Document:

Exhibit
10.4

GUARANTY

made by

BEHRINGER HARVARD REIT I, INC.

as Guarantor,

in favor of

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

Dated as of June 2, 2006

 

 

GUARANTY

This GUARANTY (this “Guaranty”), dated as of June 2,
2006, made by BEHRINGER HARVARD REIT I, INC. a
Maryland corporation (“Behringer REIT”),
having an address at Behringer Harvard Holdings, LLC, 15601 Dallas Parkway, Suite 600,
Addison, Texas 75001, (Behringer REIT is sometimes herein referred to as the “Guarantor”), in favor of GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware
corporation, (together with its successors and assigns, hereinafter referred to
as “Lender”), having an address at 600
Steamboat Road, Greenwich, Connecticut 06830.

R  E
C  I  T  A  L  S:

A.            Pursuant to that certain Loan Agreement dated as of the
date hereof (as the same may be amended, modified, supplemented or replaced
from time to time, the “Loan
Agreement”) between Behringer Harvard South Riverside, LLC, a
Delaware limited liability company (the “Borrower”)
and Lender, Lender has agreed to make a loan (the “Loan”) to Borrower in the maximum principal
amount of $202,000,000.00, subject to the terms and conditions of the Loan
Agreement;

B.            As a condition to Lender’s making the Loan, Lender is
requiring that Guarantor execute and deliver to Lender this Guaranty; and

C.            Guarantor hereby acknowledges that it will materially
benefit from Lender’s agreeing to make the Loan;

NOW, THEREFORE, in consideration
of the premises set forth herein and as an inducement for and in consideration
of the agreement of Lender to make the Loan pursuant to the Loan Agreement,
Guarantor hereby agrees, covenants, represents and warrants to Lender as
follows:

1.             Definitions.

(a)           All capitalized
terms used and not defined herein shall have the respective meanings given such
terms in the Loan Agreement.

(b)           The term “Guaranteed Obligations” means
(i) Borrower’s Recourse Liabilities (the “Recourse Liability Guaranteed Obligations”), (ii) in
addition to and without limiting the obligations of Guarantor under this
Guaranty with respect to the Recourse Liability Guaranteed Obligations, payment
and performance in full of (A) the Required Repairs, (B) all Taxes
and Insurance Premiums, (C) all Capital Expenses and work relating
thereto, and (D) all Approved Leasing Expenses with respect to Leases
hereafter executed and all work relating thereto, and (iii) from and after
the date that any Springing Recourse Event occurs, payment of the entire unpaid
balance of the Debt (and whether accrued prior to, on or after such date).

 

 

(c)           The term “Guaranty Limit Amount” shall mean, as of any date of determination, the sum, as of
such date after giving effect to any adjustments thereto made pursuant to the
Loan Agreement, of (i) the Rollover Reserve Offset Amount, plus (ii) the
Required Repairs Reserve Offset Amount, plus (iii) the Tax and Insurance
Reserve Offset Amount, plus (iv) the Capital Reserve Offset Amount. The
Guaranty Limit Amount as of the date hereof is $16,767,547. Guarantor and
Lender hereby acknowledge and agree that the respective amounts of the Rollover
Reserve Offset Amount, the Required Repairs Reserve Offset Amount, the Tax and
Insurance Reserve Offset Amount, and/or the Capital Reserve Offset Amount may
be adjusted as provided in the Loan Agreement (whether increased and/or
decreased, all as more specifically set forth therein) one or more times, from
time to time while the Loan is outstanding, and such adjustments will result in
corresponding increases and/or decreases in the Guaranty Limit Amount, all in
accordance with, and subject to, the applicable terms and provisions set forth
in the Loan Agreement.

2.             Guaranty
and Agreement.

(a)           Guarantor hereby
irrevocably, absolutely and unconditionally guarantees to Lender the full,
prompt and complete payment and performance when due of the Guaranteed
Obligations. In addition to and without limiting the foregoing, Guarantor
hereby agrees to pay to Lender, upon Lender’s demand following the occurrence
and during the continuance of an Event of Default, an amount equal to the
Guaranty Limit Amount as of the date of payment thereof, such Guaranty Limit
Amount to be paid from separate funds of Guarantor and not from post-default
cash flow from the Property.

(b)           All sums payable to
Lender under this Guaranty shall be payable on demand and without reduction for
any offset, claim, counterclaim or defense.

(c)           Guarantor hereby
agrees to indemnify, defend and save harmless Lender from and against any and
all costs, losses, liabilities, claims, causes of action, expenses and damages,
including reasonable attorneys’ fees and disbursements, which Lender may suffer
or which otherwise may arise by reason of Borrower’s failure to pay any of the
Guaranteed Obligations when due, irrespective of whether such costs, losses,
liabilities, claims, causes of action, expenses or damages are incurred by
Lender prior or subsequent to (i) Lender’s declaring the Principal,
interest and other sums evidenced or secured by the Loan Documents to be due
and payable, (ii) the commencement or completion of a judicial or
non-judicial foreclosure of the Mortgage or (iii) the conveyance of all or
any portion of the Property by deed-in-lieu of foreclosure.

(d)           Guarantor agrees
that no portion of any sums applied (other than sums received from Guarantor in
full or partial satisfaction of its obligations hereunder), from time to time,
in reduction of the Debt shall be deemed to have been applied in reduction of
the Guaranteed Obligations until such time as the Debt has been paid in full,
or Guarantor shall have made the full payment required hereunder, it being the
intention hereof that the Guaranteed Obligations shall be the last portion of
the Debt to be deemed satisfied.

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3.             Representations
and Warranties. Guarantor hereby represents and
warrants to Lender as follows (which representations and warranties shall be
given as of the date hereof and shall survive the execution and delivery of
this Guaranty):

(a)           Organization, Authority and Execution. Guarantor
is a corporation duly organized, validly existing and in good standing under
the laws of the State of Maryland, and has all necessary power and authority to
own its properties and to conduct its business as presently conducted or
proposed to be conducted and to enter into and perform this Guaranty and all other
agreements and instruments to be executed by it in connection herewith. This
Guaranty has been duly executed and delivered by Guarantor.

(b)           Enforceability. This Guaranty constitutes a
legal, valid and binding obligation of Guarantor, enforceable against Guarantor
in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally.

(c)           No Violation. The execution, delivery and
performance by  Guarantor of its
obligations under this Guaranty has been duly authorized by all necessary
action, and do not and will not violate any law, regulation, order, writ,
injunction or decree of any court or governmental body, agency or other
instrumentality applicable to Guarantor, or result in a breach of any of the
terms, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of any mortgage, lien, charge or encumbrance of any
nature whatsoever upon any of the assets of Guarantor pursuant to the terms of
Guarantor’s articles of organization, or any mortgage, indenture, agreement or
instrument to which Guarantor is a party or by which it or any of its
properties is bound. Guarantor is not in default under any other guaranty which
it has provided to Lender.

