BEHRINGER HARVARD REIT I  INC
EX-10
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUARANTY</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">made by</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEHRINGER HARVARD REIT I,
INC.<br>
as Guarantor,</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in favor of</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEHMAN BROTHERS BANK, FSB</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of June&nbsp;21,
2006</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GUARANTY</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This GUARANTY (this &#147;<b><i><font style="font-style:italic;font-weight:bold;">Guaranty</font></i></b>&#148;), dated as
of June&nbsp;21, 2006, made by <b><font style="font-weight:bold;">BEHRINGER
HARVARD REIT I, INC. </font></b>a Maryland corporation (&#147;<b><i><font style="font-style:italic;font-weight:bold;">Behringer REIT</font></i></b>&#148;),
having an address at Behringer Harvard Holdings, LLC, 15601 Dallas Parkway, Suite&nbsp;600,
Addison, Texas 75001, (Behringer REIT is sometimes herein referred to as the &#147;<b><i><font style="font-style:italic;font-weight:bold;">Guarantor</font></i></b>&#148;), in favor
of <b><font style="font-weight:bold;">LEHMAN BROTHERS BANK, FSB</font></b>, a
federal stock savings bank, (together with its successors and assigns,
hereinafter referred to as &#147;<b><i><font style="font-style:italic;font-weight:bold;">Lender</font></i></b>&#148;), having an address at 600 Steamboat Road,
Greenwich, Connecticut 06830.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R E C I T A L S:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160; 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 &#147;<b><i><font style="font-style:italic;font-weight:bold;">Loan
Agreement</font></i></b>&#148;) between Behringer Harvard Terrace LP, a Delaware
limited partnership (the &#147;<b><i><font style="font-style:italic;font-weight:bold;">Borrower</font></i></b>&#148;)
and Lender, Lender has agreed to make a loan (the &#147;<b><i><font style="font-style:italic;font-weight:bold;">Loan</font></i></b>&#148;) to Borrower in
the maximum principal amount of $131,000,000, subject to the terms and
conditions of the Loan Agreement;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160; As a condition to Lender&#146;s making the Loan, Lender is requiring
that Guarantor execute and deliver to Lender this Guaranty; and</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160; Guarantor hereby acknowledges that it will materially benefit from
Lender&#146;s agreeing to make the Loan;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW,
THEREFORE, </font></b>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:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160; Definitions. </font></b>All capitalized
terms used and not defined herein shall have the respective meanings given such
terms in the Loan Agreement. The following terms shall have the meanings
ascribed to them below:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Cirrus Logic&#148; </font></i></b>means Cirrus Logic,&nbsp;Inc.
or any successor tenant under the Cirrus Logic Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Cirrus Logic Lease&#148; </font></i></b>means that
certain Lease Agreement by and between Desta Five Partnership, Ltd and Cirrus
Logic, with an effective date of November&nbsp;10, 2000, as same may be amended
from time to time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Cirrus Logic Triggering Event&#148; </font></i></b>means
the earlier to occur of (A)&nbsp;the date upon which Cirrus Logic gives notice
that it shall not renew the Cirrus Logic Lease, (B)&nbsp;the failure of Cirrus
Logic to provide notice on or before November&nbsp;30, 2011 of its intention to
extend the Cirrus Logic Lease pursuant to the terms currently set forth in Exhibit&nbsp;H
of the Cirrus Logic Lease, and (C)&nbsp;the termination of the Cirrus Logic
Lease.</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Designated Lease&#148; </font></i></b>means any of the
Cirrus Logic Lease, the Vinson&nbsp;&amp; Elkins Lease, the Sigmatel Lease, the
Westech Lease or any Lease related to any Tenant Relocation Event.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Guaranteed Obligations</font></i></b>&#148;
means (i)&nbsp;Borrower&#146;s Recourse Liabilities, (ii)&nbsp;payment and
performance in full of (A)&nbsp;all Capital Expenses and work relating thereto
and (B)&nbsp;all Approved Leasing Expenses with respect to Leases hereafter
executed and all work relating thereto, (iii)&nbsp;if there shall have occurred
any Triggering Event with respect to which a Triggering Event Termination shall
not have occurred, payment of the entire unpaid balance of the Debt (whether
