company with any of
the foregoing; 

(e)           consult with the officers and the Board and assist the
Board in the formulation and implementation of the Company’s financial
policies, and, as necessary, furnish the Board with advice and recommendations
with respect to the making of investments consistent with the investment
objectives and policies of the Company and in connection with any borrowings
proposed to be undertaken by the Company;

(f)            subject to the
provisions of Sections 2.02(h) and 2.03 hereof, (i) locate, analyze and select
potential investments in Assets, (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investment in Assets will be made;
(iii) make investments in Assets on behalf of the Company or the Partnership in
compliance with the investment objectives and policies of the Company; (iv)
arrange for financing and refinancing and make other changes in the asset or
capital structure of, and dispose of, reinvest the proceeds from the sale of,
or otherwise deal with the investments in, Assets; and (v) enter into leases of
Property and service contracts for Assets and, to the extent necessary, perform
all other operational functions for the maintenance and administration of the
Assets, including the servicing of Mortgages; 

(g)           provide the Board with periodic reports regarding
prospective investments in Assets;

(h)           obtain the prior approval of the Board (including a
majority of all Independent Directors) for any and all investments in Assets;

(i)            negotiate on behalf of the Company with banks or lenders
for loans to be made to the Company, negotiate on behalf of the Company with
investment banking firms and broker-dealers, and negotiate private sales of
Shares and other securities of the Company or obtain loans for the Company, as
and when appropriate, but in no event in such a way so that the Advisor shall be
acting as broker-dealer or underwriter; and provided, further, that any fees
and costs payable to third parties incurred by the Advisor in connection with
the foregoing shall be the responsibility of the Company;

(j)            obtain reports (which may be prepared by or for the
Advisor or its Affiliates), where appropriate, concerning the value of
investments or contemplated investments of the Company in Assets;

 11
 

(k)           from time to time, or at any time reasonably requested by
the Board, make reports to the Board of its performance of services to the
Company under this Agreement;

(l)            assist the Company
in arranging for all necessary cash management services; 

(m)          deliver to or maintain on behalf of the Company copies of
all appraisals obtained in connection with the investments in Assets;

(n)           upon request of the
Company, act, or obtain the services of others to act, as attorney-in-fact or
agent of the Company in making, requiring and disposing of Assets, disbursing,
and collecting the funds, paying the debts and fulfilling the obligations of
the Company and retaining counsel or other advisors to assist in handling,
prosecuting and settling any claims of the Company, including foreclosing and
otherwise enforcing mortgage and other liens and security interests comprising
any of the Assets; 

(o)           supervise the
preparation and filing and distribution of returns and reports to governmental
agencies and to Stockholders and other investors and act on behalf of the
Company; 

(p)           provide office space, equipment and personnel as required
for the performance of the foregoing services as Advisor;

(q)           assist the Company
in preparing all reports and returns required by the Securities and Exchange
Commission, Internal Revenue Service and other state or federal governmental
agencies; and 

(r)            do all things necessary to assure its ability to render
the services described in this Agreement.

2.03         Authority of Advisor.

(a)           Pursuant to the
terms of this Agreement (including the restrictions included in this Section
2.03 and in Section 2.06), and subject to the continuing and exclusive
authority of the Board over the management of the Company, the Board hereby
delegates to the Advisor the authority to (i) locate, analyze and select
investment opportunities, (ii) structure the terms and conditions of
transactions pursuant to which investments will be made or acquired for the
Company or the Partnership, (iii) acquire Properties, make and acquire
Mortgages and other loans and invest in other Assets in compliance with the
investment objectives and policies of the Company, (iv) arrange for financing
or refinancing of Assets, (v) enter into leases for the Properties and service
contracts for the Assets, including oversight of companies Affiliated with the
Advisor that perform property management or other services for the Company,
(vi) oversee all property managers and other Persons who perform services for
the Company, and (vii) arrange for, or provide, accounting and other
record-keeping functions at the Asset level. 

(b)           Notwithstanding the
foregoing, any investment in Assets by the Company or the Partnership (as well
as any financing acquired by the Company or the Partnership in 

 12

connection with the investment), will require the prior approval of the
Board (including a majority of the Independent Directors). 

(c)                                  The prior approval of a majority of the
Independent Directors and a majority of the Board not otherwise interested in
the transaction will be required for each transaction with the Advisor or its
Affiliates.

(d)                                 If a transaction requires approval by the
Board, the Advisor will deliver to the Directors all documents required by them
to properly evaluate the proposed transaction.

The Board may, at any time
upon the giving of notice to the Advisor, modify or revoke the authority set
forth in this Section 2.03. If and to the extent the Board so modifies or
revokes the authority contained herein, the Advisor shall henceforth submit to
the Board for prior approval the proposed transactions involving investments in
Assets as thereafter require prior approval; provided, however, that the
modification or revocation shall be effective upon receipt by the Advisor and
shall not be applicable to investment transactions to which the Advisor has
committed the Company prior to the date of receipt by the Advisor of the
notification. 

2.04                           Bank Accounts. The Advisor may establish and maintain one
or more bank accounts in its own name for the account of the Company or in the
name of the Company and may collect and deposit into any account or accounts,
and disburse from any account or accounts, any money on behalf of the Company,
under the terms and conditions as the Board may approve; provided that no funds
of the Company or the Partnership shall be commingled nor shall any of such
funds be commingled with the funds of the Advisor; and the Advisor shall from
time to time render accountings of the collections and payments to the Board,
its Audit Committee and the auditors of the Company. 

2.05                           Records; Access. The Advisor shall maintain records of all
its activities hereunder and make the records available for inspection by the
Board and by counsel, auditors and authorized agents of the Company, at any
time or from time to time during normal business hours. The Advisor shall at
all reasonable times have access to the books and records of the Company. 

2.06                           Limitations on Activities. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the
status of the Company as a REIT, (b) subject the Company to regulation under
the Investment Company Act of 1940, as amended, or (c) violate any law, rule,
regulation or statement of policy of any governmental body or agency having
jurisdiction over the Company, the Shares or any of the Company’s securities,
or otherwise not be permitted by the Articles of Incorporation or Bylaws, except
if the action shall be ordered by the Board, in which case the Advisor shall
notify promptly the Board of the Advisor’s judgment of the potential impact of
the action and shall refrain from taking the action until it receives further
clarification or instructions from the Board. In such event the Advisor shall
have no liability for acting in accordance with the specific instructions of
the Board so given. The Advisor, its directors, officers, employees and
stockholders, and the directors, officers, employees and stockholders of the
Advisor’s Affiliates shall not be liable to the Company or to the Board or
Stockholders for any act or omission by the Advisor, its directors, officers,
employees or stockholders, or for any act or omission of any Affiliate of the
Advisor, its 

 13
 

directors, officers or
employees or stockholders except as provided in Section 5.02 of this Agreement.

2.07                           Relationship with Directors. Directors, officers and employees of the
Advisor or an Affiliate of the Advisor may serve as Directors, officers or
employees of the Company, except that no director, officer or employee of the
Advisor or its Affiliates who also is a Director shall receive any compensation
from the Company for serving as a Director other than reasonable reimbursement for
travel and related expenses incurred in attending meetings of the Board.