(d)           No Litigation. There are no actions, suits
or proceedings at law or at equity, pending or, to Guarantor’s best knowledge,
threatened against or affecting Guarantor or which involve or might involve the
validity or enforceability of this Guaranty or which might materially adversely
affect the financial condition of Guarantor or the ability of Guarantor to
perform any of its obligations under this Guaranty. Guarantor is not in default
beyond any applicable grace or cure period with respect to any order, writ,
injunction, decree or demand of any Governmental Authority which might
materially adversely affect the financial condition of Guarantor or the ability
of Guarantor to perform any of its obligations under this Guaranty.

(e)           Consents. All consents, approvals, orders
or authorizations of, or registrations, declarations or filings with, all
Governmental Authorities (collectively, the “Consents”) that are required in connection with the valid
execution, delivery and performance by Guarantor of this Guaranty have been
obtained and Guarantor agrees that all Consents required in connection with the
carrying out or performance of any of Guarantor’s obligations under this
Guaranty will be obtained when required.

(f)            Financial Statements and Other Information. All
financial statements of Guarantor heretofore delivered to Lender are true and
correct in all material respects and fairly present the financial condition of
Guarantor as of the respective dates thereof, and no materially adverse change
has occurred in the financial conditions reflected therein since 

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the respective dates thereof. None of the aforesaid financial
statements or any certificate or statement furnished to Lender by or on behalf
of Guarantor in connection with the transactions contemplated hereby, and none
of the representations and warranties in this Guaranty contains any untrue
statement of a material fact or omits to state a material fact necessary in
order to make the statements contained therein or herein not misleading.
Guarantor is not insolvent within the meaning of the United States Bankruptcy
Code or any other applicable law, code or regulation and the execution,
delivery and performance of this Guaranty will not render Guarantor insolvent.

 

(g)           Consideration. Guarantor is the owner,
directly or indirectly, of legal and beneficial equity interests in Borrower,
and as such will materially benefit from the making of the Loan.

4.             Financial
Statements. Guarantor shall deliver to Lender, (a) within
120 days after the end of each fiscal year of Guarantor, a complete copy of
Guarantor’s annual financial statements, (b) if requested by Lender,
within 60 days after the end of each fiscal quarter of Guarantor, financial
statements (including a balance sheet as of the end of such fiscal quarter, a
statement of income and expense for such fiscal quarter and a calculation of
Guarantor’s Net Worth, Liquid Net Worth and Aggregate Debt Leverage Ratio as of
the end of such fiscal quarter) certified by Guarantor and in form, content,
level of detail and scope reasonably satisfactory to Lender, and (c) 20
days after request by Lender, such other financial information with respect to
Guarantor as Lender may reasonably request.

5.             Unconditional
Character of Obligations of Guarantor.

(a)           The obligations of
Guarantor hereunder shall be irrevocable, absolute and unconditional,
irrespective of the validity, regularity or enforceability, in whole or in
part, of the other Loan Documents or any provision thereof, or the absence of
any action to enforce the same, any waiver or consent with respect to any
provision thereof, the existence in the Loan Documents of any so-called
non-recourse provision or any other provision therein purporting to limit in whole
or in part the recourse available against the Borrower, the recovery of any
judgment against Borrower, Guarantor or any other Person or any action to
enforce the same, any failure or delay in the enforcement of the obligations of
Borrower under the other Loan Documents or Guarantor under this Guaranty, or
any setoff, counterclaim, and irrespective of any other circumstances which
might otherwise limit recourse against Guarantor by Lender or constitute a
legal or equitable discharge or defense of a guarantor or surety. Lender may
enforce the obligations of Guarantor under this Guaranty by a proceeding at
law, in equity or otherwise, independent of any loan foreclosure or similar
proceeding or any deficiency action against Borrower or any other Person at any
time, either before or after an action against the Property or any part
thereof, Borrower or any other Person. This
Guaranty is a guaranty of payment and performance and not merely a guaranty of
collection. Guarantor waives diligence, notice of acceptance of this
Guaranty, filing of claims with any court, any proceeding to enforce any
provision of any other Loan Document, against Guarantor, Borrower or any other
Person, any right to require a proceeding first against Borrower or any other
Person, or to exhaust any security (including, without limitation, the
Property) for the performance of the Guaranteed Obligations or any other
obligations of Borrower or any other Person, or any protest, 

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presentment,
notice of default or other notice or demand whatsoever (except to the extent
expressly provided to the contrary in this Guaranty).

(b)           The obligations of
Guarantor under this Guaranty, and the rights of Lender to enforce the same by
proceedings, whether by action at law, suit in equity or otherwise, shall not
be in any way affected by any of the following:

(i)            any insolvency, bankruptcy,
liquidation, reorganization, readjustment, composition, dissolution,
receivership, conservatorship, winding up or other similar proceeding involving
or affecting Borrower, the Property or any part thereof, Guarantor or any other
Person;

(ii)           any failure by Lender or any other
Person, whether or not without fault on its part, to perform or comply with any
of the terms of the Loan Agreement, or any other Loan Documents, or any
document or instrument relating thereto;

(iii)          the sale, transfer or conveyance of
the Property or any interest therein to any Person, whether now or hereafter
having or acquiring an interest in the Property or any interest therein and
whether or not pursuant to any foreclosure, trustee sale or similar proceeding
against Borrower or the Property or any interest therein;

(iv)          the conveyance to Lender, any
Affiliate of Lender or Lender’s nominee of the Property or any interest therein
by a deed-in-lieu of foreclosure;

(v)           the release of Borrower or any other
Person from the performance or observance of any of the agreements, covenants,
terms or conditions contained in any of the Loan Documents by operation of law
or otherwise; or

(vi)          the release in whole or in part of any
collateral for any or all Guaranteed Obligations or for the Loan or any portion
thereof.

(c)           Except as otherwise
specifically provided in this Guaranty, Guarantor hereby expressly and
irrevocably waives all defenses in an action brought by Lender to enforce this
Guaranty based on claims of waiver, release, surrender, alteration or
compromise and all setoffs, reductions, or impairments, whether arising
hereunder or otherwise.

(d)           Lender may deal with
Borrower and Affiliates of Borrower in the same manner and as freely as if this
Guaranty did not exist and shall be entitled, among other things, to grant
Borrower or any other Person such extension or extensions of time to perform
any act or acts as may be deemed advisable by Lender, at any time and from time
to time, without terminating, affecting or impairing the validity of this
Guaranty or the obligations of Guarantor hereunder.

(e)           No compromise,
alteration, amendment, modification, extension, renewal, release or other
change of, or waiver, consent, delay, omission, failure to act or other action
with respect to, any liability or obligation under or with respect to, or of
any of the terms, covenants or conditions of, the Loan Documents shall in any
way alter, impair or affect any of 

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the obligations
of Guarantor hereunder, and Guarantor agrees that if any Loan Document is
modified with Lender’s consent, the Guaranteed Obligations shall automatically
be deemed modified to include such modifications.

(f)            Lender may proceed
to protect and enforce any or all of its rights under this Guaranty by suit in
equity or action at law, whether for the specific performance of any covenants
or agreements contained in this Guaranty or otherwise, or to take any action
authorized or permitted under applicable law, and shall be entitled to require
and enforce the performance of all acts and things required to be performed
hereunder by Guarantor. Each and every remedy of Lender shall, to the extent
permitted by law, be cumulative and shall be in addition to any other remedy
given hereunder or now or hereafter existing at law or in equity.

