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Title: |
Advisory Agreement |
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Date: |
2004 |
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Preview shows 11KB of 59KB total |
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$40 |
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ID: |
#1456705 |
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ADVISORY AGREEMENT
Among
HINES REIT PROPERTIES, L.P.,
HINES ADVISORS LIMITED PARTNERSHIP,
and
HINES REAL ESTATE INVESTMENT TRUST, INC.
May 24, 2004
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE 1 DEFINITIONS..........................................................1
ARTICLE 2 APPOINTMENT..........................................................5
ARTICLE 3 DUTIES OF THE ADVISOR................................................5
3.01 Organizational and Offering Services...............................5
3.02 Acquisition Services...............................................6
3.03 Asset Management Services..........................................7
3.04 Shareholder Services..............................................10
ARTICLE 4 AUTHORITY OF ADVISOR................................................11
4.01 General...........................................................11
4.02 Powers of the Advisor.............................................11
4.03 Approval by Directors.............................................11
ARTICLE 6 RECORDS AND FINANCIAL STATEMENTS....................................12
ARTICLE 7 LIMITATION ON ACTIVITIES............................................13
ARTICLE 8 RELATIONSHIP WITH DIRECTORS AND OFFICERS............................14
ARTICLE 9 FEES................................................................14
9.01 Acquisition Fees..................................................14
9.02 Asset Management Fees.............................................14
ARTICLE 10 EXPENSES...........................................................15
10.01 General...........................................................15
10.02 Reimbursement to Advisor..........................................17
10.03 Reimbursement to Company..........................................17
ARTICLE 11 OTHER SERVICES.....................................................18
ARTICLE 12 RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF
THE ADVISOR...................................................................18
12.01 Relationship......................................................18
12.02 Time Commitment...................................................19
12.03 Investment Opportunities and Allocation...........................19
ARTICLE 13 THE HINES NAME.....................................................20
ARTICLE 14 TERM AND TERMINATION OF THE AGREEMENT..............................21
14.01 Term..............................................................21
14.02 Termination by Either Party.......................................21
14.03 Termination by the Company........................................21
14.04 Termination by the Advisor........................................21
i
<PAGE>
14.05 Payments on Termination and Survival of Certain Rights
and Obligations...................................................22
14.06 Repurchase of Units...............................................23
ARTICLE 15 ASSIGNMENT.........................................................23
ARTICLE 16 INDEMNIFICATION AND LIMITATION OF LIABILITY........................24
16.01 Indemnification by the Company....................................24
16.02 Indemnification by the Advisor....................................24
16.03 Advisor's Liability...............................................25
ARTICLE 17 MISCELLANEOUS......................................................26
17.01 Notices........................................................26
17.02 Modification...................................................26
17.03 Severability...................................................27
17.04 Construction...................................................27
17.05 Entire Agreement...............................................27
17.06 Waiver.........................................................27
17.07 Gender.........................................................28
17.08 Titles Not to Affect Interpretation............................28
17.09 Counterparts...................................................28
ii
<PAGE>
ADVISORY AGREEMENT
This Advisory Agreement, dated as of May 24, 2004, is among Hines REIT
Properties, L.P., a Delaware limited partnership, Hines Advisors Limited
Partnership, a Texas limited partnership and Hines Real Estate Investment Trust,
Inc., a Maryland corporation (the "Agreement").
W I T N E S S E T H
WHEREAS, the Company (as hereinafter defined) desires to avail itself of
the knowledge, experience, sources of information, advice, assistance and
certain facilities available to the Advisor (hereinafter defined) and to have
the Advisor undertake the duties and responsibilities hereinafter set forth
herein on the terms set forth in this Agreement; and
WHEREAS, the Advisor is willing to undertake to render such services on
the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:
ARTICLE 1
DEFINITIONS
The following defined terms used in this Advisory Agreement shall have the
meanings specified below:
"Acquisition Expenses" has the meaning set forth in the Articles of
Incorporation.
"Advisor" means (i) Hines Advisors Limited Partnership, a Texas limited
partnership, or (ii) any successor advisor to the Company.
<PAGE>
"Affiliate" has the meaning set forth in the Articles of Incorporation.
For the purposes of this Agreement, the Advisor shall not be deemed to be an
Affiliate of the Company, and vice versa.
"Articles of Incorporation" means the Articles of Incorporation of the
General Partner, as amended from time to time.
"Asset" or "Assets" means any and all real estate investments (real,
personal or otherwise), tangible or intangible, owned or held by, or for the
account of, the Company, whether directly or indirectly through another entity
or entities, including interests in any Person or in joint ventures which
directly or indirectly own real estate investments.
"Board of Directors" means the Board Directors of the General Partner.
"Bylaws" means the bylaws of the General Partner, as amended from time
to time.
"Cash Amount" has the meaning set forth in the Limited Partnership
Agreement.
"Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor statute thereto. Reference to any provision of the Code
shall mean such provision as in effect from time to time, as the same may be
amended, and any successor provision thereto, as interpreted by any applicable
regulations as in effect from time to time.
"Company" means Hines REIT Properties, L.P., a Delaware limited
partnership. Within the context of discussions of the operations, business and
administration of the Company, the term "Company" shall mean, collectively,
Hines REIT Properties, L. P. and the General Partner for the purposes of this
Agreement.
"Director" means a member of the Board of Directors of the General
Partner.
"General Partner" means Hines Real Estate Investment Trust, Inc., a
Maryland corporation and general partner of the Company.
2
<PAGE>
"Gross Proceeds" has the meaning set forth in the Articles of
Incorporation.
"Hines" means Hines Interests Limited Partnership and its Affiliates.
"Independent Director" has the meaning set forth in the Articles of
Incorporation.
"Initial Asset Value" means (i) in the case of an Asset other than a
mortgage loan, the gross purchase price of real estate investments acquired
directly by the Company, including any debt attributable to such investments, or
the pro rata share of the gross asset value of real estate investments held by
entities in which the Company invests, and (ii) in the case of a mortgage loan,
the total amount of the funds advanced.
"Limited Partnership Agreement" means the Amended and Restated Limited
Partnership Agreement of Hines REIT Properties, L.P., as the same may be amended
and restated from time to time.
"Managing Dealer" means Hines Real Estate Securities, Inc., a Delaware
corporation, or such other entity selected by the Board of Directors to act as
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