2.08                           Other Activities of the
Advisor. Nothing herein
contained shall prevent the Advisor or its Affiliates from engaging in other
activities, including, without limitation, the rendering of advice to other
Persons (including other REITs) and the management of other programs advised,
sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any director, officer, employee, or stockholder
of the Advisor or its Affiliates to engage in any other business or to render
services of any kind to any other Person. The Advisor may, with respect to any
investment in which the Company is a participant, also render advice and
service to each and every other participant therein. The Advisor shall report
to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person. The Advisor or its
Affiliates shall promptly disclose to the Board knowledge of such condition or
circumstance.  The Advisor shall inform
the Board at least quarterly of the investment opportunities that have been
offered to other programs with similar investment objectives sponsored by the
Sponsor, Advisor, Director or their Affiliates. 
If the Sponsor, Advisor, Director or Affiliates thereof have sponsored
other investment programs with similar investment objectives which have
investment funds available at the same time as the Company, it shall be the
duty of the Board (including the Independent Directors) to adopt the method set
forth in the Company’s most recent Prospectus for its Shares or another
reasonable method by which investments are to be allocated to the competing
investment entities and to use their best efforts to apply such method fairly
to the Company. 

2.09                           Payment of Certain
Organization and Offering Expenses.  The Company shall pay directly
all Organization and Offering Expenses considered underwriting compensation by
the National Association of Securities Dealers, Inc., or NASD.  Such payments, other than Selling Commissions
and the dealer manager fee, shall reduce the payments owed by the Company to
the Advisor with respect to the fixed reimbursement of Organization and
Offering Expenses as provided in Section 3.02(a)(1) below. 

ARTICLE III

COMPENSATION AND REIMBURSEMENT OF SPECIFIED COSTS

3.01                           Fees.

(a)                                  Asset Management Fee. The Company shall pay the Advisor a monthly
Asset Management Fee on the 15th day of
each month in an amount equal to 1/12 th of 1.0% of the sum of, for each and every
Asset, the higher of the Cost of Investment or the Value of Investment. 

 14
 

(b)                                 Acquisition and Advisory Fees. The Company shall pay the Advisor a fee in
the amount of 2.5% of the Contract Purchase Price of each Asset as Acquisition
and Advisory Fees.  The total of all
Acquisition Fees and any Acquisition Expenses shall be limited in accordance
with the Articles of Incorporation. 
Acquisition and Advisory Fees shall be paid as follows: (1) for real
property (including properties where development/redevelopment is expected), at
the time of acquisition, (2) for development/redevelopment projects (other than
the initial acquisition of the real property), at the time a final budget is
approved, and (3) for loans and similar assets (including without limitation
mezzanine loans), quarterly based on the value of loans made or acquired. 

(c)                                  Subordinated Disposition Fee. If the Advisor or an Affiliate provides a
substantial amount of services (as determined by a majority of the Independent
Directors) in connection with the Sale of one or more Assets, the Advisor or
the Affiliate shall receive, subject to the satisfaction of the condition
outlined below, a Subordinated Disposition Fee in an amount (the “Subordinated Disposition Fee”) equal to
(subject to the limitation in the following paragraph) (i) in the case of the
sale of Property, the lesser of (A) one-half of a Competitive Real Estate
Commission or (B) 3% of the sales price of the Property and (ii) in the case of
the sale of any Asset other than Property, 3% of the sales price of the Asset
or Assets. The Subordinated Disposition Fee will not be earned or paid unless
and until total Distributions have been paid in an amount equal to or in excess
of the sum of Invested Capital plus the Stockholders’ 10% Return. To the extent
that, in any instance, the Subordinated Disposition Fees is not earned and paid
due to the foregoing limitation, the Subordinated Disposition Fees that would
have been earned and paid had the foregoing limitation not been in place at the
time of a Sale shall be a contingent liability of the Company, which shall be
paid if and only if the conditions set forth in this Section 3.01(c) have been
satisfied and, upon the satisfaction of the condition, the Company shall pay
all Subordinated Disposition Fees as if the condition had been satisfied with
respect to each prior Sale. 

The Subordinated Disposition Fee may be payable in addition to real
estate commissions paid to persons not affiliated with the Company or the
Advisor and their respective Affiliates; provided, however, that the total real
estate commissions paid to all Persons by the Company (together with the
Subordinated Disposition Fee) shall in no case exceed an amount equal to the
lesser of (i) 6% of the Contract Sales Price of an Asset or (ii) the
Competitive Real Estate Commission in respect of any Property. 

In the event this Agreement is terminated prior to the time that total
Distributions have been paid in an amount equal to or in excess of the sum of
Invested Capital plus the Stockholders’ 10% Return through the Termination
Date, the Company Value shall be determined and any contingent liabilities for
the payment of Subordinated Disposition Fees on Assets previously sold will be
paid if the Company Value plus total Distributions paid prior to the
Termination Date equals or exceeds the sum of Invested Capital plus the
Stockholders’ 10% Return through the Termination Date. 

Following Listing, and as soon as practicable after determination of
Market Value (defined below), any contingent liabilities for the payment of the
Subordinated 

 15
 

Disposition Fees on Assets previously sold will be earned and paid if
and only if total Distributions have been paid or deemed to have been paid in
an amount equal to or in excess of the sum of Invested Capital plus the
Stockholders’ 10% Return through the date of Listing. For purposes of the
preceding sentence, in addition to actual Distributions received, Stockholders
will be deemed to have received Distributions in the amount equal to the
product of the total number of Shares outstanding and the average closing price
of the Shares over the 30-trading-day period beginning the date of Listing (the
“Market Value”). 

(d)                                 Debt Financing Fee. In the event of any debt financing obtained
by or for the Company (including any refinancing of debt), the Company will pay
to the Advisor a debt financing fee equal to 1% of the amount available under
the financing.  The Debt Financing Fee
includes the reimbursement of the specified cost incurred by the Advisor of
engaging third parties to source debt financing, and nothing herein shall
prevent the Advisor from entering fee-splitting arrangements with third parties
with respect to the Debt Financing Fee. 

(e)                                  Development Fee.  The
Company shall pay the Advisor Development Fees in amounts that are usual and
customary for comparable services rendered to similar projects in the
geographic market; provided, however, that no Development Fee will be paid in
the event that the Company pays an Acquisition and Advisory Fee based on the
cost of such development or construction. 
Development Fees will include the reimbursement of the specified cost
incurred by the Advisor of engaging third parties for such services. 

3.02                           Expenses.

(a)                                  In addition to the compensation paid to the
Advisor pursuant to Section 3.01 hereof and except as noted in Section 2.09
above, the Company shall pay directly or reimburse the Advisor for all of the
costs and expenses paid or incurred by the Advisor that are in any way related
to the operations of the Company or the business of the Company or the services
the Advisor provides to the Company pursuant to this Agreement, including, but
not limited to:

(i)                                     Organization and Offering Expenses in the
form of a fixed reimbursement to the Advisor in an amount equal to 1.5% of the
Gross Proceeds exclusive of Gross Proceeds from shares sold under the Company’s
distribution reinvestment plan less any Organization and Offering Expenses the
Company pays directly (other than Selling Commissions and the dealer manager
fee), with the Advisor having the right to retain the amount (if any) by which
this fixed reimbursement exceeds the Organization and Offering Expenses paid by
the Advisor; 

(ii)                                  Acquisition Fees and Acquisition Expenses
incurred in connection with the selection and acquisition of Assets, including
such expenses incurred related to assets pursued or considered but not
ultimately acquired by the Company;

 16
 

(iii)                               the actual cost of goods, services and
materials used by the Company and obtained from Persons not affiliated with the
Advisor, other than Acquisition Expenses, including brokerage fees paid in
connection with the purchase and sale of Shares or other securities;

(iv)                              interest and other costs for borrowed money,
including discounts, points and other similar fees;

(v)                                 taxes and assessments on income or property
and taxes as an expense of doing business;

(vi)                              costs associated with insurance required in
connection with the business of the Company or by the Board;

(vii)                           expenses of managing and operating Assets
owned by the Company, whether or not payable to an Affiliate of the Advisor; 

(viii)                        all expenses in connection with payments to
the Board for attendance at meetings of the Board and Stockholders;

(ix)                                except as otherwise limited by the Articles
of Incorporation, expenses associated with Listing or with the issuance and
distribution of Shares and other securities of the Company, such as Selling
Commissions and fees, advertising expenses, taxes, legal and accounting fees,
Listing and registration fees, and other Organization and Offering Expenses; 

(x)                                   expenses connected with payments of Distributions
in cash or otherwise made or caused to be made by the Company to the
Stockholders;

(xi)                                expenses of organizing, reorganizing,
liquidating or dissolving the Company and the expenses of filing or amending
the Articles of Incorporation;

(xii)                             expenses of any third party transfer agent
for the Shares and of maintaining communications with Stockholders, including
the cost of preparation, printing, and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental
entities;

(xiii)                          personnel and related employment costs
incurred by the Advisor or its Affiliates in performing the services described
herein, including but not limited to reasonable salaries and wages, benefits
and overhead of all employees directly involved in the performance of such
services; provided, that no reimbursement shall be made for costs of such
employees of the Advisor or its Affiliates to the extent that such employees
perform services for which the Advisor receives a separate fee; and 

(xiv)                         audit, accounting and legal fees.