accrued prior to, on or after such date), provided that Guarantor&#146;s liability
under this clause (iii)&nbsp;shall not exceed the Incremental Amount from time
to time outstanding; and (iv)&nbsp;from and after the date that any Springing
Recourse Event occurs, payment of the entire unpaid balance of the Debt
(whether accrued prior to, on or after such date). Guarantor&#146;s obligations
under this Guaranty shall be cumulative, and none of the Guaranteed Obligations
listed in (i)&nbsp;&#151; (iv)&nbsp;shall be deemed to limit Guarantor&#146;s liability
with respect to any of the other Guaranteed Obligations listed in (i)&nbsp;&#151; (iv)&nbsp;or
Guarantor&#146;s liability to pay the Guaranty Limit Amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i><font style="font-style:italic;font-weight:bold;">Guaranty Limit Amount</font></i></b>&#148;
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)&nbsp;the
Rollover Reserve Offset Amount plus (ii)&nbsp;the Capital Reserve Offset
Amount. Guarantor and Lender hereby acknowledge and agree that the respective
amounts of the Rollover 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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Incremental Amount&#148; </font></i></b>means the sum of
the following amounts for each Triggering Event that shall have occurred for
which a Triggering Event Termination shall not have occurred: (i)&nbsp;a Cirrus
Logic Triggering Event: $4,917,000, (ii)&nbsp;a Vinson&nbsp;&amp; Elkins
Triggering Event, $2,875,000, (iii)&nbsp;a Sigmatel Triggering Event, $625,000,
(iv)&nbsp;a Westech Triggering Event, $625,000, and (v)&nbsp;each Tenant
Relocation Event, the related Tenant Relocation Incremental Amount.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;<b><font style="font-weight:bold;">Partial Triggering Event Termination</font></b>&#148; </font></i>means,
with respect to each Tenant Relocation Event, that a replacement tenant
acceptable to Lender shall have taken occupancy of substantially all of such
replacement tenant&#146;s leased premises, be paying full base rent and be
conducting normal business operations in substantially all of such replacement
tenant&#146;s leased premises pursuant to a Lease acceptable to Lender having a term
of not less than five (5)&nbsp;years.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Remaining Designated Lease Space&#148; </font></i></b>means,
with respect to the premises previously subject to a Designated Lease as to
which a Tenant Relocation Event has occurred, that portion of such premises
with respect to which no Partial Triggering Event Termination has occurred.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Sigmatel&#148; </font></i></b>means Sigmatel,&nbsp;Inc.
or any successor tenant under the Sigmatel Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Sigmatel Lease&#148; </font></i></b>means that certain
Lease Agreement by and between Desta Two Partnership, Ltd and Sigmatel, with an
effective date of August&nbsp;6, 1999, as same may be amended from time to
time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Sigmatel Triggering Event&#148; </font></i></b>means the
earlier to occur of (A)&nbsp;the date upon which Sigmatel gives notice that it shall
not renew the Sigmatel Lease, (B)&nbsp;the failure of Sigmatel to provide
notice on or before August&nbsp;28,2006 of its intention to extend the Sigmatel
Lease pursuant to the terms currently set forth in Exhibit&nbsp;H of the
Sigmatel Lease, and (C)&nbsp;the termination of the Sigmatel Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<i><font style="font-style:italic;">Tenant Relocation Event</font></i>&#148;</font></b>:
a &#147;Tenant Relocation Event&#148; shall occur if (1)&nbsp;Borrower or any Affiliate
of Borrower (a)&nbsp;has an ownership interest or right to acquire an ownership
interest in any portion of the Terraces Project and has control over the
leasing at such portion of the Terraces Project and (b)&nbsp;solicits (<i><font style="font-style:italic;">i.e.</font></i>, makes the initial contract with),
directly or through an agent acting on behalf of Borrower or any Affiliate of
Borrower, any then-existing tenant of the Property to enter into a lease of
such portion of the Terraces Project and (2)&nbsp;the tenant so solicited
leases space at such portion of the Terraces Project contemporaneously with
such tenant&#146;s departure from the Property.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;<b><font style="font-weight:bold;">Tenant Relocation Incremental Amount</font></b>&#148; </font></i>means,
with respect to each Tenant Relocation Event, an amount equal to the product of
(i)&nbsp;three (3)&nbsp;times the base annual rent payable by the tenant under
