Document:

Exhibit
10.5

SENIOR
MEZZANINE PLEDGE AND SECURITY AGREEMENT

THIS SENIOR MEZZANINE PLEDGE AND SECURITY AGREEMENT
(this “Agreement”), dated as of September 22,
2006, made by GC 128 Voss SM LLC, a Delaware limited liability company (“Pledgor”), and Behringer Harvard Alexan Voss, LLC, a
Delaware limited liability company (together with its successors and assigns, “Lender”).

RECITALS

A.            Lender
has agreed to make a loan (the “Loan”) to
Pledgor in the original principal amount of Six Million Eight Hundred Fifty Thousand
Dollars ($6,850,000.00) pursuant to the terms of that certain Loan Agreement,
dated of even date herewith, between Pledgor and Lender (herein, as the same
may be amended or restated from time to time, the “Loan
Agreement”); and

B.            Pledgor
is the sole member and the legal and beneficial owner of one hundred percent
(100%) of the membership interests in GC 127 Voss Holdings LLC, a Delaware
limited liability company (the “Mortgagor”),
which is the owner in fee simple of the Property (as defined in the Loan
Agreement); and

C.            One
of the conditions precedent to the Lender’s making of the Loan under the Loan
Agreement is Pledgor’s execution and delivery of this Agreement; and

D.            Pledgor
and Mortgagor shall derive substantial direct and indirect benefits from the
Loan.

NOW, THEREFORE, for and in consideration of the
foregoing and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties agree as follows:

1.             Recitals; Definitions.  The recitals set forth above are true and
correct and are incorporated herein by reference.  Capitalized terms not defined herein but
which are defined in the Uniform Commercial Code as in effect from time to time
in the State of Texas (the “UCC”) shall
have the meanings given them in Article 8 or Article 9, as applicable, thereof.
Other capitalized terms used but not defined herein shall have the meaning
ascribed to such term in the Loan Agreement, in each case unless the context
clearly requires otherwise.

2.             Pledge.

(a)           Grant
of Security Interest.  As collateral
security for the Indebtedness and the performance of all obligations under the
Loan Documents, Pledgor presently and irrevocably pledges, hypothecates,
assigns, delivers and transfers to the Lender, and grants to the Lender a
continuing first priority security interest in, all of its right, title and

  
 1
 

 

interest in and
under the following property (collectively, the “Collateral”)
whether now owned or hereafter acquired or coming into existence:

(i)                                     all
of Pledgor’s right, title and interest, whether direct or indirect, whether
legal, beneficial or economic, and whether fixed or contingent, (i) as the sole member in and to the Mortgagor, including, without
limitation, Pledgor’s right to vote on Mortgagor matters and Pledgor’s rights,
now existing or hereafter arising or acquired, to receive from time to time its
share of profits, losses, income surplus, return of capital, proceeds, fees,
preferences, payments or distributions from Mortgagor (Pledged
Interest”);

(ii)                                  all
Instruments, certificates, or other writings evidencing Pledgor’s Pledged
Interest;

(iii)                               all of Pledgor’s right,
title and interest in, to and under that certain Operating Agreement, dated as
of August 28, 2006, executed by
Pledgor (as amended in accordance with the terms of the Loan Agreement, the “Operating Agreement”) and the other
organizational documents of Mortgagor;

(iv)                              all
of Pledgor’s right, title and interest in, to and under all General Intangibles
relating to or arising out of any of the foregoing; and

(v)                                 all
Proceeds of any of the foregoing.

(b)           Security
for Obligations.  This Agreement
secures (i) the Indebtedness and (ii) all obligations of Pledgor under the Loan
Agreement, the Note and all of the other Loan Documents (collectively, the “Secured Obligations”).

(c)           Perfection
of Security Interest.  In furtherance
of the grant of the pledge and security interest pursuant to Section 2(a)
above, Pledgor hereby agrees with Lender as follows:

(i)                                     If
the Pledged Interest is not currently represented or evidenced by certificates
or Instruments, Pledgor shall, upon the execution of this Agreement (A) cause
the Mortgagor to create a registration book for the registration of all
ownership interests in Mortgagor and cause Mortgagor to register in such book
Pledgor’s pledge of the Pledged Interest to Lender together with the notation
that all distributions are to be disbursed to Lender as required under this
Agreement, and (B) cause the Mortgagor to agree to comply with any and all
unilateral directions and other Instructions from Lender concerning such
Pledged Interest given in accordance with this Agreement, without any further
consent of (or regardless of contrary instructions of) Pledgor or any other
person.

  
 2
 

 

(ii)                                  Concurrently
with the execution and delivery of this Agreement, Pledgor is delivering to
Lender an assignment of membership interest in blank (the “Assignment
of Interest”), in the form set forth on Exhibit A hereto, for
the Pledged Interest, transferring all of the Pledged Interest in blank, duly
executed by Pledgor and undated.  Lender
shall have the right, at any time in its discretion upon the occurrence and
during the continuance of an Event of Default pursuant to Section 6(a)
below, to transfer to, and to designate on the Assignment of Interest, any
Person to whom the Pledged Interest is sold in accordance with the provisions
hereof.

(iii)                               To the extent the
Pledged Interest hereafter is represented or evidenced by certificates,
Instruments or other writings (other than the Operating Agreement) whether in
bearer or registered form, Pledgor shall within three (3) days of receipt of
any such certificates, Instruments or other writings (A) deliver to Lender
such certificates, Instruments or other writings, as applicable and
(B) deliver to Lender all necessary powers, instruments of transfer or
assignment, each undated and duly executed in blank.

(iv)                              Regardless
of whether the Collateral is represented or evidenced by certificates,
Instruments or other writings, Pledgor shall do all other acts and deliver such
other documents, and cause Mortgagor to do the same, as Lender reasonably deems
necessary or desirable (or as are otherwise required by the laws of the
jurisdiction governing perfection, the effect of perfection or nonperfection or
the priority of Lender’s security interest) in order to perfect such security
interest in the Collateral.  In
furtherance of the foregoing, Pledgor hereby authorizes Lender to file such UCC
financing statements against Pledgor as Lender shall deem necessary or
desirable containing a description of the Collateral pledged by Pledgor
sufficient to satisfy the requirements of Article 9 of the UCC (the “ UCC Financing Statements”).

(d)           Continuing
Security Interest.  This Agreement
shall create a continuing security interest in the Collateral and shall remain
in full force and effect until payment in full of all Indebtedness.  Upon the payment in full of all Indebtedness,
the security interests granted herein shall terminate and all rights to the
Collateral shall revert to Pledgor.  Upon
any such termination, the Lender shall, at Pledgor’s sole expense, deliver to
Pledgor, without any representations, warranties or recourse of any kind
whatsoever, all certificates, Instruments and other writings representing or
evidencing all Collateral then held by the Lender hereunder, if any, and
execute and deliver to Pledgor such documents as Pledgor shall reasonably
request to evidence such termination.

3.             Representations and Warranties.  As of the date hereof Pledgor represents and
warrants as follows:

  
 3
 

 

(a)           Organization;
Authorization.  Pledgor is a limited
liability company which has been duly formed and is
validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in the State of Texas.  Pledgor has full limited liability company
power and authority to execute this Agreement and to undertake and consummate
the transactions contemplated hereby. 
This Agreement has been duly and validly executed by or on behalf of Pledgor
and constitutes the legal, valid and binding obligation of Pledgor and is
enforceable against Pledgor in accordance with its terms, subject, as to
enforceability, to the effect of applicable bankruptcy, insolvency and other
similar laws limiting the enforcement of creditors’ rights generally and to
general principles of equity.

