Document:

EXHIBIT
10.6

For Executive Management/Directors

2002
NONQUALIFIED STOCK INCENTIVE PLAN OF BIOSITE INCORPORATED

NONSTATUTORY STOCK OPTION AGREEMENT

FOR EXECUTIVE MANAGEMENT AND
DIRECTORS

 

 

	
  NONSTATUTORY STOCK OPTION

  	
  This option is not intended to be an incentive stock
  option under section 422 of the Internal Revenue Code (the “Code”).

  
	
   

  	
   

  
	
  VESTING

  	
  Except as provided below, your right to exercise
  this option shall commence on the Vesting Start Date, as shown on the cover
  sheet, subject to the following: (i) with respect to each three-month period
  following your Vesting Start Date during which you are regularly scheduled to
  provide Service for 40 or more hours per week for the entire three-month
  period, then one-sixteenth (1/16) of the shares subject to your option will
  vest and become exercisable at the end of such period, (ii) with respect to
  each three-month period of Service following your Vesting Start Date for
  which you are regularly scheduled to provide Service 30 or more hours per week,
  but less than 40 hours per week for all or
  any portion of such period, then one thirty-second (1/32) of the
  shares subject to your option will vest and become exercisable at the end of
  such period, and (iii) notwithstanding (ii) above, with respect to each
  three-month period of Service following your Vesting Start Date for which you
  are regularly scheduled to provide Service for less then 30 hours per week
  for all or any portion of such
  period, then none of the shares subject to your option will vest and become
  exercisable at the end of such period.The Company, in its sole discretion,
  shall make any determinations regarding the number of hours you are regularly
  scheduled to provide Service per week.; provided, however, that the foregoing Service crediting rules
  shall not apply to any options granted to the founders of the Company, as
  determined by the Company in its sole discretion. The Company, in its sole
  discretion, shall make any determinations regarding the number of hours you
  are regularly scheduled to provide Service per week. 

  
	
   

  	
   

  
	
   

  	
  Notwithstanding the foregoing, no part of this
  option is exercisable until you have completed six consecutive months of
  Service. “Service” means your service as an employee, director, consultant or
  advisor of the Company or any affiliated company.

  
	
   

  	
   

  
	
   

  	
  No additional shares become exercisable after your
  Service has terminated for any reason.

  
	
   

  	
   

  
	
   

  	
  In determining the number of vested shares for
  issuance under the Plan, any fractional shares shall be rounded to the
  nearest whole number.

  

 1
 

 

	
  TERM

  	
  Your option will expire in any event at the close of
  business at Company headquarters on the day before the 10th anniversary of
  the Date of Option Grant, as shown on the cover sheet. (It will expire
  earlier if your Service terminates, as described below.)

  
	
   

  	
   

  
	
  REGULAR TERMINATION

  	
  Except as provided in the “Extension of Exercise
  Period” section below, If your Service terminates for any reason except death
  or total and permanent disability, then your option will expire at the close
  of business at Company headquarters on the 90th day after your termination
  date.

  
	
   

  	
   

  
	
   

  	
  The Company determines when your service terminates
  for this purpose.

  
	
   

  	
   

  
	
  DEATH

  	
  Except as provided in the “Extension of Exercise
  Period” section below, If you die while still in Service, then your option
  will expire at the close of business at Company headquarters on the date 12
  months after the date of death. During that 12 month period, your estate,
  heirs or designated beneficiary may exercise the vested portion of your
  option.

  
	
   

  	
   

  
	
  DISABILITY

  	
  Except as provided in the “Extension of Exercise
  Period” section below, If your Service terminates because of your total and
  permanent disability, then your option will expire at the close of business
  at Company headquarters on the date 12 months after your termination date.
  During that 12 month period, you may exercise the vested portion of your
  option. “Total and permanent disability” means that you are unable to engage
  in any substantial gainful activity by reason of any medically determinable
  physical or mental impairment which can be expected to result in death or
  which has lasted, or can be expected to last, for a continuous period of not
  less than one year.