the related Designated Lease during the last full year of the term of such
Lease and (ii)&nbsp;a fraction, the numerator of which is the square footage of
the relevant Remaining Designated Lease Space, and the denominator of which is
the square footage of the leased premises covered by such Designated Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;<b><font style="font-weight:bold;">Terraces Project</font></b>&#148; </font></i>means
the property described on Schedule 1 attached hereto.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Triggering Event&#148; </font></i></b>means a Cirrus
Logic Triggering Event, a Vinson&nbsp;&amp; Elkins Triggering Event, a Sigmatel
Triggering Event or a Westech Triggering Event or any Tenant Relocation Event.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Triggering Event Termination&#148; </font></i></b>means
respect to each Triggering Event, that a tenant acceptable to Lender shall have
taken occupancy, be paying full base rent and be conducting normal business
operations in the entire premises covered by the related Designated Lease
pursuant to a Lease acceptable to Lender having a term of not less than five (5)&nbsp;years.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Vinson&nbsp;&amp; Elkins&#148; </font></i></b>means
Vinson&nbsp;&amp; Elkins LLP or any successor tenant under the Vinson&nbsp;&amp;
Elkins Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Vinson&nbsp;&amp; Elkins Lease&#148; </font></i></b>means
that certain Lease Agreement by and between Desta Two Partnership, Ltd and Vinson&nbsp;&amp;
Elkins, with an effective date of September&nbsp;30, 1999, as same may be
amended from time to time.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Vinson&nbsp;&amp; Elkins Triggering Event&#148; </font></i></b>means
the earlier to occur of (A)&nbsp;the date upon which Vinson&nbsp;&amp; Elkins
gives notice that it shall not renew the Vinson&nbsp;&amp; Elkins Lease, (B)&nbsp;the
failure of Vinson&nbsp;&amp; Elkins to provide notice on or before March&nbsp;31,
2014 of its intention to extend the Vinson&nbsp;&amp; Elkins Lease pursuant to
the terms currently set forth in Exhibit&nbsp;H of the Vinson&nbsp;&amp; Elkins
Lease, and (C)&nbsp;the termination of the Vinson&nbsp;&amp; Elkins Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Westech&#148; </font></i></b>means Westech Capital
Corp.,or any successor tenant under the Westech Lease.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Westech Lease&#148; </font></i></b>means that certain
Lease Agreement by and between Desta Two Partnership, Ltd and Westech, with an
effective date of September&nbsp;30, 1999, as same may be amended from time to
time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&#147;Westech Triggering Event&#148; </font></i></b>means the
earlier to occur of (A)&nbsp;the date upon which Westech gives notice that it
shall not renew the Westech Lease, (B)&nbsp;the failure of Westech to provide
notice on or before March&nbsp;31, 2006 of its intention to extend the Westech
Lease pursuant to the terms currently set forth in Exhibit&nbsp;H of the
Westech Lease, and (C)&nbsp;the termination of the Westech Lease. Guarantor
acknowledges that a Westech Triggering Event has occurred and that no
Triggering Event Termination has occurred with respect thereto.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160; <u>Guaranty
and Agreement</u>.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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&#146;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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All sums payable to Lender under this
Guaranty shall be payable on demand and without reduction for any offset,
claim, counterclaim or defense.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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&#146; fees and disbursements, which Lender may suffer or which otherwise
may arise by reason of Borrower&#146;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)&nbsp;Lender&#146;s declaring the Principal, interest and other
sums evidenced or secured by the Loan Documents to be due and payable, (ii)&nbsp;the
commencement or completion of a judicial or non-judicial foreclosure of the
Security Instrument or (iii)&nbsp;the conveyance of all or any portion of the
Property by deed-in-lieu of foreclosure.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160;&#160;&#160; Representations and Warranties. </font></b>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):</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Organization,
Authority and Execution. </font></b>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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Enforceability.