(b)           Agreement
Will Cause No Defaults.  The
execution, delivery and performance of this Agreement by Pledgor does not and
will not violate, or contravene (i) any term or provision of the organizational
documents of Pledgor or any resolution or vote of Pledgor, (ii) any existing
license, indenture or other material contract or agreement binding upon Pledgor
or (iii) any existing law, statute, regulation, order, decree or judgment
applicable to Pledgor or its property.

(c)           Ownership,
No Liens, etc.  Pledgor is the legal,
record and beneficial owner of, and has good and marketable title to the
Collateral in which it grants a security interest to Lender under this
Agreement, free and clear of all liens, security interests, options or other
charges or encumbrances, other than the security interest granted pursuant
hereto.  Pledgor is the sole member of
Mortgagor.

(d)           As
to Pledged Interest.  The Pledged
Interest is duly authorized and validly issued, and are fully paid and non-assessable
and constitute all of the issued and outstanding membership interests in
Mortgagor.  The Pledged Interest (i) is
not “financial assets” (within the meaning of Section 8-102(a)(9) of the UCC)
and (ii) is not credited to a “securities account”  within the meaning of Section 8-501(a) of the
UCC.

(e)           Perfection  Upon the filing of the UCC Financing
Statements referred to in Section 2(c)(iv), the security interest granted pursuant to this Agreement will constitute a valid,
perfected first priority security interest in the Collateral and related
proceeds, enforceable against all creditors of Pledgor and any persons
purporting to purchase any Collateral or receive any related proceeds from
Pledgor, subject to the limitations in the UCC.

(f)            Authorization,
Approval, etc.  No authorization,
approval, or other action by, and no notice to or filing with, any governmental
authority, regulatory body or any other person is required either:

(i)                                     for
the execution, delivery, and performance of this Agreement by Pledgor (other
than any authorizations and approvals that have already been received or
actions that have already been taken), or

(ii)                                  for
the exercise by the Lender of (1) the voting and other rights provided for in
this Agreement or (2) except as may be required in

  
 4
 

 

connection with a
disposition of the Pledged Interest by laws relating to the offering and sale
of securities generally, the remedies provided for in respect of the Collateral
pursuant to this Agreement.

4.             Covenants.

(a)           Protect
Collateral.  Pledgor agrees that it
will own at all times during the term of the Loan one hundred percent (100%) of
the ownership interests in Mortgagor. 
Pledgor agrees that it shall not sell, assign, transfer, pledge or
encumber in any other manner the Collateral (except for the pledge to Lender
hereunder or an assignment to Lender or its designee pursuant to the Assignment
of Membership Interests).  Pledgor shall
warrant and, at Pledgor’s expense, defend the right and title herein granted
unto the Lender in and to the Collateral (and all right, title and interest
represented by the Collateral) against the claims and demands of all persons
whomsoever.

(b)           Further
Assurances.  Pledgor shall, at
Pledgor’s expense (i) promptly execute and deliver, and cause the Mortgagor to
promptly execute and deliver, all further writings (including instruments of
transfer or control) reasonably requested by Lender, and (ii) promptly take all
further action, and cause the Mortgagor to promptly take all further action,
that the Lender may reasonably request; in each case, in order to perfect and
protect and maintain the perfection and priority of any security interest
granted or purported to be granted hereby or to enable the Lender to exercise
and enforce its rights and remedies hereunder with respect to any Collateral,
including the rights and remedies under Section 7(b).

(c)           Organizational
Documents.  Pledgor agrees that it
shall not amend or restate the operating agreement or certificate of formation
of Mortgagor without Lender’s consent including but not limited to changing the
location of its principal place of business or chief executive office, its name
or reorganizing under the laws of another jurisdiction.

(d)           Consents.  Pledgor shall execute and deliver to Lender,
upon its request at the time Lender exercises its remedies, any document
required under the organizational documents of Pledgor or otherwise reasonably
deemed necessary by Lender in order to evidence Pledgor’s consent to the Lender’s
exercising of its remedies under this Agreement, including those set forth in Section
7(a) hereof wherein Lender becomes the record, legal and beneficial owner
of the Collateral pledged under this Agreement.

(e)           Pledged
Interest.  The Pledged Interest (i)
will not become “financial assets” (within the meaning of Section 8-101(a)(9)
of the UCC) and (ii) will not be credited to a “securities account” (within the
meaning of Section 8-501(a) of the UCC). 
The parties agree that the Pledged Interest constitutes “general
intangibles” (as defined in Section 9-102 of the UCC); and Pledgor agrees that
the Pledged Interest is not and will not be investment company securities
within the meaning of Section 8-103 of the UCC.

  
 5
 

 

(f)            Taxes
and Assessments.  Pledgor shall pay,
and hold Lender harmless from any liabilities with respect to payment of, any
taxes or assessments which may be payable with respect to the Collateral
(except any taxes or assessments arising after foreclosure) or in connection
with any of the interests in Collateral created by this Agreement.

(g)           Issuance
of Interests or Securities.  Without
the prior written consent of Lender, Pledgor shall not directly or indirectly
vote to enable, or take any other action to permit, Mortgagor to issue any
limited liability company interests or to issue additional securities
convertible into or granting the right to purchase or exchange for any
interests of or in Mortgagor.

5.             The
Lender.

(a)           Lender
Appointed Attorney-in-Fact.  Pledgor
hereby irrevocably appoints the Lender as Pledgor’s attorney-in-fact, with full
power and authority in the name and place of Pledgor or otherwise, (i) to take
any action and to execute any instrument which the Lender may deem necessary or
advisable to perfect the security interest granted hereby and (ii) after an
Event of Default, to exercise any and all of its rights and remedies hereunder
as the legal, record and beneficial owner of the Pledged Interest.  The power of attorney granted pursuant to
this Section 5 is coupled with an interest and is irrevocable.

(b)           Lender
May Perform.  If Pledgor fails to
perform any agreement contained herein, and such failure either (i) becomes an
Event of Default or (ii) prior to becoming an Event of Default continues for
twenty (20) days after Lender gives written notice to Borrower to cure, the
Lender may cause the same to be performed and the Lender’s reasonable expenses
incurred in connection therewith shall be payable by Pledgor.

(c)           Lender
Has No Duty.  The powers conferred on
the Lender hereunder are solely to protect its interest in the Collateral and
shall not impose any duty on it to exercise any such powers.  Except for reasonable care of any Collateral
in its possession, the Lender shall have no duty with respect to any
Collateral.

6.             Event of Default.  As used in this Agreement, an “Event of
Default” shall mean the occurrence of any one or more of the following:

(a)           any
failure in the observance or performance by Pledgor of any of its obligations,
covenants or duties hereunder which continues for a period of 30 days after
written notice of such failure by Lender to Pledgor, or if such failure is not
reasonably susceptible of cure within such 30 day period and if Pledgor
promptly commences such cure within such 30 day period and diligently
prosecutes the same to completion, then the cure period shall be extended for
such period of time as may be reasonably necessary to effect a cure but in no
event shall such period exceed 90 days; or

  
 6
 

 

(b)           any
representation or warranty made by Pledgor herein proves to be false or
misleading in any material respect as of the date it is made; or

(c)           the
occurrence of an Event of Default as defined in the Loan Agreement or in the
Note.

7.             Remedies.

(a)           Certain
Remedies.  If any Event of Default
shall have occurred and be continuing:

(i)                                     Lender
shall have the right, without any further action or consent of Pledgor to
immediately direct the Mortgagor to identify the Lender or its designee on its
books and records as the record, legal and beneficial owner of the Pledged
Interest in full substitution of Pledgor. 
The Lender or its designee shall thereafter have the sole right to
exercise all rights, privileges, options and powers relating to the Pledged
Interests.

