Document:

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                                 LOAN AGREEMENT

        THIS LOAN AGREEMENT is made by and between FIRST AMERICAN BANK, SSB, a
Texas state savings bank ("Lender"), whose address is One Lincoln Park, 8401
North Central Expressway, Suite 500, Dallas, Texas 75225, and BEHRINGER HARVARD
HOLDINGS, LLC, a Delaware limited liability company ("BORROWER"), whose address
is 1323 N. Stemmons Freeway, Suite 200, Dallas, Texas 75207.

                                    ARTICLE I

                          DEFINITIONS AND USE OF TERMS

        1.01.   CERTAIN DEFINITIONS. As used herein, the following terms have
the meanings indicated, unless the context otherwise requires:

        "ADVANCE" means a disbursement by Lender of any of the proceeds of the
        Loan.

        "AGREEMENT" means this Loan Agreement, as the same may from time to time
        be amended or supplemented.

        "AVAILABILITY" means the sum of $12,600,000.00, reduced by the unpaid
        principal balance of the Loan at that time.

        "BORROWER" means all parties named Borrower in the first paragraph of
        this Agreement.

        "BUSINESS DAY" means a day other than a Saturday, Sunday or a day on
        which the Lender is closed for the transaction of business.

        "CLOSING DATE" means the date of this Agreement.

        "COLLATERAL" means all property securing the Loan, as described in the
        Security Agreement.

        "DEBTOR RELIEF LAWS" means any applicable liquidation, conservatorship,
        bankruptcy, moratorium, arrangement, insolvency, reorganization, or
        other similar laws, domestic or foreign, including but not limited to
        those in Title 11 of the United States Code, as amended from time to
        time, affecting the rights or remedies of creditors generally, as in
        effect from time to time.

        "DEFAULT" has the meaning set forth in ARTICLE V and in any other
        provision hereof using the term.

        "FINANCIAL STATEMENTS" means the financial information of Borrower and
        of Guarantor furnished to Lender.

        "GOVERNMENTAL AUTHORITY" means the United States of America, the state,
        the county, the city or any other political subdivision in which any
        part of the Collateral is located, and any court or political
        subdivision, agency, or instrumentality having jurisdiction over
        Borrower, Guarantor, or the Collateral.

        "GUARANTOR" means Behringer Harvard REIT I, Inc.

        "GUARANTY" means the continuing guaranty of the Obligations executed by
        the Guarantor.

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        "LENDER" means Lender named in the first paragraph of this Agreement and
        its successors and assigns, in whole or in part.

        "LOAN" means the loan made by Lender to Borrower in the maximum amount
        of $12,600,000.00, and all renewals or extensions thereof, if
        applicable.

        "LOAN DOCUMENTS" means this Agreement, the Note, the Guaranty, the
        Security Agreement, and such other documents evidencing, securing or
        pertaining to the Loan as shall from time to time be executed and
        delivered to Lender by Borrower, Guarantor or any other party pursuant
        to this Agreement, and any future amendments or supplements hereto or
        thereto.

        "MATERIAL ADVERSE CHANGE" means any occurrence or combination of
        occurrences which could reasonably be expected to be material and
        adverse to the financial condition or business operation of Borrower or
        Guarantor or which could reasonably be expected to cause a Default.

        "MAXIMUM RATE" means the maximum nonusurious interest rate, if any, that
        at any time or from time to time may be contracted for, taken, reserved,
        charged, or received on the indebtedness evidenced by the Loan, or
        either of them, under the laws, which are presently in effect, of the
        United States of America and the State of Texas applicable to the
        Borrower and such indebtedness or, to the extent allowed by law, under
        such applicable laws of the United States of America and the State of
        Texas which may hereafter be in effect and which allow a higher maximum
        nonusurious interest rate than applicable laws now allow. For purposes
        of determining the Maximum Rate under the laws of the State of Texas,
        the applicable rate ceiling shall be (a) the "weekly ceiling" described
        in and computed in accordance with the provisions of Section 303.303 of
        the Texas Finance Code, as amended, or (b) if the parties subsequently
        contract as allowed by Texas law, the quarterly ceiling or annualized
        ceiling computed pursuant to Section 303.008 of the Texas Finance Code,
        as amended; provided, however, if at any time the "weekly ceiling," the
        quarterly ceiling or the annualized ceiling shall be less than 18.0% per
        annum or more than 24% per annum, the provisions of Section 303.009(a)
        and (b) of the Texas Finance Code, as amended, shall control for
        purposes of such determination, as applicable. The Maximum Rate shall be
        applied by taking into account all amounts characterized by applicable
        law as interest on the indebtedness evidenced by the Loan, so that the
        aggregate of all interest does not exceed the maximum nonusurious amount
        permitted by applicable law.

        "NOTE" means the Promissory Note made by Borrower payable to the order
        of Lender in the maximum amount of $12,600,000.00 and evidencing the
        Loan.

        "OBLIGATIONS" means all present and future indebtedness, obligations and
        liabilities of Borrower to Lender arising pursuant to this Agreement or
        any of the other Loan Documents or otherwise, and any renewals,
        extensions or amendments thereof, or any part thereof, regardless of
        whether such indebtedness, obligations and liabilities are direct,
        indirect, fixed, contingent, liquidated, unliquidated, joint, several or
        joint and several.