</font></b>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&#146; rights generally.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">No
Violation. </font></b>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&#146;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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">No
Litigation. </font></b>There are no actions, suits or proceedings at law or at
equity, pending or, to Guarantor&#146;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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Consents.
</font></b>All consents, approvals, orders or authorizations of, or
registrations, declarations or filings with, all Governmental Authorities
(collectively, the &#147;Consents&#148;) 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</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required in connection with the carrying out or
performance of any of Guarantor&#146;s obligations under this Guaranty will be
obtained when required.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Financial
Statements and Other Information. </font></b>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 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Consideration.
</font></b>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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160;&#160;&#160; Financial Statements. </font></b>Guarantor
shall deliver to Lender, (a)&nbsp;within 120 days after the end of each fiscal
year of Guarantor, a complete copy of Guarantor&#146;s annual financial statements, (b)&nbsp;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&#146;s Net Worth 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)&nbsp;20 days after request by
Lender, such other financial information with respect to Guarantor as Lender
may reasonably request.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160;&#160;&#160; Unconditional Character of Obligations of
Guarantor.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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. <b><font style="font-weight:bold;">This Guaranty is a guaranty of payment and</font></b></font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">performance and not merely a guaranty
of collection. </font></b>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, presentment,
notice of default or other notice or demand whatsoever (except to the extent
expressly provided to the contrary in this Guaranty).</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
conveyance to Lender, any Affiliate of Lender or Lender&#146;s nominee of the
Property or any interest therein by a deed-in-lieu of foreclosure;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
release in whole or in part of any collateral for any or all Guaranteed
Obligations or for the Loan or any portion thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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,</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">without terminating, affecting or impairing the validity
of this Guaranty or the obligations of Guarantor hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 the obligations of Guarantor hereunder, and Guarantor agrees
that if any Loan Document is modified with Lender&#146;s consent, the Guaranteed
Obligations shall automatically be deemed modified to include such
modifications.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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&#146;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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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)&nbsp;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</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">principal and interest and other amounts, at any time
owed to Lender under the Loan Documents, and (ii)&nbsp;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 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantor&#146;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&nbsp;2 hereof, it
shall be and remain liable for any deficiency remaining after foreclosure of
any Security Instrument 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.&#160;&#160;&#160; Covenants.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As used in this Section&nbsp;6, the
following terms shall have the respective meanings set forth below:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<b><i><font style="font-style:italic;font-weight:bold;">GAAP</font></i></b>&#148; shall mean
generally accepted accounting principles, consistently applied.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<b><i><font style="font-style:italic;font-weight:bold;">Net </font></i></b><b><i><font style="font-style:italic;font-weight:bold;">Worth</font></i></b>&#148; shall mean, as of a given
date, (A)&nbsp;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)&nbsp;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.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<b><i><font style="font-style:italic;font-weight:bold;">Subsidiary</font></i></b>&#148; shall mean, as to any
Person, (A)&nbsp;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)&nbsp;any
partnership, limited liability company, association, joint venture</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantor shall not, at any time while
a default in the payment of the Guaranteed Obligations has occurred and is
continuing, either (i)&nbsp;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&#146;s status as a real estate investment trust, or (ii)&nbsp;sell,