(ii)                                  The
Lender shall have the right, without the necessity of becoming the record and
legal owner of the Pledged Interest as provided in Section 7(a)(i), to
exercise in its sole discretion the voting power and all other rights of
ownership with respect to any Pledged Interests.  All proceeds of the Collateral shall
immediately be paid to Lender and shall be applied by Lender in accordance with
the terms hereof.

(iii)                               The Lender shall have
all of the rights and remedies of a secured party under the UCC.  In the exercise of such rights and remedies
Lender may, without notice except as specified below, sell the Collateral or
any part thereof at one or more public or private sales held at any of the
Lender’s offices or elsewhere, for cash, on credit or for future delivery, and
upon such other terms as the Lender may deem reasonable.  Pledgor agrees that any private sale may
result in prices and other terms less favorable then if such sale were a public
sale.  Pledgor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days’ prior notice
to Pledgor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification.  The Lender shall not be obligated to make any
sale of Collateral regardless of notice of sale having been given.  The Lender may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to
which it was so adjourned.

  
 7
 

 

(b)           Compliance
with Restrictions.  In any public or
private sale of any of the Collateral, the Lender is authorized to comply with
any limitation or restriction in connection with such sale as it may be advised
by counsel is necessary in order to comply with, or otherwise avoid any
violation of applicable law regarding any public or private sale, including any
required approval of the sale or of the purchaser by any governmental
regulatory authority or official.  Such
compliance shall not result in such sale being considered or deemed not to have
been made in a commercially reasonable manner. 
The Lender shall not be liable or accountable to Pledgor for any price
reduction resulting from, or expense incurred as a result of, Lender’s
compliance with any such limitation or restriction.  The Lender shall be under no obligation to
delay any sale of any of the Collateral for the period of time necessary to
permit the Mortgagor or Pledgor to register such Collateral for public sale
under the Securities Act of 1933, as amended from time to time, or under
applicable state securities laws.

(c)           Application
of Proceeds.  All cash proceeds
received by the Lender in respect of any sale of all or any part of the
Collateral shall be applied by the Lender, in the following order, against (i)
any reasonable attorneys fees or other expenses incurred in connection with any
collection or sale and (ii) all or any part of the Secured Obligations in such
order as the Lender shall elect.  Any
surplus of such cash or cash proceeds held by the Lender and remaining after
payment in full of all the Secured Obligations shall be paid over to Pledgor or
to whomsoever may be lawfully entitled to receive such surplus.

(d)           Additional
Rights.  Subject to Section 8(m)
hereof, in addition to the rights set forth above, Pledgor shall have and may
exercise all other rights conferred by law or existing under this Agreement and
may resort to any remedy existing at law or in equity for the collection of the
Indebtedness and for the enforcement of the covenants and agreement contained
herein.

(e)           Remedies
Cumulative.  No remedy or right of
the Lender hereunder, under any of the Loan Documents or otherwise available
under applicable law or in equity, shall be exclusive of any other right or
remedy.  Each such remedy or right shall
be in addition to every other remedy or right now or hereafter existing under
applicable law or in equity.  No delay in
the exercise of, or omission to exercise, any remedy or right after any Event
of Default shall impair any such remedy or right or be construed as a waiver of
any such Event of Default or an acquiescence thereto, nor shall it affect any
subsequent Event of Default of the same or different nature.  Every remedy or right may be exercised
concurrently or independently and when and as often as may be deemed necessary
by Lender.

8.             Miscellaneous

(a)           Amendments.  No amendment to or waiver of any provision of
this Agreement nor consent to any departure herefrom shall in any event be
effective unless the same shall be in writing and signed by the parties, and
then such waiver or consent

  
 8
 

 

shall be effective
only in the specific instance and for the specific purpose for which it is
given.

(b)           Protection
of Collateral.  The Lender may take
any action which the Lender reasonably deems necessary for the maintenance,
preservation or protection of any of the Collateral or of its security interest
therein if in Lender’s judgment such action is necessary to avoid immediate
harm to Lender or impairment of the Collateral.

(c)           Notices.  Any notice, election, communication, request,
approval or other document or demand required or permitted under this Agreement
shall be in writing and shall be given in the manner provided in the Loan
Agreement.  The addresses of the parties
for such purpose (subject to change upon notice) are as follows:

	
  If to Lender:

  	
   

  	
  Behringer Harvard Alexan Voss, LLC

  
	
   

  	
   

  	
  15601 Dallas
  Parkway, Suite 600

  
	
   

  	
   

  	
  Addison, Texas
  75001

  
	
   

  	
   

  	
  Attention: Chief
  Legal Officer

  
	
   

  	
   

  	
  Facsimile: (214)
  655-1610

  
	
   

  	
   

  	
   

  
	
  with copy to:

  	
   

  	
  Powell & Coleman, L.L.P.

  
	
   

  	
   

  	
  8080 North
  Central Expressway, Suite 1380

  
	
   

  	
   

  	
  Dallas, Texas
  75206

  
	
   

  	
   

  	
  Attention: Carol
  D. Satterfield

  
	
   

  	
   

  	
  Facsimile: (214)
  373-8768

  
	
   

  	
   

  	
   

  
	
  If to Pledgor:

  	
   

  	
  GC 128 Voss SM LLC

  
	
   

  	
   

  	
  Attention:
  Timothy J. Hogan

  
	
   

  	
   

  	
  2001 Bryan
  Street, Suite 3700

  
	
   

  	
   

  	
  Dallas, Texas
  75201

  
	
   

  	
   

  	
  Facsimile: (214)
  922-

  
	
   

  	
   

  	
   

  
	
  with copy to:

  	
   

  	
  Michael K. Ording

  
	
   

  	
   

  	
  Jones Day

  
	
   

  	
   

  	
  325 John H.
  McConnell Blvd., Suite 600,

  
	
   

  	
   

  	
  Columbus, Ohio
  43215

  
	
   

  	
   

  	
  Facsimile: (614)
  461-4198

  

 

(d)           Section
Captions.  Section captions used in
this Agreement are for convenience of reference only, and shall not affect the
construction of this Agreement.

(e)           Severability.  Wherever possible each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without

  
 9
 

 

invalidating the
remainder of such provision or the remaining provisions of this Agreement.

(f)            Entire
Agreement.  This Agreement and the
other Loan Documents constitute the entire understanding among the parties
hereto with respect to the subject matter hereof and supersede any prior
agreements, written or oral, with respect thereto.

(g)           Governing
Law.  This Agreement shall be
governed by, and construed in accordance with, the substantive law of the State
of Texas without regard to the application of choice of law principles.  Pledgor and Lender each hereby consent to the
personal jurisdiction of the state courts of the State of Texas located in
Dallas County, Texas in any action that may be commenced to enforce rights
hereunder.

(h)           Waiver
of Jury Trial.  PLEDGOR HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT PLEDGOR MAY HAVE
TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS
AGREEMENT, OR ANY OTHER STATEMENTS OR ACTIONS RELATED HERETO.  PLEDGOR ACKNOWLEDGES THAT THIS WAIVER IS A
MATERIAL INDUCEMENT FOR THE LENDER TO DISBURSE THE LOAN AND TO ENTER INTO THE
OTHER LOAN DOCUMENTS.  BY ITS ACCEPTANCE
OF THIS AGREEMENT LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
ANY RIGHT LENDER MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY
WAY IN CONNECTION WITH THIS AGREEMENT, OR ANY OTHER STATEMENTS OR ACTIONS
RELATED HERETO.