 17
 

(b)                                 Expenses incurred by the Advisor on behalf of
the Company and payable pursuant to this Section 3.02 shall be reimbursed no
less than quarterly to the Advisor within 60 days after the end of each
quarter. The Advisor shall prepare a statement documenting the expenses of the
Company during each quarter, and shall deliver the statement to the Company
within 45 days after the end of each quarter. 

3.03                           Other Services. Should the Board request that the Advisor
or any director, officer or employee thereof render services for the Company
other than set forth in Section 2.02, the services shall be separately
compensated at the rates and in the amounts as are agreed by the Advisor and
the Independent Directors, subject to the limitations contained in the Articles
of Incorporation, and shall not be deemed to be services pursuant to the terms
of this Agreement. 

3.04                           Reimbursement to the Advisor. The Company shall not reimburse the Advisor
for Total Operating Expenses to the extent that Total Operating Expenses
(including the Asset Management Fee), in the four consecutive fiscal quarters
then ended (the “Expense Year”)
exceed (the “Excess Amount”) the
greater of 2% of Average Invested Assets or 25% of Net Income for that period
of four consecutive fiscal quarters. Any Excess Amount paid to the Advisor
during a fiscal quarter shall be repaid to the Company. Reimbursement of all or
any portion of the Total Operating Expenses that exceed the limitation set
forth in the preceding sentence may, at the option of the Advisor, be deferred
without interest and may be reimbursed in any subsequent Expense Year where
such limitation would permit such reimbursement if the Total Operating Expense
were incurred during such period. Notwithstanding the foregoing, if there is an
Excess Amount in any Expense Year and the Independent Directors determine that
all or a portion of such excess was justified, based on unusual and
nonrecurring factors which they deem sufficient, the Excess Amount may be
reimbursed to the Advisor.  If the
Independent Directors determine such excess was justified, then, after the end
of any fiscal quarter of the Company for which there is an Excess Amount for
the 12 months then ended paid to the Advisor, the Advisor, at the direction of
the Independent Directors, shall cause such fact to be disclosed in the next
quarterly report of the Company or in a separate writing and sent to the
Stockholders within 60 days of such quarter end, together with an explanation
of the factors the Independent Directors considered in determining that such
Excess Amount was justified. Such determination shall be reflected in the
minutes of the meetings of the Board. The Company will not reimburse the
Advisor or its Affiliates for services for which the Advisor or its Affiliates
are entitled to compensation in the form of a separate fee. All figures used in
any computation pursuant to this Section 3.04 shall be determined in accordance
with generally accepted accounting principles applied on a consistent basis. 

ARTICLE IV

TERM AND TERMINATION

4.01                           Term; Renewal. Subject to Section 4.02 hereof, this
Agreement shall continue in force until the first anniversary of the date
hereof. Thereafter, this Agreement may be renewed for an unlimited number of
successive one-year terms upon mutual consent of the parties. It is the duty of
the Board to evaluate the performance of the Advisor annually before renewing
the Agreement, and each such renewal shall be for a term of no more than one
year.

 18
 

4.02                           Termination. This Agreement will automatically terminate
upon Listing. This agreement also may be terminated at the option of either
party (i) immediately upon a Change of Control or (ii) upon 60 days written
notice without cause or penalty (in either case, if termination is by the
Company, then the termination shall be upon the approval of a majority of the
Independent Directors). Notwithstanding the foregoing, the provisions of this
Agreement which provide for payment to the Advisor of expenses, fees or other
compensation following the date of termination shall continue in full force and
effect until all amounts payable thereunder to the Advisor are paid in full. 

4.03                           Payments to and Duties of
Advisor upon Termination.

(a)                                  After the Termination Date, the Advisor shall
not be entitled to compensation for further services hereunder except it shall
be entitled to and receive from the Company within 30 days after the effective
date of the termination all unpaid reimbursements of expenses, subject to the
provisions of Section 3.04 hereof, and all contingent liabilities related to
fees payable to the Advisor prior to termination of this Agreement. 

(b)                                 The Advisor shall promptly upon termination:

(i)                                      pay over to the Company all money collected
and held for the account of the Company pursuant to this Agreement, after
deducting any accrued compensation and reimbursement for its expenses to which
it is then entitled;

(ii)                                  deliver to the Board a full accounting,
including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last
accounting furnished to the Board;

(iii)                               deliver to the Board all assets, including
the Assets, and documents of the Company then in the custody of the Advisor; and

(iv)                              cooperate with the Company and take all
reasonable actions requested by the Company to provide an orderly management
transition.

ARTICLE V

INDEMNIFICATION

5.01                           Indemnification by the
Company.

(a)                                  The Company shall indemnify and hold harmless
the Advisor and its Affiliates, including their respective officers, directors,
partners and employees, from all liability, claims, damages or losses arising
in the performance of their 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, subject to
any limitations imposed by the laws of the State of Maryland, the Articles of
Incorporation and the NASAA Guidelines. Notwithstanding the foregoing, the
Company shall not indemnify or hold harmless the Advisor or its Affiliates,
including their 

 19
 

respective officers, directors, partners and employees, for any
liability or loss suffered by the Advisor or its Affiliates, including their
respective officers, directors, partners and employees, nor shall it provide
that the Advisor or its Affiliates, including their respective officers,
directors, partners and employees, be held harmless for any loss or liability
suffered by the Company, unless all of the following conditions are met: (i)
the Advisor or its Affiliates, including their respective officers, directors,
partners and employees, have determined, in good faith, that the course of
conduct which caused the loss or liability was in the best interests of the
Company; (ii) the Advisor or its Affiliates, including their respective
officers, directors, partners and employees, were acting on behalf of or
performing services of the Company; (iii) the liability or loss was not the
result of negligence or misconduct by the Advisor or its Affiliates, including
their respective officers, directors, partners and employees; and (iv) the
indemnification or agreement to hold harmless is recoverable only out of the
Company’s net assets and not from stockholders. Notwithstanding the foregoing,
the Advisor and its Affiliates, including their respective officers, directors,
partners and employees, shall not be indemnified by the Company for any losses,
liability or expenses arising from or out of an alleged violation of federal or
state securities laws by such party unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits
of each count involving alleged securities law violations as to the particular
indemnitee; (ii) such claims have been dismissed with prejudice on the merits
by a court of competent jurisdiction as to the particular indemnitee; and (iii)
a court of competent jurisdiction approves a settlement of the claims against a
particular indemnitee and finds that indemnification of the settlement and the
related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory
authority in which securities of the Company were offered or sold as to
indemnification for violations of securities laws.  