        "PERSON" means any individual, firm, corporation, association,
        partnership, joint venture, trust, other entity, unincorporated
        organization or Governmental Authority.

        "PRINCIPAL DEBT" means the aggregate unpaid balance of all Advances of
        the Loan and all other principal indebtedness, if any, under the Note at
        the time in question.

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        "PROCEEDS" means all products and proceeds of any collateral, and all
        proceeds of such products and proceeds, including, without limitation,
        all cash and credit balances, all payments under any indemnity, warranty
        or guaranty payable with respect to any Collateral, all awards for
        taking by eminent domain, all proceeds of any fire or other insurance,
        and all money and other property obtained as a result of any claims
        against third parties or any legal action or proceeding with respect to
        any Collateral.

        "PRIME RATE" means the variable rate of interest per annum established
        from time to time by THE WALL STREET JOURNAL (Southwest Edition) in
        Section C thereof under the heading "Money Rates," as the base rate of
        interest for corporate loans at larger commercial banks (or, if more
        than one such rate is published, the higher or highest of the rates so
        published). If such Prime Rate is no longer published by THE WALL STREET
        JOURNAL, then Lender shall substitute for such rate a prime rate of
        interest quoted for corporate loans at a large commercial bank
        designated by Lender, in its sole discretion, for the Prime Rate
        initially specified herein.

        "RIGHTS" means rights, remedies, powers and privileges.

        "SECURITY AGREEMENT" means, collectively, the security agreements and
        pledges provided by the Borrower, the Guarantor or any other Person
        securing the payment and performance of the Obligations, covering any of
        the Collateral and the proceeds of the Collateral.

        1.02.   HEADINGS. The headings, captions, and arrangements used in any
of the Loan Documents are, unless specified otherwise, for convenience only and
shall not be deemed to limit, amplify, or modify the terms of the Loan Documents
nor to affect the meaning thereof.

        1.03.   NUMBER AND GENDER OF WORDS. Whenever herein the singular number
is used, the same shall include the plural where appropriate, and words of any
gender shall include each other gender where appropriate. References herein to
Borrower or to Guarantor shall mean, jointly and severally, each Person
comprising same.

        1.04.   MONEY. Unless stipulated otherwise, all references herein or in
any of the Loan Documents to "Dollars," "money," "payments," or other similar
financial or monetary terms are references to currency of the United States of
America.

        1.05.   ARTICLES, SECTIONS AND EXHIBITS. All references herein to
Articles and Sections are, unless specified otherwise, references to articles
and sections of this Agreement. All references herein to an "Exhibit," "Annex"
or "Schedule" are references to exhibits, annexes or schedules attached hereto,
all of which are made a part hereof for all purposes, the same as if set forth
herein verbatim, it being understood that if any exhibit, annex or schedule
attached hereto, which is to be executed and delivered, contains blanks, the
same shall be completed correctly and in accordance with the terms and
provisions contained and as contemplated herein prior to or at the time of the
execution and delivery thereof. The words "herein," "hereof," "hereunder" and
other similar compounds of the word "here" when used in this Agreement shall
refer to the entire Agreement and not to any particular provision or section.

<PAGE>

                                   ARTICLE II

                     COMMITMENT TO LEND; ADVANCES; PAYMENTS

        2.01.   COMMITMENT TO LEND. Subject to and upon the terms, covenants,
and conditions hereof, Lender hereby agrees to make the Loan to the Borrower.
The Loan shall be evidenced by the Note and shall not exceed the sum of
$12,600,000.00. Lender's commitment hereunder is not revolving and any principal
payment or prepayment hereunder may not be reborrowed.

        2.02.   INTEREST. Interest at the rates specified in the Note shall be
computed on the Principal Debt which exists from time to time on each such note,
and shall be computed with respect to each Advance made on each such note only
from the date of each such Advance made on such note. In no event shall any
interest provided on the Loan exceed the Maximum Rate.

        2.03.   PROCEDURE FOR BORROWING. Borrower shall request any Advance on
the Loan in writing, in the form of advance request attached hereto as EXHIBIT
"A". Lender shall not be required to make any Advance on the Loan until all
conditions to each Advance, as specified in SECTION 2.04 hereof, shall have been
fulfilled to the satisfaction of Lender. Each request for an Advance on the Loan
shall be submitted by Borrower to Lender a reasonable time (but not less than
one (1) Business Day) prior to the requested date (which must be a Business Day)
of the Advance. Except as Lender may otherwise determine from time to time, each
Advance will be made at Lender's principal office.

        2.04.   CONDITIONS TO INITIAL ADVANCE. As conditions precedent to the
initial Advance of the Loan, Borrower must satisfy the conditions required
hereby and execute and deliver to the Lender, and if appropriate record in the
proper records with all filing and recording fees paid, the documents,
certificates, and other items referred to in EXHIBIT "B".

        2.05.   CONDITIONS TO ADVANCES ON LOAN. As conditions precedent to each
Advance on the Loan, in addition to all other requirements herein, Borrower must
satisfy the following requirements:

        (a)     There shall then exist no Default nor shall there have occurred
                any event which, with the giving of notice or the lapse of time,
                or both, could become a Default.

        (b)     The representations and warranties made in this Agreement shall
                be true and correct on and as of the date of each Advance, and
                the request for an Advance shall constitute the representation
                and warranty by Borrower that such representations and
                warranties are true and correct at such time.

