Document:

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                                                                    EXHIBIT 10.2

                               ADVISORY AGREEMENT

         This ADVISORY AGREEMENT (this "AGREEMENT") is entered into on this the
____ day of _______________ 2002, by and between BEHRINGER HARVARD REIT I, INC.,
a Maryland corporation (the "COMPANY"), and BEHRINGER ADVISORS 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 continue 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 of Directors of the Company, all as provided herein; and

         WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, 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, acquisition or
development 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, and title insurance premiums.

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 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.

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ACQUISITION AND ADVISORY FEES. The fees payable to the Advisor pursuant to
Section 3.01(b).

ADVISOR. Behringer Advisors LP, a Texas limited partnership, any successor
advisor to the Company, or any Person to which Behringer Advisors 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 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 Person; (iv) any executive officer, director, trustee or general partner of
such Person; and (v) any legal entity for which such Person acts as an executive
officer, director, trustee or general partner.

AGGREGATE ASSETS VALUE. The aggregate book value of the Assets at the time of
measurement before deducting depreciation, bad debts or other similar non-cash
reserves and without reduction for any debt secured by or relating to such
assets; 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, "Aggregate
Assets Value" 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 and without reduction for any debt secured by or
relating to such assets.

APPRAISED VALUE. Value according to an appraisal made by an Independent
Appraiser.

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 and other investments (other than investments in
bank accounts, money market funds or other current assets, whether of the
proceeds from an Offering or the sale of an Asset or otherwise) owned by the
Company, directly or indirectly through one or more of its Affiliates.

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 this Agreement.

AVERAGE INVESTED ASSETS. For a specified period, the average of the aggregate
book value of the Assets, 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 OF DIRECTORS.  The Board of Directors of the Company.

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

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CAUSE. With respect to the termination of this Agreement, fraud, criminal
conduct, willful misconduct or willful or negligent breach of fiduciary duty by
the Advisor, material breach of this Agreement by the Advisor, or upon the
filing of a bankruptcy petition (either voluntary or involuntary) with respect
to the Advisor.

CHANGE OF CONTROL. The occurrence of any of the following: (i) any Person or
group of Persons that acts to acquire, hold or dispose of securities that was
not previously a controlling stockholder of the Company becomes a controlling
stockholder of the Company; (ii) following the election or removal of directors,
a majority of the Board of Directors consists of individuals who were not
members of the Board of Directors before such election or removal, unless the
election of each director who was not previously a director was approved in
advance by directors representing at least a majority of the directors then in
office; or (iii) a sale, transfer or other disposition of all or substantially
all of the assets of the Company to, or a merger or consolidation into, an
entity that is not controlled, directly or indirectly, by the stockholders of
the Company. For purposes of this definition, "control" shall mean beneficial
ownership of securities representating more than thirty percent (30%) of the
voting power of an entity, and "beneficial ownership" shall mean having or
sharing, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise (i) voting power, including the power
to vote or to direct the voting of the security, or (ii) investment power,
including the power to dispose, or to direct the disposition of, the security.

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 REIT I, Inc., a corporation organized under the laws
of the State of Maryland.

COMPETITIVE REAL ESTATE COMMISSION. A real estate or brokerage commission for
the purchase or sale of a Property which is reasonable, customary, and
competitive in light of the size, type and location of the Property.

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 actually paid or allocated in respect of the
purchase, development, construction or improvement of an Asset or the amount of
funds advanced with respect to a Mortgage, exclusive of Acquisition Fees and
Acquisition Expenses.

CONTRACT SALES PRICE. The total consideration provided for in the sales contract
for the sale of a Property.

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

DEVELOPMENT FEE. A fee for the packaging of a Property or Mortgage, 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 of Directors.

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DIVIDENDS. Any dividends or other distributions of money or other property by
the Company to owners of Shares, including distributions that may constitute a
return of capital for federal income tax purposes.

GOOD REASON. With respect to the termination of this Agreement, (i) any material
breach of this Agreement of any nature whatsoever by the Company or (ii) any
Change of Control.

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 APPRAISER. A Person with no material current or prior business or
personal relationship with the Advisor or the Directors and who is a qualified
appraiser of Real Property of the type held by the Company or of other Assets as
determined by the Board of Directors. Membership in a nationally recognized
appraisal society such as the American Institute of Real Estate Appraisers or
the Society of Real Estate Appraisers shall be conclusive evidence of such
qualification as to Real Property.

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, the Advisor or any of their
Affiliates 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 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, 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. A business or professional
relationship is considered material if the aggregate gross revenue derived by
the Director from the Sponsor, the Advisor and their Affiliates exceeds 5.0% 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.

INVESTED CAPITAL. The amount calculated by multiplying the total number of
Shares purchased by Stockholders by the issue price, reduced by the portion of
any Dividend that is attributable to Net Sales Proceeds and by any amounts paid
by the Company to repurchase Shares pursuant to the Company's plan for
repurchase of Shares.

JOINT VENTURES. The joint venture or partnership arrangements in which the
Company or the Partnership is a co-venturer or general partner which are
established to acquire or hold Assets.

LISTING OR LISTED. The listing of the Shares of the Company on a national
securities exchange, the quotation of shares on The Nasdaq Stock Market or the
trading of Shares in the over-the-counter market. 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 evidences of indebtedness or obligations, which

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are secured or collateralized by Real Property owned by the borrowers under such
notes, deeds of trust, security interests or other evidences of indebtedness or
obligations.

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 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 amounts that the Company determines, in its discretion,
to be economically equivalent to proceeds of a Sale. Net Sales Proceeds shall
not include any reserves established by the Company in its sole discretion.

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

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 Property, 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).

ORGANIZATION AND OFFERING EXPENSES. Any and all costs and expenses, other than
selling commissions and the 2.5% dealer manager fee, incurred by the Advisor or
any Affiliate in connection with the

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formation, qualification and registration of the Company and the marketing and
distribution of its Shares, including, without limitation, the following: legal,
accounting and escrow fees; printing, amending, supplementing, mailing and
distributing costs; filing, registration and qualification fees and taxes;
telecopier and telephone costs; and all advertising and marketing expenses,
including the costs related to investor and broker-dealer sales meetings.

PARTNERSHIP. Behringer Harvard Operating Partnership I LP, a Texas limited
partnership, through which the Company may own Assets.

PERFORMANCE FEE. The fee payable to the Advisor upon termination of this
Agreement under certain circumstances if certain performance standards have been
met pursuant to Section 4.03(b).