(g)           No waiver shall be
deemed to have been made by Lender of any rights hereunder unless the same
shall be in writing and signed by Lender, and any such waiver shall be a waiver
only with respect to the specific matter involved and shall in no way impair
the rights of Lender or the obligations of Guarantor to Lender in any other
respect or at any other time.

(h)           At the option of
Lender, Guarantor may be joined in any action or proceeding commenced by Lender
against Borrower in connection with or based upon any other Loan Documents and
recovery may be had against Guarantor in such action or proceeding or in any
independent action or proceeding against Guarantor to the extent of Guarantor’s
liability hereunder, without any requirement that Lender first assert,
prosecute or exhaust any remedy or claim against Borrower or any other Person,
or any security for the obligations of Borrower or any other Person.

(i)            Guarantor agrees
that this Guaranty shall continue to be effective or shall be reinstated, as
the case may be, if at any time any payment is made by Borrower or Guarantor to
Lender and such payment is rescinded or must otherwise be returned by Lender
(as determined by Lender in its sole and absolute discretion) upon insolvency,
bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, receivership, conservatorship, winding up or other similar
proceeding involving or affecting Borrower or Guarantor, all as though such
payment had not been made.

(j)            In the event that
Guarantor shall advance or become obligated to pay any sums under this Guaranty
or in connection with the Guaranteed Obligations or in the event that for any
reason whatsoever Borrower or any subsequent owner of the Property or any part
thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor
agrees that (i) the amount of such sums and of such indebtedness and all
interest thereon shall at all times be subordinate as to lien, the time of
payment and in all other respects to all sums, including principal and interest
and other amounts, at any time owed to Lender under the Loan Documents, and (ii) Guarantor
shall not be entitled to enforce or receive payment thereof until all principal,
interest and other sums due pursuant to the Loan Documents have been paid in
full. Nothing herein contained is intended or shall be construed to give
Guarantor any right of subrogation in or under the Loan Documents or any right
to participate in any way therein, or in the right, title or interest of Lender
in or to any collateral for the Loan, notwithstanding any payments made by
Guarantor under this Guaranty, until the actual and irrevocable receipt by
Lender of payment in 

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full of all
principal, interest and other sums due with respect to the Loan or otherwise
payable under the Loan Documents. If any amount shall be paid to Guarantor on
account of such subrogation rights at any time when any such sums due and owing
to Lender shall not have been fully paid, such amount shall be paid by
Guarantor to Lender for credit and application against such sums due and owing
to Lender.

(k)           Guarantor’s
obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure
or similar proceeding involving the Property and the exercise by Lender of any
or all of its remedies pursuant to the Loan Documents and Guarantor expressly
agrees that to the extent necessary to satisfy its obligations under Section 2
hereof, it shall be and remain liable for any deficiency remaining after
foreclosure of any Mortgage or security interest securing the Note,
notwithstanding provisions of applicable law or the Loan Documents that may
prevent the Lender from enforcing such deficiency against the Borrower.

6.             Covenants.

(a)           As used in this Section 6,
the following terms shall have the respective meanings set forth below:

(i)            “Aggregate Debt Leverage Ratio” means, at any date as of
which the same is to be determined, the ratio of (A) the Consolidated
Total Indebtedness of Guarantor and its Subsidiaries as of such date, to (B) the
Consolidated Total Assets of Guarantor and its Subsidiaries as of such date.

(ii)           “Capitalized Lease Obligations” of any Person means the
obligations of such Person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations either (A) are required to be
classified and accounted for as capital leases on a balance sheet of such
Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP, or (B) constitute
liabilities under any tax retention operating lease or so-called “synthetic”
lease transaction, or any obligations arising with respect to any other similar
transaction that is the functional equivalent of or takes the place of
borrowing but which does not constitute a liability on the consolidated balance
sheets of such Person and its Subsidiaries.

(iii)          “Consolidated Total Assets” means, at any date as of
which the same is to be determined, the aggregate value of all assets of
Guarantor and its Subsidiaries, determined on a consolidated basis as of such
date in accordance with GAAP, before accumulated depreciation and amortization.

(iv)          “Consolidated Total Indebtedness” means, at any date as
of which the same is to be determined, the Indebtedness of Guarantor and its
Subsidiaries, determined on a consolidated basis as of such date in accordance
with GAAP.

(v)           “GAAP” shall mean generally accepted accounting
principles, consistently applied.

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(vi)          “Indebtedness” means, with respect to any Person at any
date, without duplication, (A) all obligations of such Person for borrowed
money, (B) all obligations of such Person evidenced by bonds, debentures,
notes or other similar instruments, (C) all obligations of such Person to
pay the deferred purchase price of property or services, except trade accounts
payable arising in the ordinary course of business, (D) all Capitalized
Lease Obligations of such Person, (E) all obligations of such Person to
purchase securities, loans or other property which arise out of or in
connection with the sale of the same or substantially similar securities, loans
or property, (F) all obligations of such Person to reimburse any bank or
other person in respect of amounts paid under a letter of credit or similar
instrument, (G) all Indebtedness of others secured by a lien on any asset
of such Person to the extent of the fair market value of such asset, whether or
not such Indebtedness is assumed by such Person, and (H) all Indebtedness
of others guaranteed by such Person to the extent such Indebtedness represents
a liability of such Person.

(vii)         “Liquid
Assets” shall mean assets in the form of cash, cash equivalents,
obligations of (or fully guaranteed as to principal and interest by) the United
States or any agency or instrumentality thereof (provided the full faith and
credit of the United States supports such obligation or guarantee),
certificates of deposit issued by a commercial bank having net assets of not
less than $500 million, securities listed and traded on a recognized stock
exchange or traded over the counter and listed in the National Association of
Securities Dealers Automatic Quotations, or liquid debt instruments that have a
readily ascertainable value and are regularly traded in a recognized financial
market.

(viii)        “Liquid
Net Worth” shall mean, as of a given date, (A) the
aggregate fair market value of any Liquid Assets of Guarantor, less (B) the
aggregate full face amount of all current liabilities of Guarantor determined
in accordance with GAAP.

(ix)           “Net Worth” shall mean, as of a given date, (A) the
total assets of Guarantor and its Subsidiaries which would be shown as assets
on a consolidated balance sheet of Guarantor and its Subsidiaries as of such
date prepared in accordance with GAAP, after eliminating all amounts properly
attributable to minority interests, if any, in the stock and surplus of such
Subsidiaries, minus (B) the total liabilities of Guarantor and its
Subsidiaries which would be shown as liabilities on a consolidated balance
sheet of Guarantor and its Subsidiaries as of such date prepared in accordance
with GAAP, after eliminating all amounts properly attributable to minority
interests, if any, in the stock and surplus of such Subsidiaries.

(x)            “Required Liquid Net Worth Amount” shall mean, as of a
given date, an amount equal to: (A) $10,000,000; minus (B) an amount
equal to (1) the aggregate amount that has been disbursed to Borrower prior
to such date from the Rollover Reserve Subaccount pursuant to Section 3.5
of the Loan Agreement, multiplied by (2) one-half (1/2); provided,
however, that in no event shall the Required Liquid Net Worth Amount be less
than $5,000,000.