(i)            Successors
and Assigns.  This Agreement shall
inure to the benefit of and shall bind Pledgor and Lender and their respective
successors, assigns and representatives.

(j)            Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute but one and the same document.

(k)           Irrevocable
Authorization and Instruction to Mortgagor. 
Pledgor authorizes and instructs the Mortgagor to comply with any
instruction received by it from Lender concerning the Collateral to the extent
authorized by this Agreement.

(l)            Sole and Absolute Discretion.  Any option, consent, approval, discretion or
similar right of Lender set forth in this Agreement may be exercised by Lender
in its sole, absolute and unreviewable discretion, unless the provisions of
this Agreement specifically require another standard for such option, consent,
approval, discretion or similar right.

(m)          Pledgor Exculpation.  Pledgor’s liability in connection with this
Agreement (including Pledgor’s liability for all amounts due hereunder) is
collectible only from the Collateral against which a security interest is
created by the Pledge

  
 10
 

 

Agreement.  In no case will any person who holds a direct
or indirect ownership interest in Pledgor, or any officer, director, manager,
trustee, employee, agent or affiliate of Pledgor or any such direct or indirect
owner, have any responsibility for Pledgor’s obligations in connection with
this Agreement (including Pledgor’s liability for any amounts due hereunder);
provided, however, that nothing in this Section 8(m) limits the liability of
any person under a guaranty or other agreement executed by such person.

  
 11
 

 

IN WITNESS WHEREOF, the undersigned have duly executed
and delivered this Agreement as of the day and year first above written.

	
  

  	
  PLEDGOR

  
	
   

  	
  GC 128 VOSS SM LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  GC 129 Voss JM, LLC, a Delaware limited liability

  company, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GC 123 Voss Limited Partnership, a Delaware

  limited partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
  By:

  	
  GC 112 Development 2006 GP LLC, a

  Delaware limited liability company, its

  general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Timothy J. Hogan, Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  Behringer Harvard Alexan Voss, LLC, a

  
	
   

  	
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Secretary

  
										

 

  
 12

 

EXHIBIT A

FORM OF
ASSIGNMENT OF MEMBERSHIP INTEREST

ASSIGNMENT OF MEMBERSHIP INTEREST dated as of                                     ,
             ,
made by GC 128 Voss SM LLC, a Delaware limited liability company (together with
its successors and assigns, the “Assignor”) to                                                       
                                                     
(the “Assignee”).

RECITALS

The
undersigned has entered into the Pledge and Security Agreement dated as of
September 22, 2006 (such Agreement, as it may be amended or otherwise modified
from time to time, the “Pledge Agreement”),
with Behringer Harvard Alexan Voss, LLC, a Delaware limited liability company (“Lender”). 
Unless otherwise noted, terms defined in the Pledge Agreement are used
herein as defined therein.

The Assignor is the sole member owning 100% of the membership interests of GC 127 Voss Holdings LLC, a Delaware
limited liability company (the “Company”)
existing under and evidenced by the Operating Agreement of the Company dated as of August 28, 2006
(such agreement, as it may be amended, supplemented or otherwise modified from
time to time, the “Operating Agreement and the Assignor, as the sole member
thereof, has certain rights, title and interest in and to the Company, including, without limitation, rights to
receive income, distributions, profits, gains and losses, and to vote and/or
manage the Company, all as and to the extent provided in the Operating
Agreement (collectively, the “Interest”).

Lender has required that the Assignor shall have executed and delivered
this Assignment.

NOW THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

1)              Assignment and Acceptance of Assigned
Interest.  As of the Effective Date
(as defined in Section 7), the Assignor hereby sells, transfers, conveys
and assigns (without recourse and, except as expressly set forth herein,
representation or warranty) (collectively, the “Assignment”) to the Assignee
all of the Assignor’s right, title and interest in and to the Interest and of
its rights under the Operating Agreement, including, without limitation, all
its (a) rights to receive moneys due and to become due under or pursuant to the
Operating Agreement, (b) rights to receive proceeds of any insurance,
indemnity, warranty or guaranty with respect to the Operating Agreement, (c)
claims for damages arising out of or for breach of or default under the
Operating Agreement, and (d) rights to perform thereunder and to compel
performance, and otherwise exercise all rights and remedies thereunder.  Assignor’s

 1
 

 

right, title and interest in the Interest and of the Assignor’s rights
under the Operating Agreement that are being assigned to the Assignee pursuant
to this Agreement are hereinafter referred to as the “Assigned Interest”.  The Assignee, upon the execution of this
Assignment, hereby accepts from the Assignor the Assigned Interest and agrees
to become a successor member of the Company in the place and stead of the
Assignor to the extent of the Assigned Interest and to be bound by the terms
and provisions of the Operating Agreement.

2)              Representations and Warranties of the
Assignor.  The Assignor represents to
Lender, as of the date of this Assignment, and to Lender and the Assignee as of
the Effective Date, that:

a.               This Assignment has been duly executed
and delivered by the Assignor and is a valid and binding obligation of the
Assignor, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting rights of creditors
generally, and general principles of equity; and

b.              The Assignor is the sole owner of the
Assigned Interest free and clear of any liens, except for the liens created by
the Pledge Agreement.

3)              Filings.  On or as soon as practicable after the
Effective Date, the Assignee shall file and record or cause to be filed and
recorded with all proper offices or agencies all documents and instruments
required to effect the terms herein, if any, including, without limitation, (a)
this Assignment and (b) any limited liability company and assumed or fictitious
name certificate or certificates and any amendments thereto.

4)              Future Assurances.  Each of the Assignor and the Assignee
mutually agrees to cooperate at all times from and after the date hereof with
respect to any of the matters described herein, and to execute such further
deeds, bills of sale, assignments, releases, assumptions, notifications or
other documents as may be reasonably requested for the purpose of giving effect
to, evidencing or giving notice of the assignment evidenced hereby.

5)              Successors and Assigns.  This Assignment shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns.

6)              Modification and Waiver.  No supplement, modification, waiver or
termination of this Assignment or any provisions hereof shall be binding unless
it is executed in writing by all parties hereto and the original of such
writing has been delivered to each party.

7)              Counterparts.  Any number of counterparts of this Assignment
may be executed.  Each counterpart will
be deemed to be an original instrument and all counterparts taken together will
constitute one agreement.  Delivery of an
executed counterpart of a signature page to this Assignment by telecopier shall
be as effective as delivery of a manually executed counterpart of this
Assignment.

8)              Execution; Effective Date.  This Assignment will be binding and effective
and will result in the assignment of the Assigned Interest on the date first
written above (the “Effective Date”).

9)              Governing Law.  This Assignment will be governed by the laws
of the State of Texas without regard to the application of choice of law
principles.

 2
 

 

IN WITNESS WHEREOF, the Assignor has caused this Assignment to be
executed and delivered.

	
  

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  GC 128 VOSS SM LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  GC 129 Voss JM, LLC, a Delaware limited liability

  company, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GC 123 Voss Limited Partnership, a Delaware

  limited partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
  By:

  	
  GC 112 Development 2006 GP LLC, a

  Delaware limited liability company, its

  general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Timothy J. Hogan, Vice President

  

 

 3Exhibit 10.6

 

JUNIOR
MEZZANINE PLEDGE AND SECURITY AGREEMENT

THIS JUNIOR MEZZANINE PLEDGE AND SECURITY AGREEMENT
(this “Agreement”), dated as of September 22,
2006, made by GC 129 Voss JM LLC, a Delaware limited liability company (“Pledgor”), and Behringer Harvard Alexan Voss, LLC, a
Delaware limited liability company (together with its successors and assigns, “Lender”).