        (c)     The sum of the Principal Debt plus the amount of the requested
                Advance on the Loan shall not be in excess of the Availability.

        2.06.   NO WAIVER. No Advance shall constitute a waiver of any condition
precedent to the obligation of Lender to make any further Advance or preclude
Lender from thereafter declaring the failure of Borrower to satisfy such
condition precedent to be a Default.

        2.07.   CONDITIONS PRECEDENT FOR THE BENEFIT OF LENDER. All conditions
precedent to the obligation of Lender to make any Advance are imposed hereby
solely for the benefit of Lender, and no other party may require satisfaction of
any such condition precedent or be entitled to assume that Lender will refuse to
make any Advance in the absence of strict compliance with such conditions
precedent. Any

<PAGE>

requirement of this Agreement may be waived by Lender, in whole or in part, at
any time. Any requirement herein of submission of evidence of the existence or
nonexistence of a fact means that the fact shall exist or not exist, as the case
may be, and without waiving any condition or any obligation of Borrower, Lender
may at all times independently establish to its satisfaction such existence or
nonexistence.

        2.08.   REGULATORY RESTRICTIONS. Notwithstanding anything in this
Agreement or the other Loan Documents to the contrary, in no event shall Lender
be required to disburse, nor shall Borrower be entitled to demand that Lender
disburse, all or any portion of the Loan if the amount of the Loan would, in
Lender's sole and absolute discretion, cause Lender to exceed the lending limit
to a single Borrower under any applicable state or federal law, regulation or
ruling. If Lender determines, in its sole and absolute discretion, at any time
(including after any portion or all of any such Loan has been disbursed) that
the transaction evidenced by this Agreement and the other Loan Documents
violates such lending limit restriction, then the Lender shall have the right to
immediately declare the applicable Loan to be due and payable, and shall,
thereafter, have no further obligations to disburse any further proceeds of such
Loan. In such event, Borrower shall be required to immediately pay all
outstanding Obligations on such Loan and shall have no further rights and
privileges under this Agreement and the other Loan Documents to obtain other or
further advances on such Loan.

        2.09.   PAYMENTS. The Borrower shall repay the Loan, plus all accrued
and unpaid interest thereon, in accordance with the terms and conditions of the
Note.

                                   ARTICLE III

               BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES.

        3.01    BOOKS AND RECORDS. Borrower shall maintain, at all times,
correct and complete books, records and accounts in which complete, correct and
timely entries are made of its transactions in accordance with generally
accepted accounting standards.

        3.02    FINANCIAL INFORMATION. Borrower shall promptly furnish to Lender
all such financial information as Lender shall reasonably request, and notify
its auditors and accountants that Lender is authorized to obtain such
information directly from them.

                                   ARTICLE IV

              REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER

        Borrower hereby represents and warrants as follows:

        4.01.   FINANCIAL STATEMENTS. The Financial Statements are true, correct
and complete as of the dates specified therein and fully and accurately present
the financial condition of Borrower and of Guarantor as of the dates specified.
Since the date of the Financial Statements, no Material Adverse Change has
occurred in the financial condition of Borrower or Guarantor nor, except as
heretofore disclosed in writing to Lender, has Borrower or Guarantor incurred
any material liability, direct or indirect, fixed or contingent. Borrower is
solvent.

<PAGE>

        4.02.   SUITS, ACTIONS, ETC. There are no actions, suits or proceedings
pending or to the knowledge of Borrower threatened before or by any Governmental
Authority against or affecting Borrower, Guarantor or the Collateral, or
involving the validity, enforceability or priority of any of the Loan Documents
which is reasonably expected by any such party to result in a Material Adverse
Change. Neither Borrower nor Guarantor is, and the consummation of the
transactions contemplated hereby and the performance or satisfaction of any of
the terms or conditions hereof and of the other Loan Documents will not cause
Borrower or Guarantor to be, in violation of or in default with respect to any
requirement of any Governmental Authority or in default (or provide cause for
acceleration of indebtedness) under any mortgage, deed of trust, lease,
promissory note, loan agreement, credit agreement, partnership agreement or
other agreement or restriction to which Borrower or Guarantor is a party or by
which Borrower or Guarantor or the Collateral may be bound or affected.

        4.03.   STATUS OF BORROWER; VALID AND BINDING OBLIGATION. Each Person
comprising the Borrower is and shall until the Obligations are fully discharged
continue to be (a) duly organized and validly existing and in good standing
under the laws of the state of its organization; (b) in compliance with all
conditions prerequisite to its lawfully doing business in the State of Texas;
and (c) possessed of all power and authority necessary to enter into and perform
Borrower's obligations under the Loan Documents and to make the borrowings
contemplated hereby. All of the Loan Documents, and all other documents referred
to herein to which Borrower or Guarantor is a party, upon execution and delivery
will constitute valid and binding obligations of Borrower or Guarantor, as the
case may be, enforceable in accordance with their terms except as the
enforcement thereof may be limited by Debtor Relief Laws.

        4.04.   PURPOSE OF LOAN. The proceeds of the Loan will be used for
business purposes of the Borrower. Such proceeds are not and will not be used,
directly or indirectly, for personal, family, household or agricultural
purposes.