(b)                                 The Company may advance funds to the Advisor
or its Affiliates, including their respective officers, directors, partners and
employees, for legal expenses and other costs incurred as a result of any legal
action for which indemnification is being sought is permissible only if all of
the following conditions are satisfied: (i) the legal action relates to acts or
omissions with respect to the performance of duties or services on behalf of
the Company; (ii) the legal action is initiated by a third-party who is not a
stockholder or the legal action is initiated by a stockholder acting in his or
her capacity as such and a court of competent jurisdiction specifically
approves such advancement; (iii) the Advisor or its Affiliates, including their
respective officers, directors, partners and employees, undertake to repay the
advanced funds to the Company together with the applicable legal rate of
interest thereon, in cases in which the Advisor or its Affiliates, including
their respective officers, directors, partners and employees, are found not to
be entitled to indemnification. 

(c)                                  Notwithstanding the provisions of this
Section 5.01, the Advisor shall not be entitled to indemnification or be held
harmless pursuant to this Section 5.01 for any activity which the Advisor shall
be required to indemnify or hold harmless the Company pursuant to Section 5.02.

 20
 

5.02                           Indemnification by Advisor. The Advisor shall indemnify and hold
harmless the Company from contract or other liability, claims, damages, taxes
or losses and related expenses including attorneys’ fees, to the extent that
the liability, claims, damages, taxes or losses and related expenses are not
fully reimbursed by insurance and are incurred by reason of the Advisor’s bad
faith, fraud, misfeasance, misconduct, gross negligence or reckless disregard
of its duties, but the Advisor shall not be held responsible for any action of
the Board in following or declining to follow any advice or recommendation
given by the Advisor. 

ARTICLE VI

MISCELLANEOUS

6.01                           Assignment to an Affiliate. This Agreement may be assigned by the
Advisor to an Affiliate of the Advisor with the approval of a majority of the
Board (including a majority of the Independent Directors). The Advisor may
assign any rights to receive fees or other payments under this Agreement
without obtaining the approval of the Board. This Agreement shall not be
assigned by the Company without the consent of the Advisor, except in the case
of an assignment by the Company to a corporation or other organization which is
a successor to all of the assets, rights and obligations of the Company, in
which case the successor organization shall be bound hereunder and by the terms
of said assignment in the same manner as the Company is bound by this
Agreement. This Agreement shall be binding on successors to the Company
resulting from a Change of Control or sale of all or substantially all the
assets of the Company or the Partnership, and shall likewise be binding upon
any successor to the Advisor. 

6.02                           Relationship of Advisor and
Company. The Company and
the Advisor are not partners or joint venturers with each other, and nothing in
this Agreement shall be construed to make them such partners or joint venturers
or impose any liability as such on either of them.

6.03                           Notices. Any notice, report or other communication
required or permitted to be given hereunder shall be in writing unless some
other method of giving such notice, report or other communication is required
by the Articles of Incorporation, the Bylaws, or accepted by the party to whom
it is given, and shall be given by being delivered by hand or by overnight mail
or other overnight delivery service to the addresses set forth herein:

	
  To the Directors and to the
  Company:

  	
   

  	
  Behringer Harvard Opportunity REIT II, Inc.

  
	
   

  	
   

  	
  15601 Dallas
  Parkway

  
	
   

  	
   

  	
  Suite 600

  
	
   

  	
   

  	
  Addison, Texas
  75001

  
	
   

  	
   

  	
   

  
	
  To the Advisor:

  	
   

  	
  Behringer Harvard Opportunity Advisors II LP

  
	
   

  	
   

  	
  15601 Dallas
  Parkway

  
	
   

  	
   

  	
  Suite 600

  
	
   

  	
   

  	
  Addison, Texas
  75001

  

 

Either party shall, as soon as reasonably practicable, give notice in
writing to the other party of a change in its address for the purposes of this
Section 6.03.

 21
 

6.04                           Modification. This Agreement shall not be changed,
modified, or amended, in whole or in part, except by an instrument in writing
signed by both parties hereto, or their respective successors or assignees.

6.05                           Severability. The provisions of this Agreement are
independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for
any reason any other or others of them may be invalid or unenforceable in whole
or in part.

6.06                           Choice of Law; Venue. The provisions of this Agreement shall be
construed and interpreted in accordance with the laws of the State of Texas,
and venue for any action brought with respect to any claims arising out of this
Agreement shall be brought exclusively in Dallas County, Texas.

6.07                           Entire Agreement. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or
usage of the trade inconsistent with any of the terms hereof. This Agreement
may not be modified or amended other than by an agreement in writing signed by
each of the parties hereto.

6.08                           Waiver. Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of the right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted the waiver. 

6.09                           Gender; Number. Words used herein regardless of the number
and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or
neuter, as the context requires.

6.10                           Headings. The titles and headings of sections and
subsections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

6.11                           Execution in Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding
when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories.

6.12                           Name. Behringer Harvard Opportunity Advisors II LP
and/or one or more of its Affiliates has a proprietary interest in the names “Harvard”
(for the businesses engaged in by the Company and its Affiliates) and “Behringer”
(for all purposes). Accordingly, and in recognition of this right, if at any
time the Company ceases to retain Behringer Harvard Opportunity

 22
 

Advisors II LP or an Affiliate thereof to perform the services of
Advisor, the Company will, promptly after receipt of written request from
Behringer Harvard Opportunity Advisors II LP, cease to conduct business under
or use the name “Harvard” or “Behringer” or any diminutive thereof and the
Company shall use its best efforts to change the name of the Company to a name
that does not contain the name “Harvard” or “Behringer” or any other word or
words that might, in the sole discretion of Behringer Harvard Opportunity
Advisors II LP, be susceptible of indication of some form of relationship
between the Company and Behringer Harvard Opportunity Advisors II LP or any
Affiliate thereof. Consistent with the foregoing, it is specifically recognized
that Behringer Harvard Opportunity Advisors II LP or one or more of its
Affiliates has in the past and may in the future organize, sponsor or otherwise
permit to exist other investment vehicles (including vehicles for investment in
real estate) and financial and service organizations having “Harvard” or “Behringer”
as a part of their name, all without the need for any consent (and without the
right to object thereto) by the Company or its Board.

6.13                           Initial Investment. The Advisor or one of its Affiliates has
contributed $200,000 (the “Initial Investment”)
in exchange for the initial issuance of Shares of the Company. The Advisor or
its Affiliates may not sell any of the Shares purchased with the Initial
Investment while the Advisor acts in an advisory capacity to the Company. The
restrictions included above shall not apply to any Shares acquired by the
Advisor or its Affiliates other than the Shares acquired through the Initial
Investment. Neither the Advisor nor its Affiliates shall vote any Shares they
now own, or hereafter acquires, in any vote for the election of Directors or
any vote regarding the approval or termination of any contract with the Advisor
or any of its Affiliates.

6.14                           Ownership of Proprietary
Property. The Advisor
retains ownership of and reserves all Intellectual Property Rights in the
Proprietary Property. To the extent that the Company has or obtains any claim
to any right, title or interest in the Proprietary Property, including without
limitation in any suggestions, enhancements or contributions that Company may
provide regarding the Proprietary Property, the Company hereby assigns and
transfers exclusively to the Advisor all right, title and interest, including
without limitation all Intellectual Property Rights, free and clear of any
liens, encumbrances or licenses in favor of the Company or any other party, in
and to the Proprietary Property. In addition, at the Advisor’s expense, the
Company will perform any acts that may be deemed desirable by the Advisor to
evidence more fully the transfer of ownership of right, title and interest in
the Proprietary Property to the Advisor, including but not limited to the
execution of any instruments or documents now or hereafter requested by the
Advisor to perfect, defend or confirm the assignment described herein, in a
form determined by the Advisor.