PERSON. An individual, corporation, 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 through joint
venture arrangements or other partnership or investment interests.

PROSPECTUS. Prospectus has the meaning set forth in Section 2(10) of the
Securities Act, including a preliminary prospectus, an offering circular as
described in Rule 256 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. 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 interest) 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 portion thereof (including with respect to any Mortgage, all
repayments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) and any event with respect to a Mortgage 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

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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 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.

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.  Robert M. Behringer.

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

STOCKHOLDERS' 9.0% RETURN. As of each date, an aggregate amount equal to a 9.0%
cumulative, noncompounded, annual return on Invested Capital.

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).

SUBORDINATED INCENTIVE LISTING FEE. The fee payable to the Advisor under certain
circumstances if the Shares are Listed pursuant to Section 3.01(e).

SUBORDINATED SHARE OF NET SALES PROCEEDS. The fee payable to the Advisor under
certain circumstances following receipt of Net Sales Proceeds pursuant to
Section 3.01(d).

TERMINATION DATE.  The date of termination of this Agreement.

2%/25% GUIDELINES. The requirement pursuant to the Statement of Policy Regarding
Real Estate Investment Trusts of the North American Securities Administrators
Association, Inc. 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 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 of Directors. In performance of this undertaking, subject to
the supervision of the Board of Directors and consistent with the provisions of
the Company's most recent Prospectus for Shares, the

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Articles of Incorporation and Bylaws, the Advisor shall, either directly or by
engaging an Affiliate of the Advisor or other Person:

         (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 uncertificated
         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 of Directors and assist the
         Board of Directors in the formulation and implementation of the
         Company's financial policies, and, as necessary, furnish the Board of
         Directors 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 of Directors with periodic reports regarding
         prospective investments in Assets;

         (h) obtain the prior approval of the Board of Directors (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

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         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
         of Directors, make reports to the Board of Directors 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

         (s) 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 of Directors over the
         management of the Company, the Board of Directors 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 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 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

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         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 of Directors (including a
         majority of the Independent Directors).

         (c) The prior approval of a majority of the Independent Directors and a
         majority of the Board of Directors 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 of Directors, the
         Advisor will deliver to the Directors all documents required by them to
         properly evaluate the proposed transaction.

         The Board of Directors 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 of Directors so modifies or revokes the authority
contained herein, the Advisor shall henceforth submit to the Board of Directors
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 of Directors may approve, provided
that no funds shall 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 of Directors, 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
of Directors 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 such action
shall be ordered by the Board of Directors, in which case the Advisor shall
notify promptly the Board of Directors 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 of Directors.
In such event the Advisor shall have no liability for acting in accordance with
the specific instructions of the Board of Directors 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 of Directors 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

                                      -10-
<PAGE>

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 of
Directors.

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 of Directors 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 of Directors 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 of Directors
(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.

                                   ARTICLE III

                                  COMPENSATION

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 1/12th of 0.5% of Aggregate Assets Value as of the last day of the
         preceding month. The Asset Management Fee may or may not be taken, in
         whole or in part as to any year, in the sole discretion of the Advisor.
         All or any portion of the Asset Management Fee not taken as to any
         fiscal year shall be deferred without interest and may be taken in such
         other fiscal year as the Advisor shall determine.

         (b) Acquisition and Advisory Fees. The Company shall pay the Advisor a
         fee in the amount of 3.0% of the Contract Purchase Price of each Asset
         as Acquisition and Advisory Fees payable at the time and in respect of
         funds expended for the acquisition, development, construction or
         improvement of an Asset or the making of a Mortgage. The total of all
         Acquisition Fees and any Acquisition Expenses shall be limited in
         accordance with the Articles of Incorporation. All or any portion of
         any Acquisition and Advisory Fees and Acquisition Expenses not taken as
         to any fiscal year shall be deferred without interest and may be taken
         in such other fiscal year as the Advisor shall determine.

         (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

                                      -11-
<PAGE>

         with the Sale of one or more Properties, the Advisor or such Affiliate
         shall receive a Subordinated Disposition Fee equal to the lesser of (i)
         one-half of the brokerage commission paid or (ii) 3.0% of the sales
         price of such Property or Properties. The Subordinated Disposition Fee
         will be paid only if Stockholders have received total Dividends in an
         amount equal to the sum of their aggregate Invested Capital and
         Stockholders' 9.0% Return. To the extent that Subordinated Disposition
         Fees are not paid by the Company on a current basis due to the
         foregoing limitation, the unpaid fees will be accrued and paid at such
         time as the subordination conditions have been satisfied. The
         Subordinated Disposition Fee may be paid in addition to real estate
         commissions paid to non-Affiliates, provided that the total real estate
         commissions paid to all Persons by the Company (including the
         Subordinated Disposition Fee) shall not exceed an amount equal to the
         lesser of (i) 6.0% of the Contract Sales Price of a Property or (ii)
         the Competitive Real Estate Commission. In the event this Agreement is
         terminated prior to such time as the Stockholders have received total
         Dividends in an amount equal to 100% of Invested Capital plus an amount
         sufficient to pay the Stockholders' 9.0% Return through the Termination
         Date, an appraisal of the Assets then owned by the Company shall be
         made and the Subordinated Disposition Fee on Properties previously sold
         will be deemed earned and payable if the Appraised Value of the Assets
         plus any investments in bank accounts, money market funds or other
         current assets then owned directly or indirectly by the Company plus
         total Dividends received prior to the Termination Date equals 100% of
         Invested Capital plus an amount sufficient to pay the Stockholders'
         9.0% Return through the Termination Date. Upon Listing, if the Advisor
         has earned and accrued but not been paid such Subordinated Disposition
         Fee, then for purposes of determining whether the subordination
         conditions have been satisfied, Stockholders will be deemed to have
         received Dividends in the amount equal to the product of the total
         number of Shares outstanding and the average closing price or average
         of bid and asked quotes, as the case may be, of the Shares over a
         period, beginning 180 days after Listing, of 30 days during which the
         Shares are traded (the "MARKET VALUE").

         (d) Subordinated Share of Net Sales Proceeds. The Subordinated Share of
         Net Sales Proceeds shall be payable to the Advisor in an amount equal
         to 15.0% of Net Sales Proceeds remaining after the Stockholders have
         received Dividends equal to the sum of the Stockholders' 9.0% Return
         and 100% of Invested Capital. To the extent that the Subordinated Share
         of Net Sales Proceeds is not paid by the Company on a current basis due
         to the foregoing limitation, the unpaid amount will be accrued and paid
         at such time as the subordination conditions have been satisfied.
         Following Listing, no Subordinated Share of Net Sales Proceeds other
         then any accrued and unpaid Subordinated Share of Net Sales Proceeds
         will be paid to the Advisor.