  

 2
 

 

	
  EXTENSION OF EXERCISE PERIOD

  	
  If the sale of shares issued upon exercise of your
  option following the termination of your Service would violate the Company’s
  Insider Trading Policy, your option shall not expire until the earlier of (i)
  the expiration of a period equal to the post-termination exercise period
  described in the applicable “Regular Termination”, “Death” or “Disability”
  section above after the termination of your Service during which you can sell
  the shares issued upon exercise of your option without violating the Company’s
  Insider Trading Policy, (ii) the 15th day of the third month after the date on
  which your option would cease to be exercisable but for this section, or such
  longer period as would not cause your option to become subject to Section
  409A(a)(1) of the Code or (iii) the expiration of the term of your option as
  set forth herein. In addition, if the exercise of your option following the
  termination of your Service would be prohibited at any time solely because
  the issuance of shares would violate the registration requirements under the
  Securities Act of 1933, as amended, then your option shall terminate on the
  earlier of (i) the expiration of a period equal to the post-termination
  exercise period described in the applicable “Regular Termination”, “Death” or
  “Disability” section above after the termination of your Service during which
  the exercise of your option would not be in violation of such registration
  requirements or (ii) the expiration of the term of your option as set forth
  herein.

  
	
   

  	
   

  
	
  LEAVES OF ABSENCE

  	
  For purposes of this option, Service does not
  terminate when you go on a military leave, a sick leave or another bona fide
  leave of absence, if the leave was approved by the Company in writing.
  Service terminates immediately in any event when the approved leave ends,
  unless you immediately return to Service. 

  
	
   

  	
   

  
	
   

  	
  For purposes of vesting during your leave of
  absence, (i) you shall be credited with up to ninety (90) days of Service or
  as otherwise may be provided under the law; and (ii) you shall not receive
  any credit and your Service shall be considered suspended for days exceeding
  such 90-day period or other period provided under the law.

  
	
   

  	
   

  
	
  RESTRICTIONS ON EXERCISE

  	
  The Company will not permit you to exercise this
  option if the issuance of shares at that time would violate any law or
  regulation.

  

 3
 

 

	
  NOTICE OF EXERCISE

  	
  When you wish to exercise this option, you must
  notify the Company by filing the proper “Notice of Exercise” form at the
  address given on the form. Your notice must specify how many shares you wish
  to purchase. Your notice must also specify how your shares should be
  registered (in your name only or in your and your spouse’s names as community
  property or as joint tenants with right of survivorship). The notice will be
  effective when it is received by the Company.

  
	
   

  	
   

  
	
   

  	
  If someone else wants to exercise this option after
  your death, that person must prove to the Company’s satisfaction that he or
  she is entitled to do so.

  
	
   

  	
   

  
	
  FORM OF PAYMENT

  	
  When you submit your notice of exercise, you must
  include payment of the option price for the shares you are purchasing.
  Payment may be made in one (or a combination of two or more) of the following
  forms:

  
	
   

  	
   

  
	
   

  	
  ·  Your personal check, a cashier’s check or a
  money order.

  
	
   

  	
   

  
	
   

  	
  ·  Certificates for Company stock that you have
  owned for at least six months, along with any forms needed to effect a
  transfer of the shares to the Company. The value of the shares, determined as
  of the effective date of the option exercise, will be applied to the option
  price.

  
	
   

  	
   

  
	
   

  	
  ·  Irrevocable directions to a securities
  broker approved by the Company to sell your option shares and to deliver all
  or a portion of the sale proceeds to the Company in payment of the option
  price. (The balance of the sale proceeds, if any, will be delivered to you.)
  The directions must be given by signing a special “Notice of Exercise” form
  provided by the Company.

  
	
   

  	
   

  
	
  WITHHOLDING TAXES

  	
  You will not be allowed to exercise this option
  unless you make acceptable arrangements to pay any withholding taxes that may
  be due as a result of the option exercise.

  
	
   

  	
   

  
	
  RESTRICTIONS ON RESALE

  	
  By signing this Agreement, you agree not to sell any
  option shares at a time when applicable laws or Company policies prohibit a
  sale. This restriction will apply as long as you are in the Service of the
  Company (or a subsidiary).

  
	
   

  	
   

  
	
  TRANSFER OF OPTION

  	
  Prior to your death, only you may exercise this
  option. You cannot transfer or assign this option. For instance, you may not
  sell this option or use it as security for a loan. If you attempt to do any
  of these things, this option will immediately become invalid. You may,
  however, dispose of this option in your will.

  

 4
 

 

	
  RETENTION RIGHTS

  	
  Your option or this Agreement do not give you the
  right to be retained by the Company (or any subsidiaries) in any capacity.
  The Company (and any subsidiaries) reserve the right to terminate your
  service at any time, with or without cause.

  
	
   

  	
   

  
	
  ADJUSTMENTS

  	
  In the event of a stock split, a stock dividend or a
  similar change in Company stock, the number of shares covered by this option
  and the exercise price per share may be adjusted pursuant to the Plan.