6.15                            Treatment Under Texas
Margin Tax. For purposes
of the Texas margin tax, the Advisor’s performance of the services specified in
this Agreement will cause the Advisor to conduct part of the active trade or
business of the Company, and the compensation specified in Article III includes
both the payment of management fees and the reimbursement of specified costs
incurred in the Advisor’s conduct of the active trade or business of the
Company.  Therefore, the Advisor and
Company intend Advisor to be, and shall treat Advisor as, a “management company”
within the meaning of Section 171.0001(11) of the Texas Tax Code.  The Company and the Advisor will apply
Sections 171.1011(m-1) and 171.1013(f)-(g) of the Texas Tax Code to the Company’s
reimbursements paid to the Advisor pursuant to this Agreement of specified
costs and wages and compensation.  The
Advisor and the Company

 23
 

further recognize and intend that (i) as a result of the fiduciary
relationship created by this Agreement and acknowledged in Section 2.02,
reimbursements paid to the Advisor pursuant to this Agreement are “flow-though
funds” that the Advisor is mandated by law or fiduciary duty to distribute,
within the meaning of Section 171.1011(f) of the Texas Tax Code, and (ii) as a
result of Advisor’s contractual duties under this Agreement, certain
reimbursements under this Agreement are “flow-through funds” mandated by
contract to be distributed within the meaning of Section 171.1011(g) of the
Texas Tax Code.  The terms of this
Agreement shall be interpreted in a manner consistent with the characterization
of the Advisor as a “management company” as defined in Section 171.0001(11),
and with the characterization of the reimbursements as “flow-though funds”
within the meaning of Section 171.1011(f)-(g) of the Texas Tax Code.

[The remainder of this
page intentionally blank] 

 24
 

IN WITNESS
WHEREOF, the parties
hereto have executed this Advisory Management Agreement as of the date first
above written. 

	
  

  	
  BEHRINGER HARVARD OPPORTUNITY

  REIT II, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Executive Vice President – Corporate

  Development & Legal and Secretary 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD OPPORTUNITY

  ADVISORS II LP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Harvard Property
  Trust, LLC, its General

  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  	
   

  
	
   

  	
   

  	
  Executive Vice President – Corporate

  Development & Legal and Secretary 

  
					

 

 25Exhibit 4.1

 

 

SUPPLEMENTAL INDENTURE NO. 17

by and between

HRPT PROPERTIES TRUST

and

U.S. BANK NATIONAL ASSOCIATION

as of June 25, 2007

SUPPLEMENTAL TO THE INDENTURE DATED AS OF JULY 9, 1997

_________________________

HRPT PROPERTIES TRUST

6.25 % Senior Notes due 2017

_________________________

 

  
  

 

This SUPPLEMENTAL INDENTURE NO. 17 (this “Supplemental
Indenture”) made and entered into as of as of June 25, 2007 between HRPT
PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”),

WITNESSETH
THAT:

WHEREAS, the Company and the Trustee are parties to an
Indenture, dated as of July 9, 1997 (the “Indenture”), relating to the Company’s
issuance, from time to time, of various series of debt securities;

WHEREAS, the Company has determined to issue debt
securities known as its 6.25% Senior Notes due 2017; and

WHEREAS, the Indenture provides that certain terms and
conditions for each series of debt securities issued by the Company thereunder
may be set forth in an indenture supplemental to the Indenture;

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE
WITNESSETH:

ARTICLE 1

DEFINED TERMS

Section 1.1             The
following definitions supplement, and, to the extent inconsistent with, replace
the definitions in Section 101 of the Indenture:

“Acquired Debt” means Debt of a Person or entity (i)
existing at the time such Person or entity becomes a Subsidiary or (ii) assumed
in connection with the acquisition of assets from such Person or entity, in
each case, other than Debt incurred in connection with, or in contemplation of,
such Person or entity becoming a Subsidiary or such acquisition. Acquired Debt
shall be deemed to be incurred on the date of the related acquisition of assets
from any Person or entity or the date the acquired Person or entity becomes a
Subsidiary.

“Annual Debt Service” as of any date means the maximum
amount which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries.

“Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions in the City of New York or in the
city in which the Corporate Trust Office of the Trustee is located, are
required or authorized to close.

“Capital Stock” means, with respect to any Person, any
capital stock (including preferred stock), shares, interests, participation or
other ownership interests (however designated) of such Person and any rights
(other than debt securities convertible into or exchangeable for capital
stock), warrants or options to purchase any thereof.

“Consolidated Income Available for Debt Service” for
any period means Earnings from Operations of the Company and its Subsidiaries
plus amounts which have been deducted, and 

 

minus amounts which have been added, for the following
(without duplication): (i) interest on Debt of the Company and its
Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries
based on income, (iii) amortization of debt discount and deferred financing
costs, (iv) provisions for gains and losses on properties and property,
depreciation and amortization, (v) the effect of any noncash charge resulting
from a change in accounting principles in determining Earnings from Operations
for such period and (vi) amortization of deferred charges.

“Corporate Trust Office” means the corporate trust
office of the Trustee which it designates as the office at which the agreement
in question will be administered (which it may change by notice from time to
time), presently located at One Federal Street, 3rd Floor, Boston,
Massachusetts 02110.

“Debt” of the Company or any Subsidiary means, without
duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of (i) borrowed money or evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness for borrowed money secured
by any Encumbrance existing on property owned by the Company or any Subsidiary,
to the extent of the lesser of (x) the amount of indebtedness so secured and
(y) the fair market value of the property subject to such Encumbrance, (iii)
the reimbursement obligations, contingent or otherwise, in connection with any
letters of credit actually issued (other than letters of credit issued to
provide credit enhancement or support with respect to other indebtedness of the
Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts
representing the balance deferred and unpaid of the purchase price of any
property or services, except any such balance that constitutes an accrued
expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all
obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock, or (v) any lease of
property by the Company or any Subsidiary as lessee which is reflected on the
Company’s consolidated balance sheet as a capitalized lease in accordance with
GAAP, to the extent, in the case of items of indebtedness under (i) through
(iii) above, that any such items (other than letters of credit) would appear as
a liability on the Company’s consolidated balance sheet in accordance with
GAAP, and also includes, to the extent not otherwise included, any obligation
by the Company or any Subsidiary to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary
course of business), Debt of another Person (other than the Company or any
Subsidiary) (it being understood that Debt shall be deemed to be incurred by
the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

“Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which by the terms of such Capital
Stock (or by the terms of any security into which it is convertible or for
which it is exchangeable or exercisable), upon the happening of any event or
otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than Capital Stock which is redeemable solely in
exchange for common stock or shares), (ii) is convertible into or exchangeable
or exercisable for Debt or Disqualified Stock, or (iii) is redeemable at the
option of the Holder thereof, in whole or in part (other than Capital Stock
which is redeemable solely in exchange for common stock or shares), in each
case on or prior to the stated maturity of the Notes.

 2
 

 

“Earnings from Operations” for any period means net
earnings excluding gains and losses on sales of investments, extraordinary
items, gains and losses on early extinguishment of debt and property valuation
losses, as reflected in the financial statements of the Company and its
Subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP.

“Encumbrance” means any mortgage, lien, charge, pledge
or security interest of any kind.

“Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Notes prior to December 15, 2016, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated
payment of each dollar of principal being redeemed or paid and the amount of
interest (exclusive of interest accrued to the date of redemption or
accelerated payment) that would have been payable in respect of such dollar if
such redemption or accelerated payment had been made on December 15, 2016,
determined by discounting, on a semiannual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the
date such notice of redemption is given or declaration of acceleration is made)
from the respective dates on which such principal and interest would have been
payable if such redemption or accelerated payment had been made on December 15,
2016, over (ii) the aggregate principal amount of the Notes being redeemed or
paid. In the case of any redemption or accelerated payment of notes on or after
December 15, 2016, the Make-Whole Amount means zero. For purposes of
this Supplemental Indenture and the Notes, references in the Indenture to the
payment of the principal (and premium, if any) and interest on the Notes shall
be deemed to include the payment of the Make-Whole Amount, if any, due upon
redemption with respect to the Notes. The Make-Whole Amount shall be calculated
by the Company and set forth in an Officer’s Certificate delivered to the
Trustee, and the Trustee shall be entitled to rely on said Officer’s
Certificate.