         (e) Subordinated Incentive Listing Fee. Upon Listing, the Advisor shall
         be entitled to the Subordinated Incentive Listing Fee in an amount
         equal to 15.0% of the amount by which (i) the market value of the
         outstanding Shares, measured by taking the Market Value, plus the total
         of all Dividends paid to Stockholders from the Company's inception
         until the date of Listing, exceeds (ii) the sum of (A) 100% of Invested
         Capital and (B) the total Dividends required to be paid to the
         Stockholders in order to pay the Stockholders' 9.0% Return from
         inception through the date of Listing. The Company shall have the
         option to pay such fee in the form of cash or a promissory note
         (payable in equal monthly installments of interest and principal over a
         period not in excess of two years from the date of the promissory note)
         or any combination of the foregoing. In the event the Subordinated
         Incentive Listing Fee is paid to the Advisor following Listing, no
         Performance Fee will be paid to the Advisor except as negotiated
         pursuant to Section 4.03(d).

         (f) Changes to Fee Structure. In the event of Listing, the Company and
         the Advisor shall negotiate in good faith to establish a fee structure
         appropriate for a perpetual-life entity. A majority of the Independent
         Directors must approve the new fee structure negotiated with the

                                      -12-
<PAGE>

         Advisor. In negotiating a new fee structure, the Independent Directors
         shall consider all of the factors they deem relevant, including, but
         not limited to: (i) the amount of the advisory fee in relation to the
         Asset value, composition and profitability of the Company's portfolio;
         (ii) the success of the Advisor in generating opportunities that meet
         the investment objectives of the Company; (iii) the rates charged to
         other REITs and to investors other than REITs by advisors performing
         the same or similar services; (iv) additional revenues realized by the
         Advisor and its Affiliates through their relationship with the Company,
         including loan administration, underwriting or broker commissions,
         servicing, engineering, inspection and other fees, whether paid by the
         Company or by others with whom the Company does business; (v) the
         quality and extent of service and advice furnished by the Advisor; (vi)
         the performance of the investment portfolio of the Company, including
         income, conversion or appreciation of capital, frequency of problem
         investments and competence in dealing with distress situations; and
         (vii) the quality of the Asset portfolio of the Company in relationship
         to the investments generated by the Advisor for its own account.

3.02     EXPENSES.

         (a) In addition to the compensation paid to the Advisor pursuant to
         Section 3.01 hereof, the Company shall pay directly or reimburse the
         Advisor for all of the expenses paid or incurred by the Advisor in
         connection with the services it provides to the Company pursuant to
         this Agreement, including, but not limited to:

                  (i) Organization and Offering Expenses; provided, however,
                  that within 60 days after the end of the month in which an
                  Offering terminates, the Advisor shall reimburse the Company
                  for any Organization and Offering Expenses reimbursement
                  received by the Advisor pursuant to this Section 3.02, to the
                  extent that such reimbursement exceeds 2.5% of the Gross
                  Proceeds. The Advisor shall be responsible for the payment of
                  all Organization and Offering Expenses in excess of 2.5% of
                  the Gross Proceeds;

                  (ii) Acquisition Expenses incurred in connection with the
                  selection and acquisition of Assets in an amount equal to up
                  to 0.5% of the Contract Purchase Price of each Asset.

                  (iii) the actual cost of goods and services 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 of Directors;

                  (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
                  of Directors for attendance at meetings of the Board of
                  Directors and Stockholders;

                                      -13-
<PAGE>

                  (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 Dividends in cash or
                  otherwise made or caused to be made by the Company to the
                  Stockholders;

                  (xi) expenses of organizing, revising, amending, converting,
                  modifying, or terminating the Company or 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) 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 of Directors 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
to the extent that 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 such year. Any Excess Amount paid to the Advisor during a fiscal
quarter shall be repaid to the Company. 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. Within
60 days after the end of any fiscal quarter of the Company for which there is an
Excess Amount which the Independent Directors conclude was justified and
reimbursable to the Advisor, there shall be sent to the Stockholders a written
disclosure of such fact, 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 of Directors. 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.

                                      -14-
<PAGE>

                                   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 of
Directors 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 may be terminated (a) upon 60 days written
notice without Cause or penalty, by either party (if by the Company, upon
approval of a majority of the Independent Directors); (b) immediately by the
Company for Cause; and (c) immediately by the Advisor for Good Reason.

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 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 earned but unpaid fees
         payable to the Advisor prior to termination of this Agreement.

         (b) Upon termination, the Advisor shall be entitled to payment of the
         Performance Fee if a majority of the Board of Directors, including a
         majority of the Independent Directors, determines that the Advisor has
         met satisfactory performance standards when compared to (a) the
         performance of the Advisor in comparison with its performance for other
         entities, and (b) the performance of other advisors for similar
         entities. If Listing has not occurred, the Performance Fee, if any,
         shall equal 15.0% of the amount, if any, by which (i) the Appraised
         Value of the Assets on the Termination Date, less the amount of all
         indebtedness secured by the Assets, plus the total Dividends paid to
         Stockholders from the Company's inception through the Termination Date,
         exceeds (ii) Invested Capital plus an amount equal to the Stockholders'
         9% Return from inception through the Termination Date. The Advisor
         shall be entitled to receive all accrued but unpaid compensation and
         expense reimbursements in cash within 30 days of the Termination Date.
         All other amounts payable to the Advisor in the event of a termination,
         other than the Performance Fee, shall be evidenced by a promissory note
         and shall be payable from time to time as negotiated by the Company and
         the Advisor but in no event longer than in equal monthly payments of
         principal and interest over two years from the date of the promissory
         note.

         (c) The Performance Fee shall be paid in 12 equal quarterly
         installments without interest at the end of each calendar quarter
         occurring after the Termination Date on the unpaid balance; provided,
         however, that no payment will be made in any quarter in which such
         payment would jeopardize the Company's REIT status, in which case any
         such payment or payments will be delayed until the next quarter in
         which payment would not jeopardize REIT status. Notwithstanding the
         preceding sentence, any amounts which may be deemed payable at the date
         the obligation to pay the Performance Fee is incurred which relate to
         the appreciation of the Assets shall be an amount which provides
         compensation to the Advisor only for that portion of the holding period
         for the respective Assets during which the Advisor provided services to
         the Company.