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(xi)           “Subsidiary” shall mean, as to any Person, (A) any
corporation more than 50% of whose stock of any class or classes having by the
terms thereof ordinary voting power to elect a majority of the directors of
such corporation (irrespective of whether or not at the time stock of any class
or classes of such corporation shall have or might have voting power by reason
of the happening of any contingency) is at the time owned by such Person and/or
one or more Subsidiaries of such Person and (B) any partnership, limited
liability company, association, joint venture or other entity in which such
Person and/or one or more Subsidiaries of such Person has more than a 50%
equity interest at the time.

(b)           Guarantor shall not,
at any time while a default in the payment of the Guaranteed Obligations has
occurred and is continuing, either (i) enter into or effectuate any
transaction with any Affiliate which would reduce the Net Worth of Guarantor,
including the payment of any dividend or distribution to a shareholder, or the
redemption, retirement, purchase or other acquisition for consideration of any
stock in Guarantor, except for dividends that Guarantor is required to pay in
order to maintain Guarantor’s status as a real estate investment trust, or (ii) sell,
pledge, mortgage or otherwise transfer to any Person any of Guarantor’s assets,
or any interest therein, except for fair value.

(c)           Guarantor shall, at
all times: (i) cause Guarantor’s Net Worth to be not less than
$300,000,000; (ii) cause Guarantor’s Liquid Net Worth to be not less than
the Required Liquid Net Worth Amount; and (iii) cause Guarantor’s
Aggregate Debt Leverage Ratio to be not higher than seventy percent (70%).

7.             Entire
Agreement/Amendments. This instrument represents the
entire agreement between the parties with respect to the subject matter hereof.
The terms of this Guaranty shall not be waived, altered, modified, amended,
supplemented or terminated in any manner whatsoever except by written
instrument signed by Lender and Guarantor.

8.             Successors
and Assigns. This Guaranty shall be binding upon
Guarantor, and Guarantor’s estate, heirs, personal representatives, successors
and assigns, may not be assigned or delegated by Guarantor, and shall inure to
the benefit of Lender and its successors and assigns.

9.             Applicable
Law and Consent to Jurisdiction. This Guaranty shall
be governed by, and construed in accordance with, the substantive laws of the
State of New York. Guarantor irrevocably (a) agrees that any suit, action
or other legal proceeding arising out of or relating to this Guaranty may be
brought in a court of record in the City and County of New York or in the
Courts of the United States of America located in the Southern District of New
York, (b) consents to the jurisdiction of each such court in any such suit,
action or proceeding, and (c) waives any objection which it may have to
the laying of venue of any such suit, action or proceeding in any of such
courts and any claim that any such suit, action or proceeding has been brought
in an inconvenient forum. Guarantor irrevocably consents to the service of any
and all process in any such suit, action or proceeding by service of copies of
such process to Guarantor at its address provided in Section 14 hereof.
Nothing in this Section 9, however, shall affect 

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the right of
Lender to serve legal process in any other manner permitted by applicable law
or affect the right of Lender to bring any suit, action or proceeding against
Guarantor or its property in the courts of any other jurisdictions.

10.          Section Headings.
The headings of the sections and paragraphs of this
Guaranty have been inserted for convenience of reference only and shall in no
way define, modify, limit or amplify any of the terms or provisions hereof.

11.          Severability.
Any provision of this Guaranty which may be determined
by any competent authority to be prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, Guarantor hereby
waives any provision of law which renders any provision hereof prohibited or
unenforceable in any respect.

12.          WAIVER
OF TRIAL BY JURY. GUARANTOR HEREBY WAIVES THE RIGHT OF
TRIAL BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN
CONNECTION THEREWITH.

13.          Intentionally
Deleted.

14.          Notices.
 All notices,
consents, approvals and requests required or permitted hereunder (a “Notice”) shall
be given in writing and shall be effective for all purposes if either hand
delivered with receipt acknowledged, or by a nationally recognized overnight
delivery service (such as Federal Express), or by certified or registered
United States mail, return receipt requested, postage prepaid, or by facsimile
and confirmed by a successful facsimile confirmation report, in each case
addressed as follows (or to such other address or Person as a party shall
designate from time to time by notice to the other party):  If to Lender: Greenwich Capital Financial
Products, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
Attn:  Mortgage Loan Department,
Telecopier  (203) 618-2052, with a
copy to: Sidley Austin LLP, One South Dearborn Street, Chicago, Illinois 60603,
Attention: Charles E. Schrank, Esq., Telecopier: (312) 853-7036; if
to Guarantor:  15601 Dallas Parkway, Suite 600,
Addison, Texas  75001, Attention: Chief
Financial Officer, Telecopier: (214) 655-1610, and 15601 Dallas Parkway, Suite 600,
Addison, Texas  75001, Telecopier: (214)
655-1610. A notice shall be deemed to have been given: in the case of
hand delivery, at the time of delivery; in the case of facsimile, at the time
that such facsimile is confirmed by successful confirmation report if so
confirmed on a Business Day (or otherwise, on the next Business day); in the
case of registered or certified mail, when delivered or the first attempted
delivery on a Business Day; or in the case of overnight delivery, upon the
first attempted delivery on a Business Day.

15.          Guarantor’s
Receipt of Loan Documents. Guarantor by its execution
hereof acknowledges receipt of true copies of all of the Loan Documents, the
terms and conditions of which are hereby incorporated herein by reference.

16.          Interest;
Expenses.

 10
 

 

 

(a)           If Guarantor fails
to pay all or any sums due hereunder upon demand by Lender, the amount of such
sums payable by Guarantor to Lender shall bear interest from the date of demand
until paid at the Default Rate in effect from time to time.

(b)           Guarantor hereby
agrees to pay all costs, charges and expenses, including  reasonable attorneys’ fees and disbursements,
that may be incurred by Lender in enforcing the covenants, agreements,
obligations and liabilities of Guarantor under this Guaranty.

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GUARANTOR’S

SIGNATURE FOLLOWS ON NEXT PAGE]

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IN WITNESS WHEREOF, Guarantor
has executed this Guaranty as of the date first above written.

	
  

  	
  BEHRINGER HARVARD REIT I, INC.,

  a Maryland corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:This document was
prepared by and

after recording should be returned to:

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attn:  Ari J. Rotenberg, Esq.

ASSIGNMENT
OF LEASES AND RENTS

made by

BEHRINGER
HARVARD SOUTH RIVERSIDE, LLC,

Assignor

in favor of

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

Assignee

 

Dated as of June 2, 2006

   
 
  
 

 

THIS ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) dated and effective as
of the 2nd day of June, 2006 made by BEHRINGER HARVARD SOUTH
RIVERSIDE, LLC, a Delaware
limited liability company having an address at 15601 Dallas Parkway, Suite 600,
Addison, Texas  75001 (“Assignor”) to GREENWICH
CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, (together
with its successors and assigns, hereinafter referred to as “Assignee”), having an address at 600
Steamboat Road, Greenwich, Connecticut 06830.