pledge, mortgage or otherwise transfer to any Person any of Guarantor&#146;s assets,
or any interest therein, except for fair value.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantor shall at all times cause
Guarantor&#146;s Net Worth to be not less than $250,000,000.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.&#160;&#160;&#160; Entire Agreement/Amendments. </font></b>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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.&#160;&#160;&#160; Successors and Assigns. </font></b>This
Guaranty shall be binding upon Guarantor, and Guarantor&#146;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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.&#160;&#160;&#160; Applicable Law and Consent to Jurisdiction. </font></b>This
Guaranty shall be governed by, and construed in accordance with, the substantive
laws of the State of New York. Guarantor irrevocably (a)&nbsp;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)&nbsp;consents to the jurisdiction of each such court
in any such suit, action or proceeding, and (c)&nbsp;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&nbsp;14
hereof. Nothing in this Section&nbsp;9, however, shall affect 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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10. Section&nbsp;Headings. </font></b>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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11. Severability. </font></b>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</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12. WAIVER OF TRIAL BY JURY. </font></b>GUARANTOR
HEREBY WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION, ACTION OR
PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13. </font></b>Intentionally Deleted.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14. Notices. </font></b>All notices,
consents, approvals and requests required or permitted hereunder (a &#147;<b><i><font style="font-style:italic;font-weight:bold;">Notice</font></i></b>&#148;) 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, 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: Lehman Brother Bank,
FSB, 399 Park Avenue, New York, New York 10022 with a copy to: Stroock&nbsp;&amp;
Stroock&nbsp;&amp; Lavan LLP, 180 Maiden Lane, New York, New York 10038,
attention: William Campbell,&nbsp;Esq.; if to Guarantor: 15601 Dallas Parkway, Suite&nbsp;600,
Addison, Texas 75001, Attention: Chief Financial Officer, and 15601 Dallas
Parkway, Suite&nbsp;600, Addison, Texas 75001. 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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15. Guarantor&#146;s Receipt of Loan Documents. </font></b>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.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16. Interest; Expenses.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Guarantor hereby agrees to pay all
costs, charges and expenses, including reasonable attorneys&#146; fees and
disbursements, that may be incurred by Lender in enforcing the covenants,
agreements, obligations and liabilities of Guarantor under this Guaranty.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK<br>
GUARANTOR&#146;S SIGNATURE FOLLOWS ON NEXT PAGE]</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p>
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<div style="font-family:Times New Roman;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF, </font></b>Guarantor
has executed this Guaranty as of the date first above written.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEHRINGER HARVARD REIT I, INC.,</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Maryland corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:5.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Schedule
1</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRACT #1 &#151; (Terrace VI Office Building): Lot(s)&nbsp;2,
Block &#147;B&#148; THE TERRACE, SECTION&nbsp;SEVEN, a subdivision in Travis County,
Texas, according to the map or plat thereof, recorded under Document No.&nbsp;200100072
of the Official Public Records of Travis County, Texas.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRACT #2 &#151; (Terrace III Office Building): Lot(s)&nbsp;2,
Block &#147;A&#148; THE TERRACE, SECTION&nbsp;FIVE, a subdivision in Travis County,
Texas, according to the map or plat thereof, recorded under Document No.&nbsp;200000361
of the Official Public Records of Travis County, Texas.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRACT #3 &#151; (Hotel Site): Lot(s)&nbsp;1, Block &#147;A&#148; THE
TERRACE, SECTION&nbsp;FIVE, a subdivision in Travis County, Texas, according to
the map or plat thereof, recorded under Document No.&nbsp;200000361 of the
Official Public Records of Travis County, Texas.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRACT #4 &#151; (Terrace IV Office Building): Lot(s)&nbsp;1,
Block &#147;B&#148; THE TERRACE, SECTION&nbsp;SEVEN, a subdivision in Travis County,
Texas, according to the map or plat thereof, recorded under Document No.&nbsp;200100072
of the Official Public Records of Travis County, Texas.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRACT #5 &#151; (Retail Site): Lot 2, Block &#147;E&#148; of THE
TERRACE SECTION&nbsp;SIX, a subdivision in Travis County, Texas, according to
the map or plat thereof, recorded under Document No.&nbsp;200000362 of the
Official Public Records of Travis County, Texas.</font></p>

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