                                      -15-
<PAGE>

         (d) If Listing occurs before the Termination Date, the Performance Fee,
         if any, payable thereafter will be as negotiated between the Company
         and the Advisor. The Advisor shall not be entitled to payment of the
         Performance Fee in the event this Agreement is terminated because of
         failure of the Company and the Advisor to establish, pursuant to
         Section 3.01(f) hereof, a fee structure appropriate for a
         perpetual-life entity at such time, if any, as Listing occurs.

         (e) 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 of Directors 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 of Directors;

                  (iii) deliver to the Board of Directors 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. 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. The foregoing indemnity
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 foregoing, 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. Any indemnification of the Advisor may be made
only out of the net assets of the Company and not from Stockholders.

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, willful misfeasance, misconduct, gross negligence or reckless disregard
of its duties, but the Advisor shall not be held responsible for any action of
the Board of Directors in following or declining to follow any advice or
recommendation given by the Advisor.

                                      -16-
<PAGE>

                                   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 of
Directors (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 of Directors. 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.

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 REIT I, Inc.
                                        1323 N. Stemmons Freeway
                                        Suite 210
                                        Dallas, Texas 75207

To the Advisor:                         Behringer Advisors LP
                                        1323 N. Stemmons Freeway
                                        Suite 210
                                        Dallas, Texas 75207

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

                                      -17-
<PAGE>

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.

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 Advisors 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 Advisors LP or an Affiliate thereof to perform the services of
Advisor, the Company will, promptly after receipt of written request from
Behringer Advisors 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 Advisors LP, be susceptible of indication of some form
of relationship between the Company and Behringer Advisors LP or any Affiliate
thereof. Consistent with the foregoing, it is specifically recognized that
Behringer Advisors 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 of Directors.

6.13 INITIAL INVESTMENT. The Advisor or one of its Affiliates has contributed
$200,000 (the "INITIAL INVESTMENT") in exchange for 20,000 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.

                                      -18-
<PAGE>

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

                                         BEHRINGER HARVARD REIT I, INC.

                                         By:__________________________________
                                            Robert M. Behringer, President

                                         BEHRINGER ADVISORS LP

                                         By:  Harvard Property Trust, LLC,
                                                its General Partner

                                              By:_____________________________
                                                 Gerald J. Reihsen, III
                                                 Chief Operating Officer

                                      -19-<PAGE>
                                                                    EXHIBIT 10.4

                                ESCROW AGREEMENT

Wells Fargo Bank Iowa, National Association
666 Walnut N8200-034
Corporate Trust Services, PFG
Des Moines, IA  50309

         Re:      Behringer Harvard REIT I, Inc.

Ladies and Gentlemen:

BEHRINGER HARVARD REIT I, INC., a Maryland corporation (the "Company"), will
issue in a public offering (the "Offering") shares of its common stock (the
"Stock") pursuant to a Registration Statement on Form S-11 filed by the Company
with the Securities and Exchange Commission. Behringer Securities LP, a Texas
limited partnership (the "Dealer Manager"), will act as dealer manager for the
offering of the Stock. The Company is entering into this agreement to set forth
the terms on which Wells Fargo Bank Iowa, National Association (the "Escrow
Agent"), will hold and disburse the proceeds from subscriptions for the purchase
of the Stock in the Offering until such time as: (i) in the case of
subscriptions received from all nonaffiliates of the Company, the Company has
received subscriptions for Stock resulting in total minimum capital raised of
$2,500,000 (the "Required Capital"); and (ii) in the case of subscriptions
received from residents of Pennsylvania ("Pennsylvania Subscribers") and
residents of Nebraska ("Nebraska Subscribers"), the Company has received
subscriptions for Stock from nonaffiliates of the Company resulting in total
minimum capital raised of $44,000,000 (the "Pennsylvania/Nebraska Required
Capital").

The Company hereby appoints Wells Fargo Bank Iowa, National Association as
Escrow Agent for purposes of holding the proceeds from the subscriptions for the
Stock, on the terms and conditions hereinafter set forth:

1. Persons subscribing to purchase the Stock (the "Subscribers") will be
instructed by the Dealer Manager or any soliciting dealers to remit the purchase
price in the form of checks, drafts, wires, Automated Clearing House (ACH) or
money orders (hereinafter "instruments of payment") payable to the order of
"Wells Fargo Bank Iowa, N.A., Escrow Agent for Behringer Harvard REIT I, Inc."
Any checks received made payable to a party other than the Escrow Agent shall be
returned to the soliciting dealer who submitted the check. Within one (1)
business day after receipt of instruments of payment from the Offering, the
Dealer Manager will send to the Escrow Agent: (a) each Subscriber's name,
address, executed IRS Form W-9, number of shares purchased, and purchase price
remitted, and (b) the instruments of payment from such Subscribers (the
"Subscription Materials"), for deposit by the Escrow Agent into an
interest-bearing deposit account entitled "ESCROW ACCOUNT FOR THE BENEFIT OF
SUBSCRIBERS FOR COMMON STOCK OF BEHRINGER HARVARD REIT I, INC." (the "Escrow
Account"), which deposit shall occur within one (1) business day after the
Escrow Agent's receipt of all the Subscription Materials, until such Escrow
Account has closed pursuant to paragraph 3(a) hereof. Instruments of payment
received from Pennsylvania Subscribers and Nebraska Subscribers (as identified
as such by the Company) shall be accounted for separately in a subaccount
entitled "ESCROW ACCOUNT FOR THE BENEFIT OF PENNSYLVANIA AND NEBRASKA
SUBSCRIBERS" (the "Pennsylvania/Nebraska Escrow Account"), until such
Pennsylvania/Nebraska Escrow Account has

<PAGE>

closed pursuant to paragraph 3(a) hereof. The Director of Banking and Finance of
the State of Nebraska shall have the right to inspect and make copies of the
records of the Escrow Agent relating to the Pennsylvania/Nebraska Escrow Account
at any reasonable time wherever the records are located. Both the Escrow Account
and the Pennsylvania/Nebraska Escrow Account will be established and maintained
in such a way as to permit the interest income calculations described in
paragraph 7.

2. The Escrow Agent agrees to promptly process for collection the instruments of
payment upon deposit into the applicable Escrow Account or Pennsylvania/Nebraska
Escrow Account. Deposits shall be held in the Escrow Account or the
Pennsylvania/Nebraska Escrow Account until such funds are disbursed in
accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited
in the Escrow Account or the Pennsylvania/Nebraska Escrow Account, such funds
shall not be subject to claims by creditors of the Company or the Dealer Manager
or any their affiliates. If any of the instruments of payment are returned to
the Escrow Agent for nonpayment, the Escrow Agent shall promptly notify the
Dealer Manager and the Company in writing via mail, email or facsimile of such
nonpayment, and is authorized to debit the Escrow Account or the
Pennsylvania/Nebraska Escrow Account, as applicable, in the amount of such
returned payment as well as any interest earned on the amount of such payment.