RECITALS

A.            Lender
has agreed to make a loan (the “Loan”) to
Pledgor in the original principal amount of Six Million One Hundred Fifty Three
Thousand Six Hundred Eighty Nine Dollars ($6,153,689.00) pursuant to the terms
of that certain Loan Agreement, dated of even date herewith, between Pledgor
and Lender (herein, as the same may be amended or restated from time to time,
the “Loan Agreement”); and

B.            Pledgor
is the sole member and the legal and beneficial owner of one hundred percent
(100%) of the membership interests in GC 128 Voss SM LLC, a Delaware limited
liability company (the “Senior Mezz Pledgor”)
which is the sole member and the legal and beneficial owner of one hundred
percent (100%) of the membership interests in GC 127 Voss Holdings LLC, a
Delaware limited liability company (the “Mortgagor”),
which is the owner in fee simple of the Property (as defined in the Loan
Agreement); and

C.            One
of the conditions precedent to the Lender’s making of the Loan under the Loan
Agreement is Pledgor’s execution and delivery of this Agreement; and

D.            Pledgor,
Senior Mezz Pledgor and Mortgagor shall derive substantial direct and indirect
benefits from the Loan.

NOW, THEREFORE, for and in consideration of the
foregoing and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties agree as follows:

1.             Recitals; Definitions.  The recitals set forth above are true and
correct and are incorporated herein by reference.  Capitalized terms not defined herein but
which are defined in the Uniform Commercial Code as in effect from time to time
in the State of Texas (the “UCC”) shall
have the meanings given them in Article 8 or Article 9, as applicable, thereof.
Other capitalized terms used but not defined herein shall have the meaning
ascribed to such term in the Loan Agreement, in each case unless the context
clearly requires otherwise.

2.             Pledge.

(a)           Grant
of Security Interest.  As collateral
security for the Indebtedness and the performance of all obligations under the
Loan Documents, Pledgor presently and irrevocably pledges, hypothecates,
assigns, delivers and transfers to the Lender, and grants to the Lender a
continuing first priority security interest in, all of its right, title and
interest in and under the following property (collectively, the “Collateral”) whether now owned or hereafter acquired or
coming into existence:

 1
 

 

(i)                                     all
of Pledgor’s right, title and interest, whether direct or indirect, whether
legal, beneficial or economic, and whether fixed or contingent, (i) as the sole member in and to the Senior Mezz Pledgor, including,
without limitation, Pledgor’s right to vote on Senior Mezz Pledgor matters and
Pledgor’s rights, now existing or hereafter arising or acquired, to receive
from time to time its share of profits, losses, income surplus, return of
capital, proceeds, fees, preferences, payments or distributions from Senior
Mezz Pledgor (Pledged Interest”);

(ii)                                  all
Instruments, certificates, or other writings evidencing Pledgor’s Pledged
Interest;

(iii)                               all of Pledgor’s right,
title and interest in, to and under that certain Operating Agreement, dated as
of August 28, 2006, executed by
Pledgor (as amended in accordance with the terms of the Loan Agreement, the “Operating Agreement”) and the other
organizational documents of Senior Mezz Pledgor;

(iv)                              all
of Pledgor’s right, title and interest in, to and under all General Intangibles
relating to or arising out of any of the foregoing; and

(v)                                 all
Proceeds of any of the foregoing.

(b)           Security
for Obligations.  This Agreement
secures (i) the Indebtedness and (ii) all obligations of Pledgor under the Loan
Agreement, the Note and all of the other Loan Documents (collectively, the “Secured Obligations”).

(c)           Perfection
of Security Interest.  In furtherance
of the grant of the pledge and security interest pursuant to Section 2(a)
above, Pledgor hereby agrees with Lender as follows:

(i)                                     If
the Pledged Interest is not currently represented or evidenced by certificates
or Instruments, Pledgor shall, upon the execution of this Agreement (A) cause
the Senior Mezz Pledgor to create a registration book for the registration of
all ownership interests in Senior Mezz Pledgor and cause Senior Mezz Pledgor to
register in such book Pledgor’s pledge of the Pledged Interest to Lender
together with the notation that all distributions are to be disbursed to Lender
as required under this Agreement, and (B) cause the Senior Mezz Pledgor to
agree to comply with any and all unilateral directions and other Instructions
from Lender concerning such Pledged Interest given in accordance with this
Agreement, without any further consent of (or regardless of contrary
instructions of) Pledgor or any other person.

 2
 

 

(ii)                                  Concurrently
with the execution and delivery of this Agreement, Pledgor is delivering to
Lender an assignment of membership interest in blank (the “Assignment
of Interest”), in the form set forth on Exhibit A hereto, for
the Pledged Interest, transferring all of the Pledged Interest in blank, duly
executed by Pledgor and undated.  Lender
shall have the right, at any time in its discretion upon the occurrence and
during the continuance of an Event of Default pursuant to Section 6(a)
below, to transfer to, and to designate on the Assignment of Interest, any
Person to whom the Pledged Interest is sold in accordance with the provisions
hereof.

(iii)                               To the extent the
Pledged Interest hereafter is represented or evidenced by certificates, Instruments
or other writings (other than the Operating Agreement) whether in bearer or
registered form, Pledgor shall within three (3) days of receipt of any such
certificates, Instruments or other writings (A) deliver to Lender such
certificates, Instruments or other writings, as applicable and (B) deliver
to Lender all necessary powers, instruments of transfer or assignment, each
undated and duly executed in blank.

(iv)                              Regardless
of whether the Collateral is represented or evidenced by certificates, Instruments
or other writings, Pledgor shall do all other acts and deliver such other
documents, and cause Senior Mezz Pledgor to do the same, as Lender reasonably
deems necessary or desirable (or as are otherwise required by the laws of the
jurisdiction governing perfection, the effect of perfection or nonperfection or
the priority of Lender’s security interest) in order to perfect such security
interest in the Collateral.  In
furtherance of the foregoing, Pledgor hereby authorizes Lender to file such UCC
financing statements against Pledgor as Lender shall deem necessary or
desirable containing a description of the Collateral pledged by Pledgor
sufficient to satisfy the requirements of Article 9 of the UCC (the “UCC Financing Statements”).

(d)           Continuing
Security Interest.  This Agreement
shall create a continuing security interest in the Collateral and shall remain
in full force and effect until payment in full of all Indebtedness.  Upon the payment in full of all Indebtedness,
the security interests granted herein shall terminate and all rights to the
Collateral shall revert to Pledgor.  Upon
any such termination, the Lender shall, at Pledgor’s sole expense, deliver to
Pledgor, without any representations, warranties or recourse of any kind
whatsoever, all certificates, Instruments and other writings representing or
evidencing all Collateral then held by the Lender hereunder, if any, and
execute and deliver to Pledgor such documents as Pledgor shall reasonably
request to evidence such termination.

3.             Representations and Warranties.  As of the date hereof Pledgor represents and
warrants as follows:

 3
 

 

(a)           Organization;
Authorization.  Pledgor is a limited
liability company which has been duly formed and is
validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in the State of Texas.  Pledgor has full limited liability company
power and authority to execute this Agreement and to undertake and consummate
the transactions contemplated hereby. 
This Agreement has been duly and validly executed by or on behalf of
Pledgor and constitutes the legal, valid and binding obligation of Pledgor and
is enforceable against Pledgor in accordance with its terms, subject, as to
enforceability, to the effect of applicable bankruptcy, insolvency and other
similar laws limiting the enforcement of creditors’ rights generally and to
general principles of equity.