  
	
   

  	
   

  
	
  APPLICABLE LAW

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of California.

  
	
   

  	
   

  
	
  THE PLAN AND OTHER AGREEMENTS

  	
  The text of the Plan is incorporated in this
  Agreement by reference. This Agreement and the Plan constitute the entire
  understanding between you and the Company regarding this option. Any prior
  agreements, commitments or negotiations concerning this option are
  superseded.

  

 

BY
SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE

TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 5Exhibit
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 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
render such 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 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 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 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.

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 such values at
the end of each month during such period; provided, however, that during such
periods in which the Company is obtaining regular independent valuations of the
current value of its net assets for purposes of enabling fiduciaries of
employee benefit plan stockholders to comply with applicable Department of
Labor reporting requirements, “Average Invested Assets” will equal the greater
of (i) the amount determined pursuant to the foregoing or (ii) the Assets’
aggregate valuation established by the most recent such valuation report
without reduction for depreciation, bad debts or other non-cash reserves.

Board. The Board of Directors of the Company.

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

 2
 

Change of Control. Any 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-j of the Exchange Act), directly or indirectly, of securities of the
Company or the Partnership representing greater than 50% or more 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.

Closing Price. On any date, the last sale price for any
class or series of the Company’s Shares, regular way, or, in case no such sale
takes place on such day, the average of the closing bid and asked prices,
regular way, for such Shares, in either case as reported in the principal
consolidated transaction reporting system with respect to Shares Listed or, if
such 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 such 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
such 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
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.

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 then current
balance sheet, provided that (i) if such Company Value is being determined in
connection with a Change of Control that establishes the Company’s net worth
(e.g., a tender offer for the Shares, sale of all of the Shares or a merger)
then the Company Value shall be the net worth established thereby and (ii) if
such 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 Common 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 such Shares on any such day.

Competitive Real Estate Commission. A real estate or brokerage commission paid
or, if no such 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).

 3
 

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 or allocated
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 or allocated 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 Real Estate Investments. The
contract purchase price of Properties (exclusive of closing costs), plus the
amount actually paid for the development, construction or improvement of
Properties, inclusive of expenses related thereto, plus the amount of any
outstanding debt attributable to such Properties.

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 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.

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 such
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,

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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 the repurchase
of Shares) multiplied by the price initially 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 listing of the Shares on any securities
exchange registered as a national securities exchange under Section 6 of the
Exchange Act. Upon such Listing, the Shares shall be deemed Listed.

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.

 5
 

NASAA Guidelines. The Statement of Policy Regarding Real
Estate Investment Trusts of the North American Securities Administrators
Association, Inc. effective September 29, 1993.

Net Income. For any period, the Company’s total
revenues applicable to such period, less the total expenses applicable to such
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 such
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 such 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 such 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 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,

 6
 

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.

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 venture arrangements or other partnership or
investment interests).

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
investment 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 to the public.

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 equity
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

 7
 

(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 such 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 net 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 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.

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 $.0001 per share.

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.

 8

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 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 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 such 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) the Subordinated Share of
Net Sales Proceeds, (vi) the Performance Fee, (vii) the Subordinated Incentive
Listing Fee, (viii) Acquisition Fees and Acquisition Expenses, (ix) real
estate commissions on the Sale of Assets (including the Subordinated
Disposition Fee), and (x) 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).

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. The Advisor undertakes to use its best efforts to present to the
Company potential investment opportunities and to provide a continuing and
suitable investment program consistent with the investment objectives and
policies of the Company as determined and adopted from time to time by the
Board. In performance of this undertaking, 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:

 9
 

(a)           serve as the Company’s investment and financial advisor
and provide research and economic and statistical data in connection with the
Assets and investment policies;

(b)           provide the daily management of the Company 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, if any, and acting as
transfer agent for the Company’s Shares;

(d)           investigate, select, and, on behalf of the Company, engage
and conduct business with such 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 such 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

 10
 

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;

(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)            provide the Company with 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 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 in connection with investor
relations;

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

(q)           prepare on behalf of the Company 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

 11
 

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 Affiliated companies that perform property management or
other services for the Company, (vi) oversee non-affiliated and Affiliated property
managers and other non-affiliated and Affiliated Persons who perform services
for the Company, and (vii) undertake 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 connection with such 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
such proposed transactions involving investments in Assets as thereafter
require prior approval, provided however, that such 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 such 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 such account or accounts, and disburse from any such account
or accounts, any money on behalf of the Company, under such 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
appropriate accountings of such collections and payments to the Board, its
Audit Committee and the auditors of the Company.