3. (a) Subject to the provisions of subparagraphs 3(b)-3(f) below:

                  (i) once the aggregate of all collected funds in the Escrow
                  Account and Pennsylvania/Nebraska Escrow Account is an amount
                  equal to or greater than the Required Capital, the Escrow
                  Agent shall promptly notify the Company and, upon receiving
                  written instruction from the Company, (A) disburse to the
                  Company, by check, ACH or wire transfer, the funds in the
                  Escrow Account representing the gross purchase price for the
                  Stock, and (B) disburse to the Subscribers or the Company, as
                  applicable, any interest thereon pursuant to the provisions of
                  subparagraph 3(f). For purposes of this Agreement, the term
                  "collected funds" shall mean all funds received by the Escrow
                  Agent that have cleared normal banking channels and are in the
                  form of cash or a cash equivalent. After such time the Escrow
                  Account shall remain open and the Company shall continue to
                  cause subscriptions for the Stock that are not to be deposited
                  in the Pennsylvania/Nebraska Escrow Account to be deposited
                  therein until the Company informs the Escrow Agent in writing
                  to close the Escrow Account, and thereafter any subscription
                  documents and instruments of payment received by the Escrow
                  Agent from Subscribers other than Pennsylvania Subscribers and
                  Nebraska Subscribers shall be forwarded directly to the
                  Company.

                  (ii) regardless of any closing of the Escrow Account, the
                  Company and the Dealer Manager shall continue to forward
                  instruments of payment and Subscription Materials received
                  from Pennsylvania Subscribers for deposit into the
                  Pennsylvania/Nebraska Escrow Account to the Escrow Agent until
                  such time as the Company notifies the Escrow Agent in writing
                  that total subscription proceeds (including the amount then in
                  the Pennsylvania/Nebraska Escrow Account) equal or exceed the
                  Pennsylvania/Nebraska Required Capital. Upon receipt of a
                  written notice from the Company that total subscription
                  proceeds (including the amount then in the
                  Pennsylvania/Nebraska Escrow Account) equaling or exceeding
                  the Pennsylvania/Nebraska Required Capital have been received
                  in collected funds, the Escrow Agent shall promptly notify the
                  Company and provide to the Director of Banking and Finance of
                  the State of Nebraska an affidavit which states that all of
                  the conditions of this Agreement relating to the
                  Pennsylvania/Nebraska Escrow Account have been met (the
                  "Escrow Agent Affidavit"). Upon receipt of such notice, the
                  Company shall provide the Director of Banking and Finance of
                  the State of Nebraska an affidavit which states that there
                  have been no

                                      -2-
<PAGE>

                  material omissions or changes in the financial condition of
                  the Company or other changes of circumstance, that would
                  render the Pennsylvania/Nebraska Required Capital inadequate
                  to finance the Company's proposed plan of operations or
                  business, or render the representations in the Company's
                  registration statement fraudulent, false or misleading (the
                  "Company Affidavit"). Five days after the Escrow Agent
                  Affidavit and the Company Affidavit have been provided to the
                  Director of Banking and Finance of the State of Nebraska, the
                  Escrow Agent shall (A) disburse to the Company, by check, ACH
                  or wire transfer, the funds then in the Pennsylvania/Nebraska
                  Escrow Account representing the gross purchase price for the
                  Stock, and (B) disburse to the Pennsylvania Subscribers, the
                  Nebraska Subscribers or the Company, as applicable, any
                  interest thereon pursuant to the provisions of subparagraph
                  3(f). Following such disbursements, the Escrow Agent shall
                  close the Pennsylvania/Nebraska Escrow Account, and thereafter
                  any Subscription Materials and instruments of payment received
                  by the Escrow Agent from Pennsylvania Subscribers and Nebraska
                  Subscribers shall be deposited directly to the Escrow Account
                  (or to the Company, if it has closed the Escrow Account, as
                  instructed in writing by the Company).

         (b) At the close of business on __________ ___, 2003 (the "Expiration
         Date") the Escrow Agent shall promptly notify the Company if it is not
         in receipt of evidence of Subscription Materials accepted on or before
         the Expiration Date, and instruments of payment dated not later than
         that the Expiration Date, for the purchase of Stock providing for total
         purchase proceeds that equal or exceed the Required Capital (from all
         sources but exclusive of any funds received from subscriptions for
         Stock from entities which the Company has notified the Escrow Agent are
         affiliated with the Company). In the event the Escrow Agent is not in
         possession of an executed IRS Form W-9 from any Subscriber, the Company
         shall provide the Escrow Agent an executed IRS Form W-9 from such
         Subscriber within ten (10) calendar days after such notice. On the
         tenth (10th) day following the receipt of such notice, the Escrow Agent
         shall promptly return directly to each Subscriber the collected funds
         deposited in the Escrow Account and the Pennsylvania/Nebraska Escrow
         Account on behalf of such Subscriber (unless earlier disbursed in
         accordance with paragraph 3(c)), or shall return the instruments of
         payment delivered, but not yet processed for collection prior to such
         time, together with interest in the amounts calculated pursuant to
         paragraph 7 for each Subscriber at the address provided by the Dealer
         Manager or the Company. In the event an executed IRS Form W-9 is not
         received for each Subscriber within ten (10) calendar days, the Escrow
         Agent shall thereupon remit an amount to the Subscribers in accordance
         with the provisions hereof, withholding thirty percent (30%) of any
         interest income on subscription proceeds (determined in accordance with
         paragraph 7) attributable to those Subscribers for whom the Escrow
         Agent does not possess an executed IRS Form W-9. However, the Escrow
         Agent shall not be required to remit any payments until funds
         represented by such payments have been collected.