(b)           Agreement
Will Cause No Defaults.  The
execution, delivery and performance of this Agreement by Pledgor does not and
will not violate, or contravene (i) any term or provision of the organizational
documents of Pledgor or any resolution or vote of Pledgor, (ii) any existing
license, indenture or other material contract or agreement binding upon Pledgor
or (iii) any existing law, statute, regulation, order, decree or judgment
applicable to Pledgor or its property.

(c)           Ownership,
No Liens, etc.  Pledgor is the legal,
record and beneficial owner of, and has good and marketable title to the
Collateral in which it grants a security interest to Lender under this
Agreement, free and clear of all liens, security interests, options or other
charges or encumbrances, other than the security interest granted pursuant
hereto.  Pledgor is the sole member of
Senior Mezz Pledgor.

(d)           As
to Pledged Interest.  The Pledged
Interest is duly authorized and validly issued, and are fully paid and
non-assessable and constitute all of the issued and outstanding membership
interests in Senior Mezz Pledgor.  The
Pledged Interest (i) is not “financial assets” (within the meaning of Section
8-102(a)(9) of the UCC) and (ii) is not credited to a “securities account”  within the meaning of Section 8-501(a) of the
UCC.

(e)           Perfection.  Upon the filing of the UCC Financing
Statements referred to in Section 2(c)(iv), the security interest granted pursuant to this Agreement will constitute a valid,
perfected first priority security interest in the Collateral and related
proceeds, enforceable against all creditors of Pledgor and any persons
purporting to purchase any Collateral or receive any related proceeds from
Pledgor, subject to the limitations in the UCC.

(f)            Authorization,
Approval, etc.  No authorization,
approval, or other action by, and no notice to or filing with, any governmental
authority, regulatory body or any other person is required either:

(i)                                     for
the execution, delivery, and performance of this Agreement by Pledgor (other
than any authorizations and approvals that have already been received or
actions that have already been taken), or

(ii)                                  for
the exercise by the Lender of (1) the voting and other rights provided for in
this Agreement or (2) except as may be required in

 4
 

 

connection with a
disposition of the Pledged Interest by laws relating to the offering and sale
of securities generally, the remedies provided for in respect of the Collateral
pursuant to this Agreement.

4.             Covenants.

(a)           Protect
Collateral.  Pledgor agrees that it
will own at all times during the term of the Loan one hundred percent (100%) of
the ownership interests in Senior Mezz Pledgor. 
Pledgor agrees that it shall not sell, assign, transfer, pledge or
encumber in any other manner the Collateral (except for the pledge to Lender
hereunder or an assignment to Lender or its designee pursuant to the Assignment
of Membership Interests).  Pledgor shall
warrant and, at Pledgor’s expense, defend the right and title herein granted
unto the Lender in and to the Collateral (and all right, title and interest
represented by the Collateral) against the claims and demands of all persons
whomsoever.

(b)           Further
Assurances.  Pledgor shall, at
Pledgor’s expense (i) promptly execute and deliver, and cause the Senior Mezz
Pledgor to promptly execute and deliver, all further writings (including
instruments of transfer or control) reasonably requested by Lender, and (ii)
promptly take all further action, and cause the Senior Mezz Pledgor to promptly
take all further action, that the Lender may reasonably request; in each case,
in order to perfect and protect and maintain the perfection and priority of any
security interest granted or purported to be granted hereby or to enable the
Lender to exercise and enforce its rights and remedies hereunder with respect
to any Collateral, including the rights and remedies under Section 7(b).

(c)           Organizational
Documents.  Pledgor agrees that it
shall not amend or restate the operating agreement or certificate of formation
of Senior Mezz Pledgor without Lender’s consent including but not limited to
changing the location of its principal place of business or chief executive office,
its name or reorganizing under the laws of another jurisdiction.

(d)           Consents.  Pledgor shall execute and deliver to Lender,
upon its request at the time Lender exercises its remedies, any document
required under the organizational documents of Pledgor or otherwise reasonably
deemed necessary by Lender in order to evidence Pledgor’s consent to the Lender’s
exercising of its remedies under this Agreement, including those set forth in Section
7(a) hereof wherein Lender becomes the record, legal and beneficial owner
of the Collateral pledged under this Agreement.

(e)           Pledged
Interest.  The Pledged Interest (i)
will not become “financial assets” (within the meaning of Section 8-101(a)(9)
of the UCC) and (ii) will not be credited to a “securities account” (within the
meaning of Section 8-501(a) of the UCC). 
The parties agree that the Pledged Interest constitutes “general
intangibles” (as defined in Section 9-102 of the UCC); and Pledgor agrees that
the Pledged Interest is not and will not be investment company securities
within the meaning of Section 8-103 of the UCC.

 5
 

 

(f)            Taxes
and Assessments.  Pledgor shall pay,
and hold Lender harmless from any liabilities with respect to payment of, any
taxes or assessments which may be payable with respect to the Collateral
(except any taxes or assessments arising after foreclosure) or in connection
with any of the interests in Collateral created by this Agreement.

(g)           Issuance
of Interests or Securities.  Without
the prior written consent of Lender, Pledgor shall not directly or indirectly
vote to enable, or take any other action to permit, Senior Mezz Pledgor to
issue any limited liability company interests or to issue additional securities
convertible into or granting the right to purchase or exchange for any interests
of or in Senior Mezz Pledgor.

5.             The
Lender.

(a)           Lender
Appointed Attorney-in-Fact.  Pledgor
hereby irrevocably appoints the Lender as Pledgor’s attorney-in-fact, with full
power and authority in the name and place of Pledgor or otherwise, (i) to take any
action and to execute any instrument which the Lender may deem necessary or
advisable to perfect the security interest granted hereby and (ii) after an
Event of Default, to exercise any and all of its rights and remedies hereunder
as the legal, record and beneficial owner of the Pledged Interest.  The power of attorney granted pursuant to
this Section 5 is coupled with an interest and is irrevocable.

(b)           Lender
May Perform.  If Pledgor fails to
perform any agreement contained herein, and such failure either (i) becomes an
Event of Default or (ii) prior to becoming an Event of Default continues for
twenty (20) days after Lender gives written notice to Borrower to cure, the
Lender may cause the same to be performed and the Lender’s reasonable expenses
incurred in connection therewith shall be payable by Pledgor.

(c)           Lender
Has No Duty.  The powers conferred on
the Lender hereunder are solely to protect its interest in the Collateral and
shall not impose any duty on it to exercise any such powers.  Except for reasonable care of any Collateral
in its possession, the Lender shall have no duty with respect to any
Collateral.

6.             Event of Default.  As used in this Agreement, an “Event of
Default” shall mean the occurrence of any one or more of the following:

(a)           any
failure in the observance or performance by Pledgor of any of its obligations,
covenants or duties hereunder which continues for a period of 30 days after
written notice of such failure by Lender to Pledgor, or if such failure is not
reasonably susceptible of cure within such 30 day period and if Pledgor
promptly commences such cure within such 30 day period and diligently
prosecutes the same to completion, then the cure period shall be extended for
such period of time as may be reasonably necessary to effect a cure but in no
event shall such period exceed 90 days; or

(b)           any
representation or warranty made by Pledgor herein proves to be false or
misleading in any material respect as of the date it is made; or

 6
 

 

(c)           the
occurrence of an Event of Default as defined in the Loan Agreement or in the
Note.