        4.05.   NO FAILURE TO DISCLOSE. No representation or warranty made by
Borrower under this Agreement and no document, instrument or certificate
furnished, to be furnished or caused to be furnished by Borrower or Guarantor to
Lender in anticipation of or pursuant to this Agreement contains or will contain
any untrue statement of a material fact or omits or will omit to state a
material fact necessary to make the statements contained therein not misleading.

        4.06.   USE OF PROCEEDS. The proceeds of the Loan shall be used solely
to fund the acquisition of real estate properties held for subsequent transfer
to affiliates or third parties (each a "Project"). Borrower shall notify Lender
each time that it makes a borrowing under this Note of the Project to which it
relates and certify that the borrowing is being made in compliance with this
Section 4.06. Lender shall have no obligation to verify the use of such
proceeds.

                                    ARTICLE V

                                     DEFAULT

        5.01.   DEFAULT. The term "DEFAULT," as used herein, shall include the
occurrence of any one or more events of default under any of the Loan Documents.

<PAGE>

                                   ARTICLE VI

                          GENERAL TERMS AND CONDITIONS

        6.01.   NOTICES. All notices, demands, requests and other communications
required or permitted hereunder, or under any other Loan Document except as
otherwise provided therein, shall be in writing and shall be deemed to be given
and delivered when received, or if earlier and regardless of whether or not
actually received (except where actual receipt is specified herein or in any
other Loan Document), three (3) days following deposit of such notice in a
regularly maintained receptacle for the United States mail, registered or
certified, postage fully prepaid, return receipt requested, addressed to
Borrower or Lender, as the case may be, at its address specified on the first
page of this Agreement or at such other address as such party may have specified
theretofore by notice delivered in accordance with this SECTION 9.01 and
actually received by the other party. To the extent actual receipt is required,
rejection or other refusal to accept or the inability to deliver because of
changed address of which no notice was received shall be deemed to be receipt of
the notice, demand, request or other communication.

        6.02.   CONTINUATION AND SURVIVAL. All covenants, agreements,
representations and warranties made in or pursuant to this Agreement shall be
deemed continuing and made at and as of the date of this Agreement and at and as
of all times thereafter. All statements contained in any certificate, Financial
Statement, legal opinion or other instrument delivered by or on behalf of
Borrower or Guarantor pursuant to or in connection with any of the Loan
Documents shall constitute additional representations and warranties made under
this Agreement. All covenants, agreements, representations and warranties made
in or pursuant to this Agreement shall survive until payment in full of all sums
owing and performance of all Obligations hereunder by Borrower to Lender and
shall not be waived by the execution and delivery of this Agreement, any Advance
hereunder, any investigation by Lender, or any other event except a specific
written waiver by Lender.

        6.03.   MODIFICATIONS. No provision of this Agreement or the other Loan
Documents may be modified, waived or terminated except by instrument in writing
(referring specifically to the particular instrument) executed by the party
against whom the modification, waiver or termination is sought to be enforced.

        6.04.   INVALID PROVISIONS. If any one or more of the provisions of this
Agreement, or the applicability of any such provision to a specific situation,
shall be held invalid or unenforceable, such provision shall be modified to the
minimum extent necessary to make it or its application valid and enforceable,
and the validity and enforceability of all other provisions of this Agreement
and all other applications of any such provision shall not be affected thereby.

        6.05.   ELECTION OF REMEDIES. Lender shall have all of the Rights
granted in the Loan Documents or otherwise and all of those available at law or
in equity, and these same Rights shall be cumulative and may be pursued
separately, successively or concurrently against Borrower, Guarantor or any
property covered under the Loan Documents at the sole discretion of Lender. The
exercise or failure to exercise any of the same shall not constitute a waiver or
release thereof or of any other Right, and the same shall be nonexclusive.

        6.06.   LOAN DOCUMENTS. All documents, certificates, insurance policies
and other items required under this Agreement to be executed or delivered to
Lender must be in form, scope and substance satisfactory to Lender. All
documents evidencing, guaranteeing, securing or pertaining to the Loan

<PAGE>

shall be prepared by counsel selected by Lender.

        6.07.   APPLICABLE LAW. This Agreement and the other Loan Documents have
been executed and delivered in the State of Texas, the repayment of the Loan is
performable in Dallas County, Texas.

        6.08.   COUNTERPART EXECUTION. This Agreement may be executed in several
counterparts, each of which shall be fully effective as an original and all of
which together shall constitute one and the same instrument.

        EXECUTED AND DELIVERED on the ____ day of October, 2004.

                                           LENDER:

                                           FIRST AMERICAN BANK, SSB,
                                           a Texas state savings bank

                                           By:_____________________________
                                           Name:___________________________
                                           Title:__________________________

                                           BORROWER:

                                           BEHRINGER HARVARD HOLDINGS, LLC,
                                           a Delaware limited liability company

                                           By:_____________________________
                                           Name:___________________________
                                           Title:__________________________

<PAGE>

                                   EXHIBIT "A"

                               REQUEST FOR ADVANCE

        TO:          FIRST AMERICAN BANK ("LENDER")

        FROM:        BEHRINGER HARVARD HOLDINGS, LLC

        DATE:        ____________________

        RE:          $12,600,000 LOAN

        THIS REQUEST FOR ADVANCE is prepared and delivered pursuant to that
certain Loan Agreement (the "Loan Agreement") dated October ___, 2004, by and
between Lender and Borrower. All terms with their initial letter capitalized
shall have the same meaning herein as such term is defined in the Loan
Agreement.