         (c) Notwithstanding subparagraphs 3(a) and 3(b) above, if the Escrow
         Agent is not in receipt of evidence of subscriptions accepted on or
         before the close of business on such date that is 120 days after
         commencement of the Offering (the Company will notify the Escrow Agent
         of the commencement date of the Offering) (the "Initial Escrow
         Period"), and instruments of payment dated not later than that date,
         for the purchase of Stock providing for total purchase proceeds from
         all nonaffiliated sources that equal or exceed the
         Pennsylvania/Nebraska Required Capital, the Escrow Agent shall promptly
         notify the Company. Thereafter, the Company shall send to each
         Pennsylvania Subscriber and Nebraska Subscriber by certified mail
         within ten (10) calendar days after the end of the Initial Escrow
         period a notification in the form of Exhibit A. If, pursuant to such
         notification, a Pennsylvania Subscriber or a Nebraska Subscriber
         requests the return of his or her subscription funds within ten (10)
         calendar days after receipt of the notification (the

                                      -3-
<PAGE>

         "Request Period") and the Escrow Agent is not in possession of an
         executed IRS form W-9, the Company shall provide the Escrow Agent with
         an executed IRS Form W-9 from each such Pennsylvania Subscriber or
         Nebraska Subscriber, as the case may be, within ten (10) calendar days
         after receiving notice from such Pennsylvania Subscriber or Nebraska
         Subscriber. The Escrow Agent shall promptly refund directly to each
         Pennsylvania Subscriber or Nebraska Subscriber, as the case may be, the
         collected funds deposited in the Pennsylvania/Nebraska Escrow Account
         on behalf of such Pennsylvania Subscriber or Nebraska Subscriber, or
         shall return the instruments of payment delivered, but not yet
         processed for collection prior to such time, to the address provided by
         the Dealer Manager or the Company, together with interest income in the
         amounts calculated pursuant to paragraph 7. If an executed IRS Form W-9
         is not received for such Pennsylvania Subscriber or Nebraska Subscriber
         within ten (10) calendar days, the Escrow Agent shall thereupon remit
         an amount to such Pennsylvania Subscriber or Nebraska Subscriber, as
         the case may be, in accordance with the provisions hereof, withholding
         thirty percent (30%) of any interest income earned on subscription
         proceeds (determined in accordance with paragraph 7) attributable to
         such Pennsylvania Subscriber or Nebraska Subscriber for whom the Escrow
         Agent does not possess an executed IRS Form W-9. However, the Escrow
         Agent shall not be required to remit such payments until funds
         represented by such payments have been collected by the Escrow Agent.

         (d) The subscription funds of Pennsylvania Subscribers and Nebraska
         Subscribers who do not request the return of their subscription funds
         within the Request Period shall remain in the Pennsylvania/Nebraska
         Escrow Account for successive 120-day escrow periods (a "Successive
         Escrow Period"), each commencing automatically upon the termination of
         the prior Successive Escrow Period, and the Company and Escrow Agent
         shall follow the notification and payment procedure set forth in
         subparagraph 3(c) above with respect to the Initial Escrow Period for
         each Successive Escrow Period until the occurrence of the earliest of
         (i) the Expiration Date, (ii) the receipt and acceptance by the Company
         of subscriptions for the purchase of Stock with total purchase proceeds
         that equal or exceed the Pennsylvania/Nebraska Required Capital and the
         disbursement of the Pennsylvania/Nebraska Escrow Account on the terms
         specified herein, or (iii) all funds held in the Pennsylvania/Nebraska
         Escrow Account having been returned to the Pennsylvania Subscribers and
         Nebraska Subscribers in accordance with the provisions hereof.

         (e) If the Company rejects any subscription for which the Escrow Agent
         has collected funds, the Escrow Agent shall, upon the written request
         of the Company, promptly issue a refund to the rejected Subscriber. If
         the Company rejects any subscription for which the Escrow Agent has not
         yet collected funds but has submitted the Subscriber's check for
         collection, the Escrow Agent shall promptly return the funds in the
         amount of the Subscriber's check to the rejected Subscriber after such
         funds have been collected. If the Escrow Agent has not yet submitted a
         rejected Subscriber's check for collection, the Escrow Agent shall
         promptly remit the Subscriber's check directly to the Subscriber.

         (f) At any time after funds are disbursed upon the Company's acceptance
         of subscriptions pursuant to subparagraph 3(a) above on the tenth
         (10th) day following the date of such acceptance, the Escrow Agent
         shall promptly provide directly to each Subscriber the amount of the
         interest payable to the Subscribers; provided that the Escrow Agent is
         in possession of such Subscriber's executed IRS Form W-9. In the event
         the Escrow Agent is not in possession of an executed IRS Form W-9 from
         any Subscriber, the Company shall provide the Escrow Agent with an
         executed IRS Form W-9 from such Subscriber within ten (10) calendar
         days after acceptance of such subscription. In the event an executed
         IRS Form W-9 is not received for each Subscriber within such period,
         the Escrow Agent shall remit an amount to the Subscribers in accordance
         with the provisions hereof, withholding thirty percent (30%) of any
         interest income on subscription

                                      -4-
<PAGE>

         proceeds (determined in accordance with paragraph 7) attributable to
         those Subscribers for whom the Escrow Agent does not possess an
         executed IRS Form W-9. However, the Escrow Agent shall not be required
         to remit any payments until funds represented by such payments have
         been collected by the Escrow Agent. The forgoing notwithstanding,
         interest, if any, earned on accepted subscription proceeds will be
         payable to a Subscriber only if the Subscriber's funds have been held
         in escrow by the Escrow Agent for at least 35 days; interest, if any,
         earned on accepted subscription proceeds of Subscribers' funds held
         less than 35 days will be payable to the Company.

         In the event that instruments of payment are returned for nonpayment,
the Escrow Agent is authorized to debit the Escrow Account or the
Pennsylvania/Nebraska Escrow Account, as applicable, in accordance with
paragraph 2 hereof.

4. The Escrow Agent shall report to the Company weekly on the account balances
in the Escrow Account and the Pennsylvania/Nebraska Escrow Account and the
activity in each account since the last report.

5. Prior to the disbursement of funds deposited in the Escrow Account or the
Pennsylvania/Nebraska Escrow Account in accordance with the provisions of
paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as
well as earnings and interest derived therefrom in the Escrow Account and the
Pennsylvania/Nebraska Escrow Account, as applicable, in the "Short-Term
Investments" specified below.

         "Short-Term Investments" include obligations of, or obligations
guaranteed by, the United States government or bank money-market accounts or
certificates of deposit of national or state banks that have deposits insured by
the Federal Deposit Insurance Corporation (including certificates of deposit of
any bank acting as a depository or custodian for any such funds) which mature on
or before the Expiration Date, unless such instrument cannot be readily sold or
otherwise disposed of for cash by the Expiration Date without any dissipation of
the offering proceeds invested. Without limiting the generality of the
foregoing, Exhibit B hereto sets forth specific Short-Term Investments that
shall be deemed permissible investments hereunder.