7.             Remedies.

(a)           Certain
Remedies.  If any Event of Default
shall have occurred and be continuing:

(i)                                     Lender
shall have the right, without any further action or consent of Pledgor to
immediately direct the Senior Mezz Pledgor to identify the Lender or its
designee on its books and records as the record, legal and beneficial owner of
the Pledged Interest in full substitution of Pledgor.  The Lender or its designee shall thereafter
have the sole right to exercise all rights, privileges, options and powers
relating to the Pledged Interests.

(ii)                                  The
Lender shall have the right, without the necessity of becoming the record and
legal owner of the Pledged Interest as provided in Section 7(a)(i), to
exercise in its sole discretion the voting power and all other rights of
ownership with respect to any Pledged Interests.  All proceeds of the Collateral shall
immediately be paid to Lender and shall be applied by Lender in accordance with
the terms hereof.

(iii)                               The Lender shall have
all of the rights and remedies of a secured party under the UCC.  In the exercise of such rights and remedies
Lender may, without notice except as specified below, sell the Collateral or
any part thereof at one or more public or private sales held at any of the
Lender’s offices or elsewhere, for cash, on credit or for future delivery, and
upon such other terms as the Lender may deem reasonable.  Pledgor agrees that any private sale may
result in prices and other terms less favorable then if such sale were a public
sale.  Pledgor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days’ prior notice
to Pledgor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification.  The Lender shall not be obligated to make any
sale of Collateral regardless of notice of sale having been given.  The Lender may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to
which it was so adjourned.

(b)           Compliance
with Restrictions.  In any public or
private sale of any of the Collateral, the Lender is authorized to comply with
any limitation or restriction in connection with such sale as it may be advised
by counsel is necessary in order to comply with, or otherwise avoid any
violation of applicable law regarding any public or private

 7
 

 

sale, including
any required approval of the sale or of the purchaser by any governmental
regulatory authority or official.  Such
compliance shall not result in such sale being considered or deemed not to have
been made in a commercially reasonable manner. 
The Lender shall not be liable or accountable to Pledgor for any price
reduction resulting from, or expense incurred as a result of, Lender’s
compliance with any such limitation or restriction.  The Lender shall be under no obligation to
delay any sale of any of the Collateral for the period of time necessary to
permit the Senior Mezz Pledgor or Pledgor to register such Collateral for
public sale under the Securities Act of 1933, as amended from time to time, or
under applicable state securities laws.

(c)           Application
of Proceeds.  All cash proceeds
received by the Lender in respect of any sale of all or any part of the
Collateral shall be applied by the Lender, in the following order, against (i)
any reasonable attorneys fees or other expenses incurred in connection with any
collection or sale and (ii) all or any part of the Secured Obligations in such
order as the Lender shall elect.  Any
surplus of such cash or cash proceeds held by the Lender and remaining after
payment in full of all the Secured Obligations shall be paid over to Pledgor or
to whomsoever may be lawfully entitled to receive such surplus.

(d)           Additional
Rights.  Subject to Section 8(m)
hereof, in addition to the rights set forth above, Pledgor shall have and may
exercise all other rights conferred by law or existing under this Agreement and
may resort to any remedy existing at law or in equity for the collection of the
Indebtedness and for the enforcement of the covenants and agreement contained
herein.

(e)           Remedies
Cumulative.  No remedy or right of
the Lender hereunder, under any of the Loan Documents or otherwise available
under applicable law or in equity, shall be exclusive of any other right or
remedy.  Each such remedy or right shall
be in addition to every other remedy or right now or hereafter existing under
applicable law or in equity.  No delay in
the exercise of, or omission to exercise, any remedy or right after any Event
of Default shall impair any such remedy or right or be construed as a waiver of
any such Event of Default or an acquiescence thereto, nor shall it affect any
subsequent Event of Default of the same or different nature.  Every remedy or right may be exercised
concurrently or independently and when and as often as may be deemed necessary
by Lender.

8.             Miscellaneous

(a)           Amendments.  No amendment to or waiver of any provision of
this Agreement nor consent to any departure herefrom shall in any event be
effective unless the same shall be in writing and signed by the parties, and
then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which it is given.

(b)           Protection
of Collateral.  The Lender may take
any action which the Lender reasonably deems necessary for the maintenance,
preservation or protection of

 8
 

 

any of the
Collateral or of its security interest therein if in Lender’s judgment such
action is necessary to avoid immediate harm to Lender or impairment of the
Collateral.

(c)           Notices.  Any notice, election, communication, request,
approval or other document or demand required or permitted under this Agreement
shall be in writing and shall be given in the manner provided in the Loan
Agreement.  The addresses of the parties
for such purpose (subject to change upon notice) are as follows:

	
  If to Lender:

  	
   

  	
  Behringer Harvard Alexan Voss, LLC

  
	
   

  	
   

  	
  15601 Dallas
  Parkway, Suite 600

  
	
   

  	
   

  	
  Addison, Texas
  75001

  
	
   

  	
   

  	
  Attention: Chief
  Legal Officer

  
	
   

  	
   

  	
  Facsimile: (214)
  655-1610

  
	
   

  	
   

  	
   

  
	
  with copy to:

  	
   

  	
  Powell & Coleman, L.L.P.

  
	
   

  	
   

  	
  8080 North
  Central Expressway, Suite 1380

  
	
   

  	
   

  	
  Dallas, Texas
  75206

  
	
   

  	
   

  	
  Attention: Carol
  D. Satterfield

  
	
   

  	
   

  	
  Facsimile: (214)
  373-8768

  
	
   

  	
   

  	
   

  
	
  If to Pledgor:

  	
   

  	
  GC 129 Voss JM LLC

  
	
   

  	
   

  	
  Attention:
  Timothy J. Hogan

  
	
   

  	
   

  	
  2001 Bryan
  Street, Suite 3700

  
	
   

  	
   

  	
  Dallas, Texas
  75201

  
	
   

  	
   

  	
  Facsimile: (214)
  922-

  
	
   

  	
   

  	
   

  
	
  with copy to:

  	
   

  	
  Michael K. Ording

  
	
   

  	
   

  	
  Jones Day

  
	
   

  	
   

  	
  325 John H.
  McConnell Blvd., Suite 600,

  
	
   

  	
   

  	
  Columbus, Ohio
  43215

  
	
   

  	
   

  	
  Facsimile: (614)
  461-4198

  

(d)           Section Captions.  Section captions used in this Agreement are
for convenience of reference only, and shall not affect the construction of
this Agreement.

(e)           Severability.  Wherever possible each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

(f)            Entire
Agreement.  This Agreement and the
other Loan Documents constitute the entire understanding among the parties
hereto with respect to the subject matter hereof and supersede any prior
agreements, written or oral, with respect thereto.

 9
 

 

(g)           Governing
Law.  This Agreement shall be
governed by, and construed in accordance with, the substantive law of the State
of Texas without regard to the application of choice of law principles.  Pledgor and Lender each hereby consent to the
personal jurisdiction of the state courts of the State of Texas located in
Dallas County, Texas in any action that may be commenced to enforce rights
hereunder.

(h)           Waiver
of Jury Trial.  PLEDGOR HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT PLEDGOR MAY HAVE
TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS
AGREEMENT, OR ANY OTHER STATEMENTS OR ACTIONS RELATED HERETO.  PLEDGOR ACKNOWLEDGES THAT THIS WAIVER IS A
MATERIAL INDUCEMENT FOR THE LENDER TO DISBURSE THE LOAN AND TO ENTER INTO THE
OTHER LOAN DOCUMENTS.  BY ITS ACCEPTANCE
OF THIS AGREEMENT LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
ANY RIGHT LENDER MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY
WAY IN CONNECTION WITH THIS AGREEMENT, OR ANY OTHER STATEMENTS OR ACTIONS
RELATED HERETO.