W  I  T  N  E
S  S  E  T  H :

WHEREAS, Assignor is the (i) owner of fee simple
title to that certain parcel of real property located in Cook County, Illinois
(the “Premises”), which is more
particularly described in Exhibit A attached hereto, together with
the buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and other improvements now or hereafter
located thereon (collectively, the “Property”);

WHEREAS, Assignor and Assignee have entered into a
certain Loan Agreement dated as of the date hereof (as amended, modified,
restated, consolidated or supplemented from time to time, the “Loan Agreement”) pursuant to which
Assignee has agreed to make a secured loan to Assignor in the maximum principal
amount of Two Hundred and Two Million and No/Dollars ($202,000,000.00) (the “Loan”);

WHEREAS, Assignor has executed a promissory note in
the principal amount of the Loan (as the same may be amended, modified,
restated, severed, consolidated, renewed, replaced, or supplemented from time
to time, the “Note”), which is secured by, inter  alia, that certain mortgage, assignment of leases and rents,
security agreement and fixture filing (as amended from time to time, the
“Mortgage”; the Mortgage, the Note,
this Assignment, the Loan Agreement and such other documents more particularly
described in the Loan Agreement, as any of the same may, from time to time, be
modified, amended or supplemented, being hereinafter collectively referred to
as the “Loan Documents”) on the
Property;

WHEREAS, it is a condition to the obligation of
Assignee to make the Loan to Assignor pursuant to the Loan Agreement that
Assignor execute and deliver this Assignment;

WHEREAS, this Assignment is being given as additional
security for the Loan; and

WHEREAS, capitalized terms used in this Assignment
without definition have the respective meanings assigned to such terms in the
Loan Agreement or the Mortgage, as the case may be, the terms of each of which
are specifically incorporated by reference herein.

NOW, THEREFORE, for good and valuable consideration,
receipt of which by the parties hereto is hereby acknowledged, and additionally
for the purpose of additionally securing the Debt, Assignor hereby assigns,
transfers, conveys and sets over unto Assignee, all right, title and interest
of Assignor in and to all Leases and all Rents;

   
 
  

 

TO HAVE AND TO HOLD the same unto Assignee, and its
successors and assigns forever, upon the terms and conditions and for the uses
hereinafter set forth.

And Assignor hereby further agrees as follows:

1.             Certain
Representations, Warranties and Covenants. Subject to the terms of the Loan
Agreement, Assignor represents, warrants and covenants to Assignee that:

(a)           The payment of the Rents to accrue
under any Lease will not be waived, released, reduced, discounted or otherwise
discharged or compromised by Assignor;

(b)           Assignor has not performed, and will
not perform, any acts, and has not executed, and will not execute, any
instrument that would prevent Assignee from exercising its rights under this
Assignment; and

(c)           Assignor hereby authorizes and
directs any tenant under any of the Leases and any successor to all or any part
of the interests of any such tenant to pay directly to the Clearing Account, in
accordance with the terms of the Loan Agreement, the Rents due and to become
due under such tenant’s Lease, and such authorization and direction shall be
sufficient warrant to the tenant to make future payments of Rents directly to
the Clearing Account in accordance with the terms of the Loan Agreement without
the necessity for further consent by Assignor.

2.             Assignment; Deferred Exercise of
Rights.

(a)           As part of the consideration for the
Debt, Assignor does hereby absolutely and unconditionally assign to Assignee
all right, title and interest of Assignor in and to all present and future
Leases and Rents, and this Assignment constitutes a present and absolute
assignment and is intended to be unconditional and not as an assignment for
additional security only. It is further intended that it not be necessary for
Assignee to institute legal proceedings, absent any requirements of applicable
law or regulation to the contrary, to enforce the provisions hereof. Assignor
hereby authorizes Assignee or its agents to collect the Rents; provided,
however, that prior to an Event of Default, and subject at all times to the
requirement that payments and deposits of Rents be made directly to the
Clearing Account, Assignor shall have a revocable license, but limited as
provided in this Assignment and in any of the other Loan Documents, to
otherwise deal with, and enjoy the rights of the lessor under, the Leases.

(b)           Upon the occurrence and during the
continuance of an Event of Default, and without the necessity of Assignee
entering upon and taking and maintaining full control of the Property in
person, by agent or by court-appointed receiver, the license referred to in
paragraph (a) above shall immediately be revoked and Assignee shall have
the right at its option, to exercise all rights and remedies contained in the
Loan Documents, or otherwise available at law or in equity.

3.             Rents
Held in Trust by Assignor. Rents held or received by Assignor shall be held
or received by Assignor as trustee for the benefit of Assignee only, and shall
immediately be deposited directly to the Clearing Account in accordance with
the terms of the Loan Agreement.

 2
 

 

4.             Effect
on Rights Under Other Documents. Nothing contained in this Assignment and
no act done or omitted by Assignee pursuant to the powers and rights granted it
hereunder shall be deemed to be a waiver by Assignee of its rights and remedies
under any of the other Loan Documents, and this Assignment is made and accepted
without prejudice to any of the rights and remedies possessed by Assignee under
the terms of the other Loan Documents. The rights of Assignee under the other
Loan Documents may be exercised by Assignee either prior to, simultaneously
with, or subsequent to any action taken by it hereunder. This Assignment is
intended to be supplementary to and not in substitution for or in derogation of
any assignment of rents or grant of a security interest contained in any of the
other Loan Documents.

5.             Event
of Default. Upon or at any time after the occurrence and during the
continuance of an Event of Default, then in addition to and without limiting
any of Assignee’s rights and remedies hereunder and under the other Loan
Documents and as otherwise available at law or in equity:

(a)           Assignee may, at its option, without
waiving such Event of Default and without regard to the adequacy of the
security for the Debt, either in person or by agent, without bringing any
action or proceeding, or by a receiver appointed by a court, without taking
possession of the Property in its own name, demand, sue for or otherwise
collect and receive all Rents, including those past-due and unpaid, for
application to the payment of the Debt in accordance with the terms of the Loan
Documents, and Assignee may enter into, and to the extent that Assignor would
have the right to do so, cancel, enforce or modify any Lease. The exercise by
Assignee of the option granted it in this Section and the collection of
the Rents and the application thereof as herein provided shall not be
considered a waiver of any Event of Default.

(b)           Assignor hereby acknowledges and
agrees that payment of any item of Rent by a Person to Assignee as hereinabove
provided shall constitute payment in full of such item of Rent by such Person,
as fully and with the same effect as if it had been paid to Assignor.

(c)           Assignee in respect of the Leases and
Rents shall have all of the rights and remedies of a secured party under the
Uniform Commercial Code as in effect in the State in which such rights and
remedies are asserted as described in Section 12(b) to the extent of
such rights thereunder and additional rights and remedies to which a secured
party is entitled under the laws in effect in any jurisdiction where any rights
and remedies hereunder may be asserted.

6.             Application
of Rents and Proceeds. After the occurrence and during the continuance of
an Event of Default, Rents received or held by Assignor or Assignee shall be
applied in accordance with the terms of the Loan Documents.