“Notes” means the Company’s 6.25% Senior Notes due 2017, issued under this Supplemental Indenture
and the Indenture, as amended or supplemented from time to time.

“Reinvestment Rate” means a rate per annum equal to
the sum of 0.20% (twenty one-hundredths of one percent) plus the yield on
treasury securities at constant maturity under the heading “Week Ending”
published in the Statistical Release under the caption “Treasury Constant
Maturities” for the maturity (rounded to the nearest month) corresponding to
the remaining life to maturity (which, in the case of maturities corresponding
to the principal and interest due on the notes at their maturity, shall be
deemed to be December 15, 2016), as
of the payment date of the principal being redeemed or paid. If no maturity
exactly corresponds to such maturity, yields for the two published maturities
most closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. For purposes of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the
date of determination of the Make-Whole Amount shall be used.

“Secured Debt” means Debt secured by any mortgage,
lien, charge, pledge or security interest of any kind.

 3
 

 

“Statistical Release” means the statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Federal Reserve System and which establishes yields on actively traded
United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under
this Supplemental Indenture, then any publicly available source of similar
market data which shall be designated by the Company.

“Subsidiary” means any corporation or other entity of
which a majority of (i) the voting power of the voting equity securities or
(ii) the outstanding equity interests are owned, directly or indirectly, by the
Company or one or more other Subsidiaries of the Company. For the purposes of
this definition, “voting equity securities” means equity securities having
voting power for the election of directors, whether at all times or only so
long as no senior class of security has such voting power by reason of any
contingency.

“Total Assets” as of any date means the sum of (i) the
Undepreciated Real Estate Assets and (ii) all other assets of the Company and
its Subsidiaries determined in accordance with GAAP (but excluding accounts
receivable and intangibles).

“Total Unencumbered Assets” means the sum of (i) those
Undepreciated Real Estate Assets not subject to an Encumbrance for borrowed
money and (ii) all other assets of the Company and its Subsidiaries not subject
to an Encumbrance for borrowed money determined in accordance with GAAP (but
excluding accounts receivable and intangibles).

“Undepreciated Real Estate Assets” as of any date
means the cost (original cost plus capital improvements) of real estate assets
of the Company and its Subsidiaries on such date, before depreciation and
amortization, determined on a consolidated basis in accordance with GAAP.

“Unsecured Debt” means Debt which is not secured by
any of the properties of the Company or any Subsidiary.

ARTICLE
2

TERMS OF THE NOTES

Section 2.1             Pursuant to Section 301 of the
Indenture, the Notes shall have the following terms and conditions:

(a)           Title;
Aggregate Principal Amount; Form of Notes.  The Notes shall be Registered Securities under
the Indenture and shall be known as the Company’s “6.25% Senior Notes due 2017.”
The Notes will be limited to an aggregate principal amount of $250,000,000,
subject to the right of the Company to reopen such series for issuances of
additional securities of such series and except as provided in this Section or
in Section 306 of the Indenture. The Notes (together with the Trustee’s
certificate of authentication) shall be substantially in the form of Exhibit A
hereto, which is hereby incorporated in and made a part of this Supplemental
Indenture.

The Notes will be issued in the form of one or more
registered global securities without coupons (“Global Notes”) that will be
deposited with, or on behalf of, The Depository Trust Company (“DTC”), and
registered in the name of DTC’s nominee, Cede & Co. Except under 

 4
 

 

the circumstance described below, the Notes will not
be issuable in definitive form. Unless and until it is exchanged in whole or in
part for the individual Notes represented thereby, a Global Note may not be
transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC
to DTC or another nominee of DTC or by DTC or any nominee of DTC to a successor
depositary or any nominee of such successor.

So long as DTC or its nominee is the registered owner
of a Global Note, DTC or such nominee, as the case may be, will be considered
the sole owner or holder of the Notes represented by such Global Note for all
purposes under this Supplemental Indenture. Except as described below, owners
of beneficial interest in Notes evidenced by a Global Note will not be entitled
to have any of the individual Notes represented by such Global Note registered
in their names, will not receive or be entitled to receive physical delivery of
any such Notes in definitive form and will not be considered the owners or
holders thereof under the Indenture or this Supplemental Indenture.

If DTC is at any time unwilling, unable or ineligible
to continue as depositary and a successor depositary is not appointed by the
Company within 90 days, the Company will issue individual Notes in exchange for
the Global Note or Global Notes representing such Notes. In addition, the
Company may at any time and in its sole discretion, subject to certain
limitations set forth in the Indenture, determine not to have any of such Notes
represented by one or more Global Notes and, in such event, will issue
individual Notes in exchange for the Global Note or Global Notes representing
the Notes. Individual Notes so issued will be issued in denominations of $1,000
and integral multiples thereof.

(b)           Interest
and Interest Rate.  The Notes will
bear interest at a rate of 6.25% per annum, from
June 25, 2007 (or, in the case of Notes issued upon any reopening of this
series of Notes, from the date designated by the Company in connection with
such reopening) or from the immediately preceding Interest Payment Date to
which interest has been paid or duly provided for, payable semiannually in
arrears on each June 15 and December 15, commencing December 15, 2007  (each of which shall be an “Interest
Payment Date”), to the Persons in whose names the Notes are registered in the
Security Register at the close of business on the day falling 14 calendar days
(whether or not a Business Day) next preceding such Interest Payment Date
(each, a “Regular Record Date”).

(c)           Principal
Repayment; Currency.  The stated
maturity of the Notes is June 15, 2017; provided,
however, the Notes may be earlier redeemed at the option of the Company as
provided in paragraph (d) below. The principal of each Note payable on its
maturity date shall be paid against presentation and surrender thereof at the
Corporate Trust Office of the Trustee in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public or private debts. The Company will not pay Additional Amounts (as
defined in the Indenture) on the Notes.

(d)           Redemption at the
Option of the Company; Acceleration. 
The Notes will be subject to redemption at any time at the option of the
Company, in whole or in part, upon not less than 30 nor more than 60 days’
notice to each Holder of Notes to be redeemed at its address appearing in the
Security Register, at a price equal to the sum of (i) the outstanding principal
amount of the Notes being redeemed, plus accrued and unpaid interest to but
excluding the 

 5
 

 

applicable Redemption Date, plus (ii) the Make-Whole
Amount, if any. If the notes are redeemed on or after December 15, 2016, the redemption price will not include the
Make-Whole Amount. Upon the acceleration of the Notes in accordance with
Section 502 of the Indenture, the Company shall pay the amount specified in
Section 4.2 of this Supplemental Indenture.

(e)           Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication. Notices to the
Company shall be directed to it at 400 Centre Street, Newton, Massachusetts
02458, Attention: President; notices to the Trustee shall be directed to it at
One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention:
Corporate Trust Department, Re: HRPT Properties Trust 6.25% Senior Notes due 2017; or as to either party, at such other
address as shall be designated by such party in a written notice to the other
party.

(f)            Global
Note Legend.  Each Global Note shall
bear the following legend on the face thereof:

UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

(g)           Applicability
of Discharge, Defeasance and Covenant Defeasance Provisions.  The Discharge, Defeasance and Covenant
Defeasance provisions in Article Fourteen of the Indenture will apply to the
Notes.

ARTICLE
3

ADDITIONAL
COVENANTS

Section 3.1             In addition to the covenants of the
Company set forth in Article Ten of the Indenture, for the benefit of the
Holders of the Notes:

(a)           Limitations
on Incurrence of Debt.