        1.      Please be advised that the Borrower wishes to borrow under and
pursuant to the Loan Agreement and the Note, the principal sum of
$______________ on ___________________, 20__, (an "Advance") which, when
borrowed, shall cause the sum of the principal balance of the Advances made by
the Lender under the Loan to be $----------------.

        2.      The Advance shall be used for the following
Project:______________________________ (the "Applicable Project").

        3.      Borrower hereby certifies that:

                a.      upon making the Advance, the principal balance of the
                        outstanding Advances made by the Lender will be equal to
                        or less than the Availability;

                b.      the representations and warranties made in the Loan
                        Agreement and the Loan Documents are true and correct in
                        all material respects as of the date hereof;

                c.      no Default under the Loan Documents has occurred and is
                        continuing or would be caused by the Advance requested
                        hereby;

<PAGE>

                d.      Borrower has performed and complied in all material
                        respects with all agreements and conditions required to
                        be performed or complied with by it under the Loan
                        Documents;

                e.      all necessary authorizations and approvals contemplated
                        by the Loan Documents have been duly obtained and are in
                        full force and effect;

                f.      the proceeds of the requested Advance shall be used to
                        fund acquisition and syndication costs and deposits with
                        respect to the Applicable Project; and

                g.      The Advance is being made in compliance with Section
                        4.06 of the Loan Agreement.

                                            BEHRINGER HARVARD HOLDINGS, LLC,
                                            a Delaware limited liability company

                                            By:    _____________________________
                                            Name:  _____________________________
                                            Title: _____________________________

APPROVED BY:

BEHRINGER HARVARD REIT I, INC.

By: ____________________________
Name:___________________________
Title:__________________________

<PAGE>

                                   EXHIBIT "B"

        A.      The Note, dated the Closing Date.

        B.      The Security Agreement, dated the Closing Date.

        C.      The Guaranty, dated the Closing Date.

        D.      Financing Statements (Form UCC-1 or as required by Lender) with
respect to the security interests granted in the Loan Documents, together with
evidence of the priority of the respective security interests perfected thereby.

        E.      Financial Statements of the Borrower and the Guarantor.

        F.      A true and complete copy of the Articles of Organization of each
Person comprising the Borrower, all amendments thereto, certified by the
Secretary of State of the state of incorporation of such Person, together with a
true and correct copy of the Regulations of the Borrower, and all amendments
thereto, certified by Borrower's Secretary, and accompanied by:

        (a)     Current certificate of corporate existence and a current
                certificate of good standing issued by the applicable
                Governmental Authorities, confirming the filing of all required
                franchise tax reports and the payment of all franchise taxes
                due.

        (b)     A certified corporate resolution of the Members of the Borrower
                approving the Loan Documents, authorizing the transactions
                contemplated by this Agreement and an incumbency certificate
                naming all of the officers of the Borrower indicating which of
                such officers are authorized to execute and deliver the Loan
                Documents on behalf of the Borrower.

        G.      A true and complete copy of the Articles of Incorporation of
each Person comprising the Guarantor, certified by the Secretary of State of the
state of incorporation of such Person, together with a true and correct copy of
the Bylaws of the Guarantor, and all amendments thereto, certified by
Guarantor's Secretary, and accompanied by:

        (a)     Current certificate of corporate existence and a current
                certificate of good standing issued by the applicable
                Governmental Authorities, confirming the filing of all required
                franchise tax reports and the payment of all franchise taxes
                due.

<PAGE>

        (b)     A certified corporate resolution of the Board of Directors of
                the Borrower approving the Loan Documents, authorizing the
                transactions contemplated by this Agreement and an incumbency
                certificate naming all of the officers of the Guarantor
                indicating which of such officers are authorized to execute and
                deliver the Loan Documents on behalf of the Guarantor.

        H.      Such other satisfactory evidence as Lender shall require that
all necessary action on the part of Borrower and Guarantor has been taken with
respect to the execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby so that this Agreement and all other Loan
Documents to be executed and delivered by or on behalf of Borrower or any
Guarantor will be valid and binding upon Borrower, Guarantor and any other
Person executing and delivering such documents, as the case may be.<PAGE>

                                 PROMISSORY NOTE

$12,600,000.00                     Dallas, Texas           As of October 1, 2004

        FOR VALUE RECEIVED, the undersigned, BEHRINGER HARVARD HOLDINGS, LLC, a
Delaware limited liability company (hereinafter referred to as "BORROWER"),
promises to pay to the order of FIRST AMERICAN BANK, SSB, a Texas state savings
bank (hereinafter referred to as "LENDER"), the sum of Twelve Million Six
Hundred Thousand and No/100 Dollars ($12,600,000.00), or so much thereof as may
be advanced and outstanding, with interest thereon at the rate provided below.