(i)            Successors
and Assigns.  This Agreement shall
inure to the benefit of and shall bind Pledgor and Lender and their respective
successors, assigns and representatives.

(j)            Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute but one and the same document.

(k)           Irrevocable
Authorization and Instruction to Senior Mezz Pledgor.  Pledgor authorizes and instructs the Senior
Mezz Pledgor to comply with any instruction received by it from Lender
concerning the Collateral to the extent authorized by this Agreement.

(l)            Sole and Absolute Discretion.  Any option, consent, approval, discretion or
similar right of Lender set forth in this Agreement may be exercised by Lender
in its sole, absolute and unreviewable discretion, unless the provisions of
this Agreement specifically require another standard for such option, consent,
approval, discretion or similar right.

(m)          Pledgor Exculpation.  Pledgor’s liability in connection with this
Agreement (including Pledgor’s liability for all amounts due hereunder) is
collectible only from the Collateral against which a security interest is
created by this Agreement.  In no case
will any person who holds a direct or indirect ownership interest in Pledgor,
or any officer, director, manager, trustee, employee, agent or affiliate of
Pledgor or any such direct or indirect owner, have any responsibility for
Pledgor’s obligations in connection with this Agreement (including Pledgor’s
liability for any amounts due hereunder); provided, however, that nothing in
this Section 8(m) limits the liability of any person under a guaranty or other
agreement executed by such person.

 10
 

 

[Signatures Follow on Next Page]

 

 11

 

IN WITNESS WHEREOF, the
undersigned have duly executed and delivered this Agreement as of the day and
year first above written.

 

	
  

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  GC 129 VOSS JM LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  GC 123 Voss
  Limited Partnership,

  a Delaware limited partnership,

  
	
   

  	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GC 112
  Development 2006 GP LLC,

  a Delaware limited liability company,

  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Timothy J. Hogan, Vice President

  
	
   

  	
   

  
	
   

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BEHRINGER
  HARVARD ALEXAN VOSS, LLC,

  
	
   

  	
   

  	
  a Delaware
  limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Title:    Secretary

  
							

 

 

EXHIBIT A

FORM OF
ASSIGNMENT OF MEMBERSHIP INTEREST

ASSIGNMENT OF MEMBERSHIP INTEREST dated as of                              ,
         , made by GC 129 Voss JM
LLC, a Delaware limited liability company (together with its successors and
assigns, the “Assignor”) to                                                      
                                           
(the “Assignee”).

RECITALS

The
undersigned has entered into the Pledge and Security Agreement dated as of
September 22, 2006 (such Agreement, as it may be amended or otherwise modified
from time to time, the “Pledge Agreement”),
with Behringer Harvard Alexan Voss, LLC, a Delaware limited liability company (“Lender”). 
Unless otherwise noted, terms defined in the Pledge Agreement are used
herein as defined therein.

The Assignor is the sole member owning 100% of the membership interests of GC 128 Voss SM LLC, a Delaware limited
liability company (the “Company”)
existing under and evidenced by the Operating Agreement of the Company dated as of August 28, 2006
(such agreement, as it may be amended, supplemented or otherwise modified from
time to time, the “Operating Agreement and the Assignor, as the sole member
thereof, has certain rights, title and interest in and to the Company, including, without limitation, rights to
receive income, distributions, profits, gains and losses, and to vote and/or
manage the Company, all as and to the extent provided in the Operating
Agreement (collectively, the “Interest”).

Lender has required that the Assignor shall have executed and delivered
this Assignment.

NOW THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

1)              Assignment and Acceptance of Assigned
Interest.  As of the Effective Date
(as defined in Section 7), the Assignor hereby sells, transfers, conveys
and assigns (without recourse and, except as expressly set forth herein,
representation or warranty) (collectively, the “Assignment”) to the Assignee all of the Assignor’s right,
title and interest in and to the Interest and of its rights under the Operating
Agreement, including, without limitation, all its (a) rights to receive moneys
due and to become due under or pursuant to the Operating Agreement, (b) rights
to receive proceeds of any insurance, indemnity, warranty or guaranty with
respect to the Operating Agreement, (c) claims for damages arising out of or
for breach of or default under the Operating Agreement, and (d) rights to
perform thereunder and to compel performance, and otherwise exercise all rights
and remedies thereunder.  Assignor’s
right, title and interest in the Interest and of the Assignor’s rights under
the Operating Agreement that are being assigned to the Assignee pursuant to
this Agreement are hereinafter referred to as the “Assigned Interest”.  The Assignee, upon the execution of this
Assignment,

 2
 

 

hereby accepts from the Assignor the Assigned Interest and agrees to
become a successor member of the Company in the place and stead of the Assignor
to the extent of the Assigned Interest and to be bound by the terms and
provisions of the Operating Agreement.

2)              Representations and Warranties of the
Assignor.  The Assignor represents to
Lender, as of the date of this Assignment, and to Lender and the Assignee as of
the Effective Date, that:

a.               This Assignment has been duly executed
and delivered by the Assignor and is a valid and binding obligation of the
Assignor, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting rights of creditors
generally, and general principles of equity; and

b.              The Assignor is the sole owner of the
Assigned Interest free and clear of any liens, except for the liens created by
the Pledge Agreement.

3)              Filings.  On or as soon as practicable after the
Effective Date, the Assignee shall file and record or cause to be filed and
recorded with all proper offices or agencies all documents and instruments
required to effect the terms herein, if any, including, without limitation, (a)
this Assignment and (b) any limited liability company and assumed or fictitious
name certificate or certificates and any amendments thereto.

4)              Future Assurances.  Each of the Assignor and the Assignee
mutually agrees to cooperate at all times from and after the date hereof with
respect to any of the matters described herein, and to execute such further
deeds, bills of sale, assignments, releases, assumptions, notifications or
other documents as may be reasonably requested for the purpose of giving effect
to, evidencing or giving notice of the assignment evidenced hereby.

5)              Successors and Assigns.  This Assignment shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns.

6)              Modification and Waiver.  No supplement, modification, waiver or
termination of this Assignment or any provisions hereof shall be binding unless
it is executed in writing by all parties hereto and the original of such
writing has been delivered to each party.

7)              Counterparts.  Any number of counterparts of this Assignment
may be executed.  Each counterpart will
be deemed to be an original instrument and all counterparts taken together will
constitute one agreement.  Delivery of an
executed counterpart of a signature page to this Assignment by telecopier shall
be as effective as delivery of a manually executed counterpart of this
Assignment.

8)              Execution; Effective Date.  This Assignment will be binding and effective
and will result in the assignment of the Assigned Interest on the date first
written above (the “Effective Date”).

9)              Governing Law.  This Assignment will be governed by the laws
of the State of Texas without regard to the application of choice of law
principles.

 3
 

 

IN WITNESS WHEREOF, the Assignor has caused this
Assignment to be executed and delivered.

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  GC 129 VOSS JM
  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GC 123 Voss
  Limited Partnership,

  
	
   

  	
   

  	
  a Delaware
  limited partnership,

  
	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GC 112
  Development 2006 GP LLC,

  
	
   

  	
   

  	
   

  	
  a Delaware
  limited liability company,

  
	
   

  	
   

  	
   

  	
  its general
  partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Timothy J.
  Hogan, Vice President

  

 

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]