2.05         Records; Access. The Advisor shall
maintain appropriate records of all its activities hereunder and make such
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)

 12
 

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 such 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 such action and shall refrain from taking
such 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 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. 
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
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 non-accountable reimbursement of
Organization and Offering Expenses as provided in Section 3.02(a)(1) below.

 13

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 the (i) with
respect to Properties, the Cost of Real Estate Investments, (ii) with respect
to all other Assets (other than those owned by a Joint Venture in which the
Company is a co-venturer), the aggregate net book value of such Assets as of
the last day of the preceding month and (iii) with respect to Assets owned by a
Joint Venture in which the Company is a co-venturer, the Company’s allocable
share of the cost or book value of the Joint Venture’s Assets (calculated as
provided in (i) and (ii) above).

(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 payable at the time and in respect of
funds expended for (i) the acquisition of an Asset, (ii) to the extent that
such funds are capitalized, for the development, construction or improvement of
an Asset, or (iii) the making of a Mortgage or other loan. The total of all
Acquisition Fees and any Acquisition Expenses shall be limited in accordance
with the Articles of Incorporation.

(c)           Subordinated Disposition Fee. If the Advisor or an
Affiliate provides a substantial amount of the services (as determined by a
majority of the Independent Directors) in connection with the Sale of one or
more Assets, the Advisor or such Affiliate shall receive, subject to the
satisfaction of the condition outlined below, a Subordinated Disposition Fee in
an amount (the “Contingent 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 such Property and (ii) in the case of the sale of any Asset other than
Property, 3% of the sales price of such Asset or Assets. The Contingent
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 Contingent Subordinated Disposition Fees is not earned and paid
due to the foregoing limitation, the Contingent 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
subparagraph 3.01(c) have been satisfied and, upon the satisfaction of such
condition, the Company shall pay all such Contingent Subordination Disposition
Fees as if such condition had been satisfied with respect to each such prior
Sale.

The Subordinated Disposition
Fee may be payable in addition to real estate commissions paid to
non-Affiliates, provided, however, that the total real estate commissions paid
to

 14
 

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 such time as 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 Contingent
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 Contingent Subordinated
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”). Once any Contingent
Subordinated Disposition Fees are actually paid, such amounts shall thereafter
be referred to as “Subordinated Disposition Fees.”

(d)           Debt Financing Fee. In the event of the origination
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 one
percent (1%) of the amount available under such 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

 15
 

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
non-accountable 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 non-accountable 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;

(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 payable to an Affiliate of the Company or a non-affiliated
Person;

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

(ix)           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;

 16
 

(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)         administrative service expenses
(including personnel costs; provided, however, that no reimbursement shall be
made for costs of personnel to the extent that such personnel perform services
in transactions for which the Advisor receives a separate fee); and

(xiv)        audit, accounting and legal fees.

(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 such 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, such services
shall be separately compensated at such rates and in such 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 (commencing with the fourth
full fiscal quarter after the Company has made its first investment in an
Asset) (the “Expense Year”) exceed
(the “Excess Amount”) the greater
of 2% of Average Invested Assets or 25% of Net Income for such year. 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 such excess was justified, based
on unusual and nonrecurring factors which they deem sufficient, the Excess
Amount may be reimbursed to the Advisor. After the end of any fiscal quarter of
the Company for which there is an Excess Amount for the 12 months then ended,
such fact shall be disclosed in the next quarterly report of the Company or
shall be disclosed in 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.

 17
 

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.

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 such 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 such 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.

 18
 

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, under
the Articles of Incorporation, the Company shall not indemnify or hold harmless
the Advisor or its Affiliates, including their 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) such 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) such 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 Articles of Incorporation provide that the advancement
of Company 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

 19
 

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 such Advisor
or its Affiliates, including their respective officers, directors, partners and
employees, are found not to be entitled to indemnification.

(c)           The indemnity provided for pursuant to this Section 5.01
shall extend, without limitation, to any claims to the extent relating to any
of the events or outcomes set forth in the Prospectus as possible results,
outcomes or risks associated with the business and investment objectives of the
Company. 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.

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 such 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 such 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

 20
 

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.

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 such 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
such waiver.

 21
 

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 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,

 22
 

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 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.

 23
 

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

	
   

  	
  BEHRINGER HARVARD OPPORTUNITY REIT II, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
  Executive Vice
  President — Corporate Development and Legal

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD OPPORTUNITY ADVISORS II LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Harvard Property
  Trust, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
  Executive Vice
  President — Corporate Development and Legal

  

 

 24

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