        INTEREST RATE. This Promissory Note (the "NOTE") shall bear interest on
the unpaid principal balance hereof from day to day remaining from the date
hereof until maturity at the rate per annum, which interest rate (the "INTEREST
RATE") shall from day to day be equal to the LESSER of (a) the Maximum Legal
Rate (hereinafter defined) or (b) the rate which is the GREATER of (i) six
percent (6%) per annum, or (ii) one percent (1%) in excess of the Prime Rate
(hereinafter defined) in effect from day to day; provided, however, if at any
time the rate of interest specified in clause (b) preceding would exceed the
Maximum Legal Rate, thereby causing the interest on the indebtedness evidenced
by this Note to be limited to the Maximum Legal Rate, then any subsequent
reduction in the Prime Rate shall not reduce the rate of interest on the
indebtedness evidenced by this Note below the Maximum Legal Rate until the total
amount of interest accrued on the indebtedness evidenced by this Note equals the
amount of interest which would have accrued on the indebtedness evidenced by
this Note if the rate specified in clause (b) preceding had at all times been in
effect. As used herein, the term "PRIME RATE" means the variable rate of
interest per annum established from time to time in the Money Rates column of
THE WALL STREET JOURNAL (Central Edition) or, if such publication shall
designate two or more published rates as the "prime rate" as of any Business
Day, "Prime Rate" shall mean the rate of interest per annum publicly announced
by Lender as its prime rate in effect at its principal office in Dallas, Texas.
For each day that is not a Business Day, the "Prime Rate" shall be the "Prime
Rate" in effect on the immediately preceding Business Day. Changes in the Prime
Rate, as defined above, shall be effective from and including the Business Day
such change is published or announced, as the case may be. Each change in the
Interest Rate shall become effective, without notice to Borrower, on the
effective date of each change in the Prime Rate.

        MAXIMUM LEGAL RATE. As used herein, the term "MAXIMUM LEGAL RATE," shall
mean the maximum nonusurious interest rate, if any, that at any time or from
time to time may be contracted for, taken, reserved, charged, or received on the
indebtedness evidenced by this Note under the laws, which are presently in
effect, of the United States of America and the State of Texas applicable to the
Borrower and such indebtedness or, to the extent allowed by law, under such
applicable laws of the United States of America and the State of Texas which may
hereafter be in effect and which allow a higher maximum nonusurious interest
rate than applicable laws now allow. For purposes of determining the Maximum
Legal Rate under the laws of the State of Texas, the applicable rate ceiling
shall be (a) the "weekly ceiling" described in and computed in accordance with
the provisions of Section 303.303 of the Texas Finance Code, as amended, or

<PAGE>

(b) if the parties subsequently contract as allowed by Texas law, the quarterly
ceiling or annualized ceiling computed pursuant to Section 303.008 of the Texas
Finance Code, as amended; provided, however, if at any time the "weekly
ceiling," the quarterly ceiling or the annualized ceiling shall be less than
18.0% per annum or more than 24% per annum, the provisions of Section 303.009(a)
and (b) of the Texas Finance Code, as amended, shall control for purposes of
such determination, as applicable. The Maximum Legal Rate shall be applied by
taking into account all amounts characterized by applicable law as interest on
the indebtedness evidenced by this Note, so that the aggregate of all interest
does not exceed the maximum nonusurious amount permitted by applicable law. The
Maximum Rate shall be calculated in a manner that takes into account any and all
fees, payments, and other charges in respect of the Loan Documents that
constitute interest under applicable law. Each change in any interest rated
provided for herein based upon the Maximum Rate resulting from a change in the
Maximum Rate shall take effect without notice to the Borrower at the time of
such change in the Maximum Rate.

        PAYMENT SCHEDULE. Commencing on January 1, 2005, and continuing
thereafter through the final maturity date hereof, Borrower shall pay to the
holder hereof quarterly installments of all accrued and unpaid interest on this
Note. The entire amount of unpaid principal and interest accrued hereon shall be
due and payable on the first anniversary of this Note.

        APPLICATION OF PAYMENTS; LATE CHARGES. All payments on this Note shall
be applied, first, to the payment of accrued interest and the balance to
principal; provided, however, in the event that the Lender shall have made any
advance in addition to the principal of this Note under the terms of any
instrument evidencing or securing the payment of this Note, any payment
received, at the option of Lender, may first be applied to repay such advances
plus interest thereon. All past due principal and accrued interest on this Note
shall bear interest from maturity until paid at the Maximum Legal Rate, or, if
there is no Maximum Legal Rate, at the rate of eighteen percent (18%) per annum.
Further, at the option of the Lender, Borrower will pay a "late charge" not
exceeding five percent (5%) of any delinquent installment on the Note when such
installment is paid more than five (5) days after the due date thereof,
regardless of whether or not such delinquency shall constitute an Event of
Default (hereinafter defined) hereunder, to cover the extra expenses involved in
handling delinquent payments. If any installment of principal and/or interest on
this Note shall become due on a Saturday, Sunday or any other day on which
Lender is not open for business, such installment shall be paid on the next
succeeding day on which Lender is open for business, and such extension of time
shall in such event be included in computing the amount of interest payable in
connection with such installment.