7.             Attorney-in-Fact.
Upon the occurrence and during the continuance of any Event of Default,
Assignor hereby appoints Assignee the attorney-in-fact of Assignor to take any
action and execute any instruments that Assignor is obligated, or has
covenanted and agreed under the Loan Agreement or the other Loan Documents to
take or execute, which appointment as attorney-in-fact is irrevocable and
coupled with an interest. Without limiting the generality of

 3
 

 

the foregoing
provisions of this Section 7, upon the occurrence and during the
continuance of an Event of Default, Assignor does hereby irrevocably appoint
Assignee as its attorney-in-fact with full power, in the name and stead of
Assignor to demand, collect, receive and give complete acquittance for any and
all of the Rents now due or that may hereafter become due, and at Assignee’s
discretion, to file any claim, to take any other action, to institute any
proceeding or to make any settlement of any claim, either in its own name or in
the name of Assignor or otherwise, which Assignee may deem necessary or
desirable in order to collect and enforce the payment of Rents.

8.             Termination.
Assignee, by the acceptance of this Assignment, agrees that when all of the
Debt shall have been paid in full, this Assignment shall terminate, and
Assignee shall execute and deliver to Assignor, upon such termination such
instruments of termination or re-assignment and Uniform Commercial Code
termination statements, all without recourse and without any representation or
warranty whatsoever, as shall be reasonably requested by Assignor; provided
that, upon reconveyance of the Mortgage, this Assignment shall automatically
terminate, and the rights assigned hereunder re-assigned to Assignor, without
the need for a termination or re-assignment of record.

9.             Expenses.
Assignor agrees to pay to Assignee all out-of-pocket expenses (including
expenses for attorneys’ fees and costs of every kind) of, or incident to, the
enforcement of any of the provisions of this Assignment or performance by
Assignee of any obligation of Assignor hereunder which Assignor has failed or
refused to perform.

10.           Further
Assurances. Assignor agrees that, from time to time upon the written
request of Assignee, it will give, execute, deliver, file and/or record any
financing statements, notice, instrument, document, agreement or other papers
and do such other acts and things that may be necessary and desirable to
create, preserve, perfect or validate this Assignment, to enable Assignee to
exercise and enforce its rights hereunder with respect to this Assignment or to
otherwise carry out the purposes and intent of this Assignment.

11.           No
Obligation by Assignee. By virtue of this Assignment, Assignee shall not be
obligated to perform or discharge, nor does it hereby undertake to perform or
discharge, any obligation, duty or liability under any of the Leases. This
Assignment shall not operate to constitute Assignee as a lender in possession
of the Property or to place responsibility for the control, care, management or
repair of the Property upon Assignee, nor shall it operate to make Assignee
responsible or liable for any waste committed on the Property by any tenant or
other party in possession or for any dangerous or defective condition of the
Property or for any negligence in the management, upkeep, repair or control
thereof.

12.           Miscellaneous.

(a)           No failure on the part of Assignee or
any of its agents to exercise, and no course of dealing with respect to, and no
delay in exercising, any right, power or remedy hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise by Assignee or any of
its agents of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
Subject to Section 16

 4
 

 

hereof, the remedies herein are cumulative
and are not exclusive of any remedies provided by law.

(b)           WITH RESPECT TO MATTERS RELATING TO
THE CREATION, PERFECTION AND PROCEDURES RELATING TO THE ENFORCEMENT OF THIS
ASSIGNMENT, THIS ASSIGNMENT SHALL BE GOVERNED BY, AND BE CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT
BEING UNDERSTOOD THAT, EXCEPT AS EXPRESSLY SET FORTH ABOVE IN THIS PARAGRAPH OR
IN THE MORTGAGE, AND TO THE FULLEST EXTENT PERMITTED BY THE LAWS OF SUCH STATE,
THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL MATTERS RELATING TO THIS
ASSIGNMENT AND THE OTHER LOAN DOCUMENTS AND ALL OF THE INDEBTEDNESS OR
OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. ALL PROVISIONS OF THE LOAN
AGREEMENT INCORPORATED HEREIN BY REFERENCE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS SET FORTH IN THE
GOVERNING LAW PROVISION OF THE LOAN AGREEMENT.

(c)           Subject to Section 16 hereof,
all rights and remedies set forth in this Assignment are cumulative, and
Assignee may recover judgment thereon, issue execution therefor, and resort to
every other right or remedy available at law or in equity, without first
exhausting and without affecting or impairing the security of any right or
remedy afforded hereby; and no such right or remedy set forth in this
Assignment shall be deemed exclusive of any of the remedies or rights granted
to Assignee in any of the Loan Documents. Nothing contained in this Assignment
shall be deemed to limit or restrict the rights and remedies of Assignee under
the Loan Agreement or any of the other Loan Documents.

(d)           Until the indebtedness and all other
obligations secured by the Loan Documents is paid in full, Assignor will, upon
request, deliver from time to time to Assignee executed originals to the extent
available, otherwise photocopies certified by Assignor as true, correct and
complete, of executed originals, of any and all existing Leases to which
Assignor is a party, and executed originals, or photocopies of executed
originals, so certified by Assignor, if an executed original is not available,
of all other and future Leases to which Assignor is a party, and upon request
of Assignee, will specifically transfer and assign to Assignee such other and
future Leases upon the same terms and conditions as herein contained.

(e)           Assignor represents that it:  (i) has been advised that Assignee
engages in the business of real estate financings and other real estate
transactions and investments which may be viewed as adverse to or competitive
with the business of Assignor or its affiliates; (ii) is represented by
competent counsel and has consulted counsel before executing this Assignment;
and (iii) has relied solely on its own judgment and on its counsel and
advisors in entering into the transaction(s) contemplated hereby without
relying in any manner on any statements, representations or recommendations of
Assignee or any parent, subsidiary or affiliate of Assignee.

13.           No
Oral Change. This Assignment may not be amended except by an instrument in
writing signed by Assignor and Assignee.

 5
 

 

14.           Successors and Assigns. Assignor
may not assign its rights under this Assignment except as permitted under the
Loan Agreement. Subject to the foregoing, this Assignment shall be binding upon,
and shall inure to the benefit of, Assignor and Assignee and their respective
successors and assigns.

15.           Notices. All notices, requests
and other communications provided for herein shall be given or made in writing
in the manner specified in the Loan Agreement.

16.           Exculpation. It is expressly
agreed that recourse against Assignor for failure to perform and observe its
obligations contained in this Assignment shall be limited as and to the extent
provided in Section 10.1 of the Loan Agreement.

17.           Inapplicable Provisions. If
any term, covenant or condition of this Assignment is held to be invalid,
illegal or unenforceable in any respect, this Assignment shall be construed
without such invalid, illegal or unenforceable provision, and so construing the
remaining provisions of this Assignment shall not be deemed to invalidate or
render such remaining provisions hereof unenforceable, and to such ends the
provisions hereof are deemed to be severable.

 

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SIGNATURE FOLLOWS ON NEXT PAGE.]

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IN WITNESS WHEREOF, this Assignment has been duly executed by Assignor
as of the day and year first above written.

