Document:

EXHIBIT
10.1

 

SECOND AMENDMENT

TO

ADVISORY MANAGEMENT
AGREEMENT

 

This SECOND AMENDMENT TO THE FIFTH AMENDED AND
RESTATED ADVISORY MANAGEMENT AGREEMENT (the “Amendment”) is made and entered into as of this 14th day of May,
2009 by and between BEHRINGER HARVARD REIT I, INC., a Maryland corporation (the
“Company”), and BEHRINGER ADVISORS, LLC, a Texas limited liability
company (the “Advisor”).

 

WHEREAS, the Company and the Advisor previously
entered into that certain Fifth Amended and Restated Advisory Management
Agreement dated December 29, 2006, as amended by the First Amendment to
the Fifth Amended and Restated Advisory Management Agreement dated June 25,
2008 (the “Agreement”).

 

WHEREAS, the Company and the Advisor desire to amend
the Agreement to permit the parties to audit the records, books and accounts of
the other party, as related to any fees and reimbursements paid to the Advisor.

 

NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby,
do hereby agree, as follows:

 

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

 

2.                                       Amendment to Article III.  Article III
of the Agreement is hereby amended by adding Section 3.05, as follows:

 

3.05                           Audit of Advisor Payments.  It
is the intention of the parties hereto to conform strictly to the applicable
provisions hereof as to fees, reimbursements and any other amounts (the “Advisor
Payments”) to be paid to the Advisor hereunder.  However, at any time, either party shall have
the right, upon reasonable written notice, to engage a separate audit, on a
confidential basis, of its own and the other party’s records, books and
accounts in respect of Advisor Payments to ascertain whether the Advisor
Payments were properly determined and paid. 
An audit may be engaged only once in any 12-month period regardless of
which party engages the audit.  Any such
audit shall be conducted by an independent certified public accounting firm of
recognized national standing designated by the party requesting the audit (the “Requesting
Party”), other than the then current auditor of its or any of its Affiliates’
financial statements, and shall be conducted during regular business hours and
in such a manner so as not to interfere with the Company’s or the Advisor’s
regular business activities.  The
Requesting Party shall bear the costs of the audit unless the audit
conclusively reveals an underpayment or overpayment of Advisor Payments adverse
to the Requesting Party in an amount greater than 10% of the total amount of
Advisor Payments owed for the period being inspected, in which case the other
party shall bear the costs of the audit. 
Any auditor who is engaged to perform an audit shall not be compensated
on a contingent basis or any other

 

 

basis that would tend to
give the auditor an interest in the outcome of the audit, and the auditor shall
perform its audit on an impartial basis and certify in writing as such.  If the audit conclusively reveals an
overpayment or underpayment of Advisor Payments, the Company or the Advisor
shall promptly pay to the other party the amount of the overpayment or
underpayment, as the case may be, without interest; provided, however, that in
the event that the audit conclusively reveals an overpayment of Advisor
Payments and the Advisor has at any time previously waived or forgiven in
writing any Advisor Payments that it would otherwise have been entitled to
hereunder, the Company shall credit against the overpayment any amounts
previously waived or forgiven, without interest, and the Advisor shall not be
obligated to repay the Company to the extent that the overpayments do not
exceed the aggregate of the waived or forgiven amounts not already so credited.  Any underpayment or overpayment under this
Agreement shall not be a breach of this Agreement unless and until an audit
performed in accordance with this Section 3.05 is completed and the party
who may be obligated to make a payment hereunder as a result of such audit shall
have failed to promptly make any required payment.

 

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

 

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

 

[The remainder of this page intentionally blank]

 

2

 

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

 

	
   

  	
  BEHRINGER
  HARVARD REIT I, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas F. August

  
	
   

  	
  Name:

  	
  Thomas F. August

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BEHRINGER ADVISORS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  Harvard Property Trust, LLC,

  
	
   

  	
  its
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Executive
  Vice President — 

  
	
   

  	
   

  	
  Corporate
  Development & Legal

  
				

 

3EXHIBIT 10.2

 

[BEHRINGER HARVARD REIT I, INC. LETTERHEAD]

 

May 14, 2009

 

Behringer
Advisors, LLC

15601
Dallas Parkway, Suite 600

Addison,
Texas  75001

 

                                                Re:                               Waiver of Asset
Management Fees

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Fifth Amended and Restated Advisory Agreement, dated as
of December 29, 2006, as amended (the “Advisory Agreement”), by and
between Behringer Harvard REIT I, Inc., a Maryland corporation (the “Company”),
and Behringer Advisors, LLC, a Texas limited liability company (the “Advisor”).  Capitalized terms used herein but not defined
herein shall have the meanings set forth in the Advisory Agreement.

 

In
consideration of the mutual agreements and covenants contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company and the Advisor hereby agree as follows:

 

1.                                       Waiver of Asset
Management Fees.  Notwithstanding
anything to the contrary contained in the Advisory Agreement, the Advisor, on
behalf of itself and its Affiliates, and its and their respective successors
and assigns, hereby waives the Company’s obligation to pay $2,500,000 of the
Asset Management Fee to the Advisor, as provided in Section 3.01(a) of
the Advisory Agreement, that would have otherwise become due and payable during
each of the Company’s second and third fiscal quarters of 2009.

 

2.                                       Ratification;
Effect on Advisory Agreement.

 

(a)                                  Ratification.  The Advisory Agreement, as amended by this
letter agreement, shall remain in full force and effect and is hereby ratified
and confirmed in all respects.

 

(b)                                 Effect on the
Advisory Agreement.  On and
after the date hereof, each reference in the Advisory Agreement to “this
Agreement,” “herein,” “hereof,” “hereunder,” or words of similar import shall
mean and be a reference to the Advisory Agreement as amended hereby.

 

3.                                       Miscellaneous.

 

(a)                                  Governing Law;
Venue.  This letter agreement and the
legal relations between the parties hereto shall be construed and interpreted
in accordance with the internal laws of the State of Texas without giving
effect to its conflicts of law principles, and venue for any action brought 

 

 

with
respect to any claims arising out of this letter agreement shall be brought
exclusively in Dallas County, Texas.

 

(b)                                 Modification.  This letter 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.

 

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

 

(d)                                 Severability.  The provisions of this letter 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.

 

(e)                                  Counterparts.  This letter 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 letter 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.  This letter agreement, to the extent signed
and delivered by means of electronic mail or a facsimile machine, shall be
treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were an
original signed version thereof delivered in person.  No party hereto shall raise the use of electronic
mail or a facsimile machine to deliver a signature or the fact that any
signature was transmitted or communicated through the use of electronic mail or
a facsimile machine as a defense to the formation or enforceability of a
contract and each party hereto forever waives any such defense.

 

[The remainder of this page intentionally blank]

 

2

 

If
the foregoing meets with your approval, please indicate your acceptance of this
letter agreement by countersigning a copy of this letter agreement in the space
indicated below.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  BEHRINGER
  HARVARD REIT I, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas F. August

  
	
   

  	
  Name:

  	
  Thomas
  F. August

  
	
   

  	
  Its:

  	
  Chief
  Executive Officer

  

 

 

Acknowledged
and agreed, as of

the
date first written above:

 

BEHRINGER
ADVISORS, LLC

 

	
  By:

  	
  Harvard Property Trust, LLC,

  
	
   

  	
  its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. Reihsen, III

  	
   

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Executive Vice President — 

  
	
   

  	
   

  	
  Corporate Development & Legal

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