        EVENTS OF DEFAULT. The occurrence of any one or more of the following
events shall constitute an "EVENT OF DEFAULT" hereunder (whether such occurrence
shall be voluntary or involuntary or come about or be effected by operation of
law or otherwise):

(a)     The Borrower shall fail to make any payment of principal or interest
        upon this Note on the date when due; or

<PAGE>

(b)     The Borrower or the Guarantor (hereinafter defined) shall fail to duly
        observe, perform or comply with any covenant, agreement or term
        contained in this Note or any of the Loan Documents (hereinafter
        defined). The "LOAN DOCUMENTS" shall mean all documents and instruments
        evidencing or securing the Note; or

(c)     Any of the following: (i) the Borrower or the Guarantor shall become
        insolvent or unable to pay its debts as they mature, make an assignment
        for the benefit of creditors' or admit in writing its inability to pay
        its debts generally as they become due or fail generally to pay its
        debts as they mature; or (ii) an order, judgment or decree is entered
        adjudicating the Borrower or the Guarantor insolvent; or, (iii) the
        Borrower or the Guarantor shall petition or apply to any tribunal for
        the appointment of a trustee, receiver, custodian or liquidator of the
        Borrower or the Guarantor or of any substantial part of the assets of
        the Borrower or the Guarantor under any bankruptcy, reorganization,
        compromise, arrangement, insolvency, readjustment of debts, dissolution,
        or liquidation law of any jurisdiction, whether now or hereafter in
        effect; or (iv) any such petition or application shall be filed, or any
        such proceeding shall be commenced, of a type described in subsection
        (iii), above, against the Borrower or the Guarantor, as the case may be,
        by any act shall indicate its approval thereof, consent thereto or
        acquiescence therein, or an order, judgment or decree shall be entered
        appointing any such trustee, receiver, custodian or liquidator, or
        approving the petition in any such proceeding; or (v) any order,
        judgment or decree shall be entered in any proceedings against the
        Borrower decreeing the dissolution of the Borrower and such order,
        judgment or decree shall remain unstayed and in effect for more than
        sixty (60) days; or (vi) any order, judgment or decree shall be entered
        in any proceedings against the Borrower decreeing a split-up of the
        Borrower which requires the divestiture of a substantial part of the
        assets of the Borrower, and such order, judgment or decree shall remain
        unstayed and in effect for more than sixty (60) days; or (vii) the
        Borrower shall fail to make timely payment or deposit of any amount of
        tax required to be withheld by the Borrower and paid to or deposited to
        or to the credit of the United States of America pursuant to the
        provisions of the Internal Revenue Code, in respect of any and all wages
        and salaries paid to employees of the Borrower.

        Upon the occurrence of any Event of Default or other default hereunder
or under any other agreement or instrument securing or assuring the payment of
this Note or executed in connection herewith, the holder hereof may, at its
option, declare the entire unpaid balance of principal and accrued interest on
this Note to be immediately due and payable; provided, however, upon the
occurrence of any of the Events of Default described in clause (c) above, the
entire unpaid balance of principal and accrued interest upon this Note shall,
without any action by Lender, immediately become due and payable without demand
for payment, presentment, protest, notice of protest and non-payment, or other
notice of default, notice of acceleration, note of intention to accelerate or
any other notice, all of which are expressly waived by Borrower.

<PAGE>

        "DEFAULT RATE" shall mean the lesser of (i) the Maximum Rate or (ii) the
Interest Rate in effect from day to day plus four percent (4.0%). After the
occurrence and during the continuation of an Event of Default, the principal of
this Note shall bear interest at the greater of (i) a per annum rate equal to
the Default Rate, or (ii) six percent (6%) per annum.

        CALCULATION OF INTEREST RATE. The books and records of the Lender shall
constitute prima facie evidence of the outstanding principal amount of this Note
and interest accrued in respect thereof. Computation of interest on all amounts
payable by the Borrower hereunder shall be computed on the basis of a year of
360 days and the actual number of days elapsed (including the first day but
excluding the last) unless such calculation would result in a usurious rate, in
which case interest shall be calculated on the basis of a year of 365 or 366
days, as the case may be. Notwithstanding the foregoing, if at any time the
Interest Rate shall exceed the Maximum Rate, thereby causing the interest
payable on this Note to be limited to the Maximum Rate, then any subsequent
reductions in the Interest Rate shall not reduce the rate of interest charged
hereunder below the Maximum Rate until the total amount of interest accrued
hereon from and after the date hereof equals the amount of interest that would
have accrued hereon if the Interest Rate had at all times been in effect.

        GUARANTOR. This Note is secured by a Guaranty Agreement (the
"GUARANTY"), dated of event date herewith, executed by Behringer Harvard REIT I,
Inc. (the "GUARANTOR"). Reference is hereby made to the Guaranty for a
description of the rights of the Lender (or the holder of this Note) and the
Borrower in respect thereof.

        PREPAYMENT. Borrower may prepay the principal hereof, in full or in
part, at any time, without premium or penalty. Upon full payment, this Note
shall be canceled and returned to Borrower.

        WAIVERS; CONSENTS. Except as expressly otherwise provided herein,
Borrower, and all sureties, endorsers, guarantors, and any other party now or
hereafter liable for the payment of this Note, in whole or in part, hereby
jointly and severally waive (to the extent permitted by law) all applicable
exemption rights, whether under the Texas Constitution, homestead laws or
otherwise, and also jointly and severally waive valuation and appraisement,
demand, presentment, protest, notice of non-payment, notice of dishonor, notice
of acceleration, notice of intent to accelerate, notice of protest and any and
all other notices or lack of diligence or delay in collection or the filing of
suit hereon which may occur, and consent to all renewals, extensions, releases,
or substitutions of security, in whole or in part, with or without notice,
before or after maturity hereof and to all partial payments hereon, whether
before or after maturity.