	
   

  	
   

  	
  BEHRINGER HARVARD SOUTH RIVERSIDE, LLC, a Delaware
  limited liability company 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Gerald J. Reihsen, III, Secretary

  

 

[ASSIGNOR’S
SIGNATURE IS NOTARIZED ON NEXT PAGE]

 

ACKNOWLEDGMENT

State of __________  )

County of ________  )

I,
__________________________, a Notary Public in and for the County and State
aforesaid, DO HEREBY CERTIFY that Gerald J. Reihsen, III, personally known
to me to be the secretary of BEHRINGER HARVARD SOUTH RIVERSIDE, LLC, a Delaware
limited liability company, and personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this
day in person and acknowledged that as such Secretary he signed and delivered
such instrument as his free and voluntary act and deed, and as the free and
voluntary act and deed of such limited liability company, for the uses and
purposes therein set forth.

Given under my
hand and official seal this ____ day of _________, 2006.

___________________________________

Notary Public

My Commission
Expires:    ________________________

 

EXHIBIT A

LEGAL DESCRIPTION

PARCEL 1:

All that parcel of land,
being that portion above the space excepted, hereinafter defined, of that
certain parcel of land in the County of Cook, State of Illinois, bounded and
described as follows:

That part of Lot 5 lying
above a horizontal plane, the elevation of which is 25.70 feet above the
Chicago City Datum lying North of a line which is the South face of the
Southerly columns of the 222 South Riverside Plaza Building extended East to
the Chicago River and West to the East line of the West 20 feet of Lot 6;

ALSO

That part of Lot 5 lying
above a horizontal plane the elevation of which is 25.70 feet above the Chicago
City Datum and that part of Lot 6 in Railroad Companies’ Resubdivision of
Blocks 62 to 76, both inclusive, Block 78, parts of Blocks 61 and 77 and
certain vacated streets and alleys in School Section Addition to Chicago,
a subdivision of Section 16, Township 39 North, Range 14 East of the Third
Principal Meridian, according to the plat of said resubdivision recorded in the
Recorder’s Office of Cook County, Illinois, on March 29, 1924 in Book 188
of Plats at Page 16, as Document 8339751, said parcel of land being
bounded and described as follows:

Beginning at the
Northeast corner of Lot 5 and running thence Southwardly along the Easterly
line of said Lot 5, a distance of 203.465 feet to an angle point in said
Easterly lot line; thence continuing Southwardly along said Easterly lot line,
a distance of 203.34 feet to the Southeast corner of said Lot 5; thence West
along the South line of said Lots 5 and 6, a distance of 336.0 feet to the
point of intersection of said South line of Lot 6 with the East line of the
West 20 feet of said Lot 6; thence North along said East line of the West 20
feet of Lot 6, a distance of 396.545 feet to its intersection of the North line
of said Lot 6; thence East along the North line of said Lot 6 and of said Lot
5, a distance of 247.50 feet to the point of beginning;

EXCEPTING, however, from
the parcel of land above described the respective portions thereof lying below
or beneath the level of the top of the finish floor slab of the Mezzanine Floor
of the 222 South Riverside Plaza Building and the top of the finish floor slab
of the plaza level between the circumscribing walls of the Mezzanine of said
building and the property line, being designated as plus 17.50 feet and plus
32.50 feet, respectively, as shown on the transverse section and longitudinal
section of said building attached to Lease dated January 15, 1969 and
recorded January 31, 1969 as Document 20744919 and referred to therein as
Appendix ‘B’, which Section Plans are made a part of this description, the
elevation shown on said Section Plans have reference to Chicago City Datum
as existing on October 21, 1968, (excepting therefrom that part of Lot 5
lying

 

above a horizontal plane,
the elevation of which is 25.70 feet above the Chicago City Datum lying North
of a line which is the South face of the Southerly columns of the 222 South
Riverside Plaza Building extended East to the Chicago River and West to the
East line of the West 20 feet of Lot 6; also excepting therefrom the buildings
and improvements located thereon).

PARCEL 2:

All that parcel of land,
taken as a tract, being that portion above the space excepted hereinafter,
described as follows:

A parcel of land being
that part of Lot 6 in Railroad Companies’ Resubdivision lying below and
extending downward from a horizontal plane at an elevation of 32.50 feet above
Chicago City Datum, which is bounded and described as follows:

Commencing at the point
of intersection of the South line of said Lot 6 with the East line of the West
115.75 feet of said Lot 6, and running thence North along said East line of the
West 115.75 feet of Lot 6, a distance of 11.36 feet to an intersection with a
line which is 105.75 feet South from and parallel with the Southerly face of
the most Southerly row of columns supporting a multi-story office building
situated on said Lot 6, said point of intersection being the point of beginning
of said hereinafter described part of Lot 6; thence continuing North along said
East line of the West 115.75 feet of Lot 6, a distance of 81.50 feet to an
intersection with a line which is 24.25 feet South from and parallel with said
Southerly face of said most Southerly row of columns; thence East along said last
described parallel line, a distance of 18.25 feet to an intersection with the
East line of the West 134.00 feet of said Lot 6; thence South along said East
line of the West 134.00 feet of Lot 6, a distance of 81.50 feet to an
intersection with said line which is 105.75 feet South from and parallel with
the Southerly face of said most Southerly row of columns; and thence West along
said last described parallel line, a distance of 18.25 feet to point of
beginning;

Excepting however from
the North 13.75 feet of said parcel of land that portion thereof lying below or
beneath the level of the top of the finished floor slab of the ground floor of
the 444 West Jackson building formerly known as Mercantile Exchange Building
which is at an elevation of 30.83 feet above Chicago City Datum, and excepting
from the South 18.00 feet of the North 31.75 feet of said parcel of land that
portion thereof lying below or beneath the level of the top of the finished
floor slab of the ground floor of said building which is at an elevation of
30.25 feet above Chicago City Datum, and excepting from the remainder of said
parcel of land that portion thereof lying below or beneath the level of the top
of the finished floor slab of the ground floor of said building in said
remainder which is at an elevation of 28.25 feet above said Chicago City Datum
(excepting therefrom the buildings and improvements located thereon).

ALSO

 

A parcel of land being
that part of Lot 6 in said Railroad Companies’ Resubdivision lying below and
extending downward from a horizontal plane at an elevation of 32.50 feet above
Chicago City Datum, which is bounded and described as follows:

Commencing at the point
of intersection of the South Line of said Lot 6 with the East line of the West
161.00 feet of said Lot 6, and running thence North along the East line of the
West 161.00 feet of said Lot 6, a distance of 11.65 feet to an intersection
with a line which is 105.75 feet South from and parallel with the Southerly
face of the most Southerly row of columns supporting a multi-story office
building situated on Lot 6, said point of intersection being the point of
beginning for the hereinafter described part of Lot 6; thence continuing North
along the East line of the West 161.00 feet of Lot 6, a distance of 107.08 feet
to an intersection with a line which is 1.33 feet north from and parallel with
said Southerly face of said most Southerly row of columns; thence East along
said last described parallel line, a distance of 59.50 feet to an intersection
with the East line of the West 220.50 feet of said Lot 6; thence South along
the East line of the West 220.50 feet of said Lot 6, a distance of 25.58 feet
to an intersection with a line which is 24.25 feet South from and parallel with
said Southerly face of said most Southerly row of columns; thence East along
said parallel line and along said parallel line extended, a distance of 57.75
feet to an intersection with the East line of the West 278.25 feet of said Lot
6; thence South along said East line of the West 278.25 feet of Lot 6, a
distance of 14.25 feet; thence West along a line perpendicular to the East line
of the West 278.25 feet aforesaid, a distance of 45.25 feet to an intersection
with the East line of the West 233.00 feet of said Lot 6; thence South along
said East line of the West 233.00 feet of Lot 6, a distance of 17.00 feet;
thence East along a line perpendicular to the East line of the West 233.00 feet
aforesaid, a distance of 45.25 feet to an intersection with said East line of
the West 278.25 feet of Lot 6; thence South along the East line of the West
278.25 feet aforesaid, a distance of 50.25 feet to an intersection with said
line which is 105.75 feet South from and parallel with the Southerly face of
said most Southerly row of columns; thence West along said parallel line, a
distance of 117.25 feet to the point of beginning;