(i)            The Company will
not, and will not permit any Subsidiary to, incur any Debt if, immediately
after giving effect to the incurrence of such additional Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Debt of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 60% of the sum (“Adjusted
Total Assets”) of (without

 6
 

 

duplication)
(A) the Total Assets of the Company and its Subsidiaries as of the end of the
calendar quarter covered in the Company’s Annual Report on Form 10-K, or the
Quarterly Report on Form 10-Q, as the case may be, most recently filed with the
Securities and Exchange Commission (or, if such filing is not permitted under
the Securities Exchange Act of 1934, as amended, with the Trustee) prior to the
incurrence of such additional Debt and (B) the purchase price of any real
estate assets or mortgages receivable acquired, and the amount of any
securities offering proceeds received (to the extent that such proceeds were
not used to acquire real estate assets or mortgages receivable or used to
reduce Debt), by the Company or any Subsidiary since the end of such calendar
quarter, including those proceeds obtained in connection with the incurrence of
such additional Debt.

(ii)           In addition to the
foregoing limitations on the incurrence of Debt, the Company will not, and will
not permit any Subsidiary to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such additional Secured Debt and the application
of the proceeds thereof, the aggregate principal amount of all outstanding
Secured Debt of the Company and its Subsidiaries on a consolidated basis is
greater than 40% of Adjusted Total Assets.

(iii)          In addition to the
foregoing limitations on the incurrence of Debt, the Company will not, and will
not permit any Subsidiary to, incur any Debt if the ratio of Consolidated
Income Available for Debt Service to the Annual Debt Service for the four
consecutive fiscal quarters most recently ended prior to the date on which such
additional Debt is to be incurred shall have been less than 1.5 to 1.0, on a
pro forma basis after giving effect thereto and to the application of the
proceeds therefrom, and calculated on the assumption that (A) such Debt
and any other Debt incurred by the Company and its Subsidiaries since the first
day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such
period; (B) the repayment or retirement of any other Debt by the Company
and its Subsidiaries since the first date of such four-quarter period had been
repaid or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period);
(C) in the case of Acquired Debt or Debt incurred in connection with any
acquisition since the first day of such four-quarter period, the related acquisition
had occurred as of the first day of such period with appropriate adjustments
with respect to such acquisition being included in such pro forma calculation;
and (D) in the case of any acquisition or disposition by the Company or
its Subsidiaries of any asset or group of assets since the first day of such
four-quarter period, whether by merger, stock purchase or sale, or asset
purchase or sale, such acquisition or disposition or any related repayment of
Debt had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in
such pro forma calculation. If the Debt giving rise to the need to make the
foregoing calculation or any other Debt incurred after the first day of the
relevant four-quarter period bears interest at a floating rate then, for
purposes of calculating the Annual Debt Service, the interest rate on such Debt
shall be computed on a pro forma basis as if the average interest rate which
would have been in effect during the entire such four-quarter period had been
the applicable rate for the entire such period.

 7
 

 

(b)           Maintenance
of Total Unencumbered Assets.  The
Company and its Subsidiaries will at all times maintain Total Unencumbered
Assets of not less than 150% of the aggregate outstanding principal amount of
the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

ARTICLE 4

ADDITIONAL EVENTS OF DEFAULT

Section 4.1             For purposes of this Supplemental
Indenture and the Notes, in addition to the Events of Default set forth in
Section 501 of the Indenture, it shall also constitute an “Event of Default” if
a default under any bond, debenture, note or other evidence of indebtedness of
the Company (including a default with respect to any other series of securities),
or under any mortgage, indenture or other instrument of the Company under which
there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by the Company (or by any Subsidiary, the
repayment of which the Company has guaranteed or for which the Company is
directly responsible or liable as obligor or guarantor) having an aggregate
principal amount exceeding $20,000,000, whether such indebtedness now exists or
shall hereafter be incurred or created, which default shall have resulted in
such indebtedness becoming or being declared due and payable prior to the date
on which it would otherwise have become due and payable, without such
indebtedness having been discharged, or such acceleration having been rescinded
or annulled, within a period of ten days after there shall have been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Notes, a written notice specifying such default and requiring the
Company to cause such indebtedness to be discharged or cause such acceleration
to be rescinded or annulled and stating that such notice is a “Notice of
Default” hereunder.

Section 4.2             Notwithstanding any provisions to
the contrary in the Indenture, upon any acceleration of the Notes under Section
502 of the Indenture, the amount immediately due and payable in respect of the
Notes shall equal the Outstanding principal amount thereof, plus accrued and unpaid
interest thereon, plus, if such acceleration occurs prior to December 15, 2016, the Make-Whole Amount.

ARTICLE
5

EFFECTIVENESS

This Supplemental Indenture shall be effective for all
purposes as of the date and time this Supplemental Indenture has been executed
and delivered by the Company and the Trustee in accordance with Article Nine of
the Indenture. As supplemented hereby, the Indenture is hereby confirmed as
being in full force and effect.

 8
 

 

ARTICLE
6

MISCELLANEOUS

Section 6.1             In
the event any provision of this Supplemental Indenture shall be held invalid or
unenforceable by any court of competent jurisdiction, such holding shall not
invalidate or render unenforceable any other provision hereof or any provision
of the Indenture.

Section 6.2             To the extent that any terms of
this Supplemental Indenture or the Notes are inconsistent with the terms of the
Indenture, the terms of this Supplemental Indenture or the Notes shall govern
and supersede such inconsistent terms.

Section 6.3             This Supplemental Indenture shall
be governed by and construed in accordance with the laws of The Commonwealth of
Massachusetts.

Section 6.4             This Supplemental Indenture may be
executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.

[Remainder of page
intentionally left blank.]

 9
 

 

IN
WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental
Indenture to be executed as an instrument under seal in their respective
corporate names as of the date first above written.

	
  

  	
   

  	
   

  	
  HRPT PROPERTIES TRUST

  
	
  

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: John C. Popeo

  
	
   

  	
   

  	
   

  	
   

  	
  Title:Treasurer and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION,

  
	
   

  	
   

  	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

 10

  
  

EXHIBIT A

FORM
OF NOTE

[Face of Note]

6.25% Senior Note due 2017

No.
R-___                                                                                                                                                                         $__________

HRPT
PROPERTIES TRUST

promises to pay to
________________________ or registered assigns, the principal sum of
________________________ ($_______) on June 15, 2017, subject to the terms set forth on the reverse of this Note and
the terms of the Indenture referred to therein.

Interest Payment Dates:                                         each
June 15 and December 15, commencing December 15, 2007

Interest Record Dates:                                                 the
day falling 14 calendar days prior to any Interest Payment Date.

CUSIP No.: ______________

	
  

  	
  HRPT PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTIFICATE OF
  AUTHENTICATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  This is one of the Notes referred to in the
  within-mentioned Indenture:

  
	
   

  	
   

  	
   

  
	
  U.S. BANK NATIONAL ASSOCIATION, as Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  	
   

  
					

 

[THE
FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

HRPT
PROPERTIES TRUST

6.25% Senior Note due 2017

Capitalized terms used herein have the meanings
assigned to them in the Indenture (as defined below) unless otherwise
indicated.

1.             Interest.  HRPT Properties Trust, a Maryland real estate
investment trust (the “Company”), promises to pay interest on the principal
amount of this Note at the rate and in the manner specified below.

The Company shall pay in
cash interest on the principal amount of this Note at the rate per annum of
6.25%. The Company will pay interest semiannually in arrears on each June 15
and December 15, commencing December 15, 2007, or, if any such day is not a
Business Day (as defined in the Indenture), on the next succeeding Business Day
(each an “Interest Payment Date”), to Holders of record on the day falling 14
calendar days immediately preceding such Interest Payment Date (whether or not
a Business Day).

Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Interest
shall accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from June 25, 2007.

2.             Method
of Payment.  The Company will pay
interest on this Note (except defaulted interest) on each Interest Payment Date
to the Person in whose name this Note is registered in the Security Register at
the close of business on the Interest Record Date next preceding such Interest
Payment Date.  The Company will pay
principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts.  The Company, however, may pay principal, premium,
if any, and interest by check payable in such money.  It may mail an interest check to a Holder’s
registered address.

3.             Indenture.  The Company issued the Notes under an
Indenture, dated as of July 9, 1997, and a Supplemental Indenture No. 17 thereto,
dated as of June 25, 2007 (collectively, the “Indenture”), between the
Company and the Trustee.  The terms of
the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 as in effect on the
date of the Indenture.  The Notes are
subject to all such terms, and Holders of the Notes are referred to the
Indenture and such Act for a statement of such terms.  The terms of the Indenture shall govern any
inconsistencies between the Indenture and the Notes.  The Notes are unsecured general obligations
of the Company limited to $250,000,000 in aggregate principal amount, except as
otherwise provided in the Indenture.

4.             Optional
Redemption.  The Notes will be
subject to redemption at any time at the option of the Company, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to the sum of (i) the principal amount of the Notes being redeemed,
plus accrued and unpaid interest to but excluding the applicable Redemption
Date and (ii) the Make-Whole Amount, if any. 
If the Notes are redeemed on or after December 15, 2016, the 

 A-2
 

redemption price will not include the Make-Whole Amount.

As used herein the term “Make-Whole
Amount” means, in connection with any optional redemption or accelerated
payment of any Notes prior to December 15,
2016, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated
payment of each dollar of principal being redeemed or paid and the amount of
interest (exclusive of interest accrued to the date of redemption or
accelerated payment) that would have been payable in respect of such dollar if
such redemption or accelerated payment had been made on December 15, 2016,
determined by discounting, on a semiannual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the
date such notice of redemption is given or declaration of acceleration is made)
from the respective dates on which such principal and interest would have been
payable if such redemption or accelerated payment had been made on December 15,
2016, over (ii) the aggregate principal amount of the Notes being redeemed or
paid.  In the case of any redemption or
accelerated payment of notes on or after December 15, 2016, the Make-Whole
Amount means zero.  For purposes of the Indenture and
the Notes, references in the Indenture to the payment of the principal (and
premium, if any) and interest on the Notes shall be deemed to include the
payment of the Make-Whole Amount, if any, due upon redemption with respect to
the Notes.  The Make-Whole Amount shall
be calculated by the Company and set forth in an Officer’s Certificate
delivered to the Trustee, and the Trustee shall be entitled to rely on said
Officer’s Certificate.

As used herein the term “Reinvestment
Rate” means a rate per annum equal to the sum of 0.20% (twenty one-hundredths
of one percent) plus the yield on treasury securities at constant maturity
under the heading “Week Ending” published in the Statistical Release (as
defined herein) under the caption “Treasury Constant Maturities” for the
maturity (rounded to the nearest month) corresponding to the remaining life to
maturity (which, in the case of maturities corresponding to the principal and
interest due on the Notes at their maturity, shall be deemed to be December 15, 2016), as of the payment date
of the principal being redeemed or paid. 
If no maturity exactly corresponds to such maturity, yields for the two
published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the Reinvestment
Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding in each of such relevant periods to the nearest month.  For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of
determination of the Make-Whole Amount shall be used.

As used herein the term “Statistical
Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve System and which
establishes yields on actively traded United States government securities
adjusted to constant maturities or, if such statistical release is not
published at the time of any determination under the Supplemental Indenture,
then any publicly available source of similar market data which shall be
designated by the Company.

5.             Mandatory
Redemption.  The Company shall not be
required to make sinking fund or redemption payments with respect to the Notes.

6.             Notice
of Redemption.  Notice of redemption
shall be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at 

 A-3
 

its registered address.  Notes
may be redeemed in part but only in whole multiples of $1,000, unless all of
the Notes held by a Holder are to be redeemed. 
On and after the Redemption Date, interest ceases to accrue on Notes or
portions of them called for redemption.

7.             Denominations,
Transfer, Exchange.  The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000 in excess thereof. 
The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture.  The Security
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. 
The Security Registrar need not exchange or register the transfer of any
Note or portion of a Note selected for redemption.  Also, it need not exchange or register the
transfer of any Notes for a period of 15 days before the mailing of a notice of
redemption of Notes, or during the period between a record date and the
corresponding Interest Payment Date.

8.             Defaults
and Remedies.  In case an Event of
Default (as defined in the Indenture) with respect to the Notes shall have
occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and
subject to the provisions provided in the Indenture.

9.             Actions
of Holders.  The Indenture contains
provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the outstanding Notes, subject to certain exceptions as
provided in the Indenture, on behalf of the Holders of all such Notes at a
meeting duly called and held as provided in the Indenture, to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided in the Indenture to be made, given or taken by the
Holders of the Notes, including without limitation, waiving (a) compliance
by the Company with certain provisions of the Indenture, and (b) certain
past defaults under the Indenture and their consequences.  Any resolution passed or decision taken at
any meeting of the Holders of the Notes in accordance with the provisions of
the Indenture shall be conclusive and binding upon such Holders and upon all
future Holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange heretofore or in lieu hereof.

10.           Persons
Deemed Owners.  The Company, the
Trustee, and any agent of the Company or the Trustee may deem and treat the
Person in whose name this Note is registered on the Security Register as its
absolute owner for all purposes.

11.           Authentication.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

12.           Governing
Law.  THE INTERNAL LAW OF THE
COMMONWEALTH OF MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE AND THE NOTES.

13.           No
Personal Liability.  THE AMENDED AND
RESTATED DECLARATION OF TRUST ESTABLISHING THE COMPANY, DATED JULY 1,
1994, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO, IS
DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF
MARYLAND, PROVIDES THAT THE NAME “HRPT PROPERTIES TRUST” REFERS TO THE TRUSTEES
UNDER THE DECLARATION OF TRUST, AS SO AMENDED AND SUPPLEMENTED, COLLECTIVELY AS
TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER,
SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL
LIABILITY JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE
COMPANY. ALL PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO
THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY
OBLIGATION.

 A-4
 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture.  Request may be made to:

HRPT
Properties Trust

400 Centre Street

Newton, MA 02458

Telecopier No.:  (617) 332-2261

Attention: President

or such other address as
the Company may specify pursuant to the Indenture.

 A-5
 

ASSIGNMENT
FORM

To
assign this Note, fill in the form below:

	
  [I] [We] assign and transfer this Note to
  _______________________________________________

  
	
   

  	
   

  
	
   

  	
   [Print or type assignee’s name, address and zip code]

  
	
   

  	
   

  
	
   

  	
   [Insert assignee’s soc. sec. or tax I.D. no.] and 

  
	
   

  	
   

  
	
  irrevocably appoint
  _____________________________________________________________ to

  
	
   

  	
   

  	
   

  
	
  transfer this Note on the books of the Company.  The agent may substitute another to act for
  him.

  
	
   

  	
   

  
	
  Date:
  __________________

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Your Signature: ___________________________________

  
	
   

  	
   

  	
   

  	
  [Sign exactly as your
  name appears on the face of this Note]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  
	
  Signature Guarantee:

  
	
   

  
	
   

  	
   

  
	
  [The signature must be
  guaranteed by

  	
   

  
	
  an officer of a participant in a recognized

  	
   

  
	
  signature guarantee program.  Notarized

  	
   

  
	
  or witnessed signatures are not acceptable.]

  	
   

  
								

 

 A-6

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