        NO WAIVER OF RIGHTS. No waiver by Lender of any of its rights or
remedies hereunder or under any other document evidencing or securing this Note
or otherwise shall be considered a waiver of any other subsequent right or
remedy of Lender. No delay or omission in the exercise of enforcement by Lender
of any rights or remedies shall ever be construed as a waiver of any right or
remedy of Lender. No exercise or enforcement of any such rights or remedied
shall ever be held to exhaust any right or remedy of Lender.

<PAGE>

        CUMULATIVE RIGHTS. If more than one person or entity executes this Note
as Borrower, or endorses this Note, all of said parties shall be jointly and
severally liable for the repayment of the indebtedness secured hereby. No delay
on the part of the holder of this Note in the exercise of any power or right
under this Note, under the Security Documents, or under any other instrument
executed pursuant hereto, or to evidence, secure or perfect any security for the
payment of this Note, shall operate as a waiver thereof, nor shall a single or
partial exercise of any other power or right. Enforcement by the holder of this
Note of any security for the payment hereof shall not constitute an election by
it of remedies so as to preclude the exercise of any other remedy available to
the holder of this Note.

        NOTICES. All notices or demands required or permitted hereunder shall be
in writing, and shall be deemed to be delivered on actual receipt, if hand
delivered or delivered by courier service, or, whether actually received or not,
three (3) days after the deposit of both the original and the copy, as provided
below, in a regularly maintained receptacle for the mail, registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Lender:                             Copy To:
------------                              -------

First American Bank, SSB                  Robert M. Allen
One Lincoln Park                          Clements, Allen, Woods & Margolis P.C.
8401 N. Central Expressway, Suite 500     15303 Dallas Parkway, Suite 1050
Dallas, Texas 75225                       Addison, Texas 75001
Attention: Mr. Mike McGee

If to Borrower:
---------------

Behringer Harvard Holdings, LLC
Addison Circle One
15601 Dallas Parkway, Suite 600
Addison, Texas 75001

        Either the Borrower or the Lender may change its respective address or
addressee by giving notice of such change to the other party in the manner
provided herein. For this purpose only, unless and until such written notice if
actually received, the address and addressee specified for each party shall be
deemed to continue in effect for all purposes.

        GOVERNING LAW. This Note has been executed and delivered, and is to be
performed, in the State of Texas, and the laws of such state shall govern the
validity, construction, enforcement and interpretation of this Note; provided,
however, that nothing herein shall limit or impair any right which Lender has
under applicable laws of the United States of America to charge a rate of
interest on sums evidenced by this Note at a rate which exceeds the Maximum
Legal Rate allowed under the laws of the State of Texas. The obligations of the
Borrower under this Note are performable in Dallas County, Texas.

<PAGE>

        HEADINGS. The headings of the sections of this Note are inserted for
convenience only and shall not be deemed to constitute a part hereof.

        LIMITATION OF INTEREST. All agreements between Borrower and Lender are
expressly limited so that in no contingency or event whatsoever whether by
reason of advancement of the proceeds hereof, acceleration of maturity of the
unpaid principal balance hereof, or otherwise, shall the amount paid or agreed
to be paid to the holder hereof for the use, forbearance or detention of the
money to be advanced hereunder exceed the Maximum Legal Rate. If, from any
circumstance whatsoever, fulfillment of any provision hereof or of the Guarantee
or any other agreement referred to herein shall, at the time fulfillment of such
provision be due, involve transcending the limit of validity prescribed by law
which a court of competent jurisdiction may deem applicable hereto, then IPSO
FACTO, the obligation to be fulfilled shall be reduced to the limit of such
validity, and if from any circumstance the holder hereof shall ever receive as
interest an amount which would be excessive interest, such amount shall be
applied to the reduction of the unpaid principal balance due hereunder in the
inverse order of its maturity and not to the payment of interest or, if such
amount which would have been excessive interest exceeds the unpaid principal
hereof, such excess shall be refunded to Borrower. All interest paid or agreed
to be paid to Lender shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full stated term
(including any renewal or extension) of such indebtedness so that the amount of
interest on account of such indebtedness does not exceed the maximum permitted
by applicable law. This provision shall control every other provision of all
agreements between Borrower and the holder hereof.

        SUCCESSORS AND ASSIGNS. All of the covenants, stipulations, promises and
agreements in this Note contained by or on behalf of Borrower shall bind its
successors and assigns, whether so expressed or not. The words "Lender" and
"Borrower," whenever used in this Note, shall include the respective heirs,
distributees, personal representatives, successors and assigns of Lender and
Borrower.

        ATTORNEY'S FEES. If this Note shall be placed in the hands of an
attorney for collection after an Event of Default shall occur, or should it be
collected in any probate, bankruptcy or other judicial or administrative
proceeding, whether before or after maturity, Borrower agrees to pay a
reasonable sum as attorneys' fees and to pay all other costs of collection
and/or suit.

        "BUSINESS DAY" shall mean a day other than a Saturday, Sunday or a day
upon which banks in the State of Texas are closed to conduct business generally.

<PAGE>

        IN WITNESS WHEREOF, the undersigned has executed this Note as of the day
and year first above written.

                                      BEHRINGER HARVARD HOLDINGS, LLC,
                                      a Delaware limited liability company

                                      By:________________________________
                                      Name:______________________________
                                      Title:_____________________________

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