EXCEPTING however from
that part of said parcel of land lying West of the East line of the West 259.79
feet of said Lot 6 that portion thereof lying below or beneath the level of the
top of the finished floor slab of the ground floor of the 444 West Jackson
building formerly known as Mercantile Exchange Building which is at an
elevation of 30.00 feet above Chicago City Datum, and excepting from those
portions of said parcel of land lying East of said East line of the West 259.79
feet of said Lot 6 those portions thereof lying below or beneath the level of
the top of the finished floor slab of the ground floor of said building which
is at an elevation of 28.33 feet above Chicago City Datum, and excepting from
said parcel of land the West 1.25 feet of the North 1.33 feet thereof occupied
by a column and also excepting those parts thereof occupied by six other
columns of said most Southerly row of columns, each of which six columns,
measures 2.50 feet from East to West and extends 1.33 feet Southwardly into and
upon said premises from the most Northerly line thereof;

AND ALSO EXCEPTING from
said Parcel 1 and Parcel 2 the respective portions thereof taken by the
National Railroad Passenger Corporation in condemnation pursuant to the

 

condemnation action filed
in the United States District Court for the Northern District of Illinois,
Eastern Division, Case Number 89 C 1631, (excepting therefrom the buildings and
improvements located thereon).

PARCEL 3:

The property and space
lying between horizontal planes which are 42.25 feet and 90.00 feet,
respectively, above Chicago City Datum, and enclosed by planes extending
vertically upward from the surface of the earth, of a parcel of land comprised
of a part of Lot 6, and of a part of South Canal Street lying West of and
adjoining said Lot 6, in Railroad Companies’ Resubdivision of Blocks 62 to 76,
both inclusive, Block 78, parts of Blocks 61 and 77, and certain vacated
streets and alleys in School Section Addition to Chicago, a subdivision of
Section 16, Township 39 North, Range 14 East of the Third Principal
Meridian which parcel of land is bounded and described as follows:

Beginning on the East
line of the West 20 feet of Lot 6, at a point which is 0.938 feet North from
the South line of said Lot 6, and running thence West along a line
perpendicular to the East line of the West 20 feet aforesaid, a distance of
25.416 feet; thence North, parallel with the West line of said Lot 6, a
distance of 101.083 feet; thence East along a line perpendicular to the last
described course, a distance of 25.416 feet to an intersection with the East
line of the West 20 feet of said Lot 6; and thence South along the East line of
the West 20 feet aforesaid, a distance of 101.083 feet to the point of
beginning together with the space in which to construct, use, maintain, repair,
replace or renew from time to time adequate columns and foundations for the
building contemplated by the present lease in the excepted space, as defined in
the existing Air Rights Lease dated January 15, 1969 and recorded January 31,
1969 as Document 20744919, all in Cook County, Illinois (excepting therefrom
the buildings and improvements located thereon).

PARCEL 4A:

Non-exclusive easements
of use, ingress and egress and for other purposes as an appurtenance to the
estate and interest described as Parcels 1, 2 and 3 above, created and granted
by that certain Easement and Operating Agreement made by and between LaSalle
National Bank, as Trustee under Trust agreement dated December 1, 1983 and
known as Trust Number 107363 and Chicago Union Station Company, a corporation
of Illinois, dated April 19, 1989 and recorded April 19, 1989 as
Document 89173341, in, over and across certain adjoining land more particularly
described therein, in Cook County, Illinois.

Supplement to Easement
and Operating Agreement made by and between Chicago Union Station Company and
222 Riverside Plaza Corporation recorded October 24, 2001 as Document
0010994188.

 

PARCEL 4B:

Easement for the benefit
of Parcels 1, 2 and 3 as created by Easement and Operating agreement recorded
as Document 89173341 for: a) stairway, escalator, passageway and corridor; b)
emergency; c) ramp and loading dock and d) storage; over part of Lot 5 lying
25.70 feet above Chicago City Datum, Lot 6, part of Canal Street and the
building and improvements located on the land and within the air rights located
below the air rights leased and demised pursuant to the leases noted above and
more particularly described on Exhibit ‘B’ attached thereto.

Supplement to Easement
and Operating Agreement made by and between Chicago Union Station Company and
222 Riverside Plaza Corporation recorded October 24, 2001 as Document
0010994188.

PARCEL 4C:

A non-exclusive
appurtenant easement in favor of Parcels 1, 2 and 3 as created by Deed of
Easement dated January 16, 1990 and recorded January 31, 1990 as
Document 90047309 made by LaSalle National Bank, as Trustee under Trust
Agreement dated November 17, 1983 and known as Trust Number 107292 to
Gateway IV Joint Venture, an Illinois general partnership, LaSalle National
Bank, as Trustee under Trust Agreement dated December 1, 1983 and known as
Trust Number 107361, LaSalle National Bank, as Trustee under Trust Agreement
dated December 1, 1983 and known as Trust Number 107362, and LaSalle
National Bank, as Trustee under Trust Agreement dated December 1, 1983 and
known as Trust Number 107363 for the use of 1,100 public parking spaces in the
garage, as defined therein, with rights of ingress and egress and an easement
for the purpose of construction of such repairs or restoration for the period
required to complete such repairs or restoration on, over, and across the
following described legal description:

Lots 5, 6, 7, and 8
(except from said lots that part falling in alley) in Block 49 in School Section Addition
to Chicago in Section 16, Township 39 North, Range 14 East of the Third
Principal Meridian, in Cook County, Illinois.

As amended by First
Amendment to Deed of Easement dated February 9, 1990, and recorded October 9,
1990, as Document Number 90491486.

PARCEL 5:

Non-exclusive easements
of use, ingress and egress, foundation, support and for other purposes as an
appurtenance to the estate and interest described as Parcels 1, 2 and 3 above,
created and granted by that certain Easement and Operating Agreement made by
and between Chicago Union Station Company and 222 South Riverside Fee, LLC and

 

recorded October 24,
2001 as Document 0010994189 in, over and across certain adjoining land more
particularly described therein, in Cook County, Illinois.

Addresses:

222 S. Riverside Plaza, Chicago, IL

444 W. Jackson Blvd., Chicago, IL

PINs :

17-16-115-003-0000

17-16-115-004-0000

17-16-115-003-6030

17-16-115-003-6031

17-16-115-004-6003

17-16-115-004-6004

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]