The following securities are not permissible investments:

         (a)      money market mutual funds;
         (b)      corporate equity or debt securities;
         (c)      repurchase agreements;
         (d)      bankers' acceptances;
         (e)      commercial paper; and
         (f)      municipal securities.

It is hereby expressly agreed and stipulated by the parties hereto that the
Escrow Agent shall not be required to exercise any discretion hereunder and
shall have no investment or management responsibility and, accordingly, shall
have no duty to, or liability for its failure to, provide investment
recommendations or investment advice to the parties hereto. It is the intention
of the parties hereto that the Escrow Agent shall never be required to use,
advance or risk its own funds or otherwise incur financial liability in the
performance of any of its duties or the exercise of any of its rights and powers
hereunder.

6. The Escrow Agent is entitled to rely upon written instructions received from
the Company, unless the Escrow Agent has actual knowledge that such instructions
are not valid or genuine; provided that, if in the Escrow Agent's opinion, any
instructions from the Company are unclear, the Escrow Agent may

                                      -5-
<PAGE>

request clarification from the Company prior to taking any action, and if such
instructions continue to be unclear, the Escrow Agent may rely upon written
instructions from the Company's legal counsel in distributing or continuing to
hold any funds. However, the Escrow Agent shall not be required to disburse any
funds attributable to instruments of payment that have not been processed for
collection, until such funds are collected and then shall disburse such funds in
compliance with the disbursement instructions from the Company.

7. If the Offering terminates prior to receipt of the Required Capital or one or
more Pennsylvania Subscribers or Nebraska Subscribers elects to have his or her
subscription returned in accordance with paragraph 3, interest income earned on
subscription proceeds deposited in the Escrow Account (the "Escrow Income"), the
Pennsylvania/Nebraska Escrow Account (the "Pennsylvania/Nebraska Escrow Income")
shall be remitted to Subscribers in accordance with paragraph 3 and without any
deductions for escrow expenses. Each Subscriber's pro rata portion of Escrow
Income or Pennsylvania/Nebraska Escrow Income, as applicable, shall be
determined as follows: the total amount of Escrow Income (or
Pennsylvania/Nebraska Escrow Income, as appropriate) shall be multiplied by a
fraction, (i) the numerator of which is determined by multiplying the number of
shares of Stock purchased by said Subscriber times the number of days said
Subscriber's proceeds are held in the Escrow Account or the
Pennsylvania/Nebraska Escrow Account, as applicable, prior to the date of
disbursement, and (ii) the denominator of which is the total of the numerators
for all such Subscribers in such account. The Company shall reimburse the Escrow
Agent for all escrow expenses. The Escrow Agent shall remit all such Escrow
Income and Pennsylvania/Nebraska Escrow Income in accordance with paragraph 3.
If the Company chooses to leave the Escrow Account open after receiving the
Required Capital then it shall make regular acceptances of subscriptions
therein, but no less frequently than monthly, and the Escrow Income from the
last such acceptance shall be calculated and remitted to the Subscribers or the
Company, as applicable, pursuant to the provisions of paragraph 3(f).

8. The Escrow Agent shall receive compensation from the Company as set forth in
Exhibit C attached hereto.

9. In performing any of its duties hereunder, the Escrow Agent shall not incur
any liability to anyone for any damages, losses, or expenses, except for willful
misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent
shall not incur any such liability with respect to any action taken or omitted
(a) in good faith upon advice of the Escrow Agent's counsel given with respect
to any questions relating to the Escrow Agent duties and responsibilities under
this Agreement, or (b) in reliance upon any instrument, including any written
instrument or instruction provided for in this Agreement, not only as to its due
execution and validity and effectiveness of its provisions but also as to the
truth and accuracy of information contained therein, which the Escrow Agent
shall in good faith believe to be genuine, to have been signed or presented by a
proper person or persons and to conform to the provisions of this Agreement.

10. The Company hereby agrees to indemnify and hold the Escrow Agent harmless
against any and all losses, claims, damages, liabilities, and expenses,
including reasonable attorneys' fees and disbursements, that may be imposed on
or incurred by the Escrow Agent in connection with acceptance of appointment as
the Escrow Agent hereunder, or the performance of the duties hereunder,
including any litigation arising from this Agreement or involving the subject
matter hereof, except where such losses, claims, damages, liabilities, and
expenses result from willful misconduct, breach of trust, or gross negligence.

11. In the event of a dispute between the parties hereto sufficient in the
Escrow Agent's discretion to justify doing so, the Escrow Agent shall be
entitled to tender into the registry or custody of any court of competent
jurisdiction all money or property in its hands under this Agreement, together
with such legal

                                      -6-
<PAGE>

pleadings as deemed appropriate, and thereupon be discharged from all further
duties and liabilities under this Agreement. In the event of any uncertainty as
to the duties hereunder, the Escrow Agent may refuse to act under the provisions
of this Agreement pending order of a court of competent jurisdiction and shall
have no liability to the Company or to any other person as a result of such
action. Any such legal action may be brought in such court as the Escrow Agent
shall determine to have jurisdiction thereof. The filing of any such legal
proceedings shall not deprive the Escrow Agent of its compensation earned prior
to such filing.

12. All communications and notices required or permitted by this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
or by messenger or by overnight delivery service or when received via telecopy
or other electronic transmission, in all cases addressed to the person for whom
it is intended at such person's address set forth below or to such other address
as a party shall have designated by notice in writing to the other party in the
manner provided by this paragraph:

         (a)      if to the Company:

                  Behringer Harvard REIT I, Inc.
                  1323 North Stemmons Freeway, Suite 210
                  Dallas, Texas 75207
                  Fax:  (214) 655-1610
                  Attention:  President and Chief Executive Officer

         (b)      if to the Dealer Manager:

                  Behringer Securities LP
                  1323 North Stemmons Freeway, Suite 202
                  Dallas, Texas 75207
                  Fax:  (214) 655-6801
                  Attention:  Chief Operating Officer of Harvard Property
                              Trust, LLC, General Partner

         (c)      if to the Escrow Agent:

                  Wells Fargo Bank Iowa, National Association
                  666 Walnut
                  N8200-034
                  Corporate Trust Services, PFG
                  Des Moines, IA 50309
                  Fax: (515) 245-3337
                  Attention:  M.J. Dolan

Each party hereto may, from time to time, change the address to which notices to
it are to be delivered or mailed hereunder by notice in accordance herewith to
the other parties.

13. This Agreement shall be governed by the laws of the State of Texas as to
both interpretation and performance without regard to the conflict of laws rules
thereof.

14. The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto.

15. The Company and the Dealer Manager hereby acknowledge that Wells Fargo Bank
Iowa, National Association is serving as Escrow Agent only for the limited
purposes herein set forth, and

                                      -7-
<PAGE>

hereby agree that they will not represent or imply that, by serving as Escrow
Agent hereunder or otherwise, have investigated the desirability or advisability
of investment in the Company or have approved, endorsed, or passed upon the
merits of the Stock or the Company, nor shall they use the name of the Escrow
Agent in any manner whatsoever in connection with the offer or sale of the Stock
other than by acknowledgment that is has agreed to serve as Escrow Agent for the
limited purposes herein set forth.

16. This Agreement and any amendment hereto may be executed by the parties
hereto in one or more counterparts, each of which shall be deemed to be an
original.

17. Except as otherwise required for subscription funds received from
Pennsylvania Subscribers and Nebraska Subscribers as provided herein, in the
event that the Escrow Agent receive instruments of payment after the Required
Capital has been received and the proceeds of the Escrow Account have been
distributed to the Company, the Escrow Agent is hereby authorized to deposit
such instruments of payment within one (1) business day to any deposit account
as directed by the Company. The application of said funds into a deposit account
or to forward such funds directly to the Company, in either case directed by the
Company shall be a full acquittance to the Escrow Agent, who shall not be
responsible for the application of said funds thereafter.

18. The Escrow Agent shall be bound only by the terms of this Escrow Agreement
and shall not be bound by or incur any liability with respect to any other
agreements or understanding between any other parties, whether or not the Escrow
Agent has knowledge of any such agreements or understandings.

19. Indemnification provisions set forth herein shall survive the termination of
this Agreement.

20. In the event that any part of this Agreement is declared by any court or
other judicial or administrative body to be null, void, or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the
other provisions of this Agreement shall remain in full force and effect.

21. Unless otherwise provided in this Agreement, final termination of this
Escrow Agreement shall occur on the date that all funds held in the Escrow
Account and the Pennsylvania/Nebraska Escrow Account are distributed either (a)
to the Company or to Subscribers pursuant to paragraph 3 hereof or (b) to a
successor escrow agent upon written instructions from the Company.

22. The Escrow Agent has no responsibility for accepting, rejecting, or
approving subscriptions. The Escrow Agent shall complete an OFAC search of each
subscription check prior to depositing the check in the Escrow Account or the
Pennsylvania/Nebraska Escrow Account and shall provide the Company with a report
containing the results of such OFAC search. The Dealer Manager shall provide a
copy of each subscription check in order that the Escrow Agent may perform such
OFAC search.

23. This Agreement shall not be modified, revoked, released, or terminated
unless reduced to writing and signed by all parties hereto, subject to the
following paragraph.

If, at any time, any attempt is made to modify this Agreement in a manner that
would increase the duties and responsibilities of the Escrow Agent or to modify
this Agreement in any manner which the Escrow Agent shall deem undesirable, or
at any other time, the Escrow Agent may resign by providing written notice to
the Company and until (a) the acceptance by a successor escrow agent as shall be
appointed by the Company; or (b) thirty (30) days after such written notice has
been given, whichever occurs sooner, the Escrow Agent's only remaining
obligation shall be to perform its duties hereunder in accordance with the terms
of the Agreement.

                                      -8-
<PAGE>

24. The Escrow Agent may resign at any time from its obligations under this
Escrow Agreement by providing written notice to the Company. Such resignation
shall be effective on the date specified in such notice which shall be not less
than thirty (30) days after such written notice has been given. The Escrow Agent
shall have no responsibility for the appointment of a successor escrow agent.

25. The Escrow Agent may be removed for cause by the Company by written notice
to the Escrow Agent effective on the date specified in such written notice. The
removal of the Escrow Agent shall not deprive the Escrow Agent of its
compensation earned prior to such removal.

                            [Signature page follows]

                                      -9-
<PAGE>

Agreed to as of the ____ day of ________________, 2002.

                                    BEHRINGER HARVARD REIT I, INC.

                                    By:
                                        ----------------------------------------
                                        Robert M. Behringer, President

                                    BEHRINGER SECURITIES LP

                                    By:  Harvard Property Trust, LLC
                                         Its General Partner

                                    By:
                                        ----------------------------------------
                                        Gerald J. Reihsen, III
                                        Chief Operating Officer

The terms and conditions contained above are hereby accepted and agreed to by:

WELLS FARGO BANK IOWA, NATIONAL ASSOCIATION, AS ESCROW AGENT

By:
   ----------------------------------------
Name:
     --------------------------------------
Title:
      -------------------------------------

                                      -10-
<PAGE>

                                    EXHIBIT A

      [Form of Notice to Pennsylvania Subscribers and Nebraska Subscribers]

You have tendered a subscription to purchase shares of common stock of Behringer
Harvard REIT I, Inc. (the "Company"). Your subscription is currently being held
in escrow. The guidelines of the Pennsylvania Securities Commission do not
permit the Company to accept subscriptions from Pennsylvania residents until an
aggregate of $44,000,000 of gross offering proceeds have been received by the
Company. The Pennsylvania guidelines provide that until this minimum amount of
offering proceeds is received by the Company, every 120 days during the offering
period Pennsylvania Subscribers may request that their subscription be returned.
The Nebraska Securities Commission has imposed similar requirements on the
Company with respect to subscriptions from Nebraska residents.

If you wish to continue your subscription in escrow until the
Pennsylvania/Nebraska minimum subscription amount is received, nothing further
is required.

If you wish to terminate your subscription for the Company's common stock and
have your subscription returned please so indicate below, sign, date, and return
to the Escrow Agent, Wells Fargo Bank Iowa, National Association, at the address
below.

I hereby terminate my prior subscription to purchase shares of common stock of
Behringer Harvard REIT I, Inc. and request the return of my subscription funds.
I certify to Behringer Harvard REIT I, Inc. that I am a resident of either
Pennsylvania or Nebraska.

                                    Signature

                                    Signature:
                                               ---------------------------------

                                    Name:
                                               ---------------------------------
                                                        (please print)

                                    Date:
                                               ---------------------------------

Please send the subscription refund to:

---------------------------------------

---------------------------------------

---------------------------------------
<PAGE>

                                    EXHIBIT B

                         PERMISSIBLE ESCROW INVESTMENTS

<PAGE>

                                    EXHIBIT C

                            ESCROW AGENT COMPENSATION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]