HBRCT OP CONTRIBUTION AGREEMENT

Contribution Agreement

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DOUGLAS EMMETT INC | DOUGLAS EMMETT PROPERTIES, LP, | HBRCT LLC

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Title: HBRCT OP CONTRIBUTION AGREEMENT
Governing Law: California Date: 6/16/2006
Law Firm: Skadden Arps

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Exhibit 10.38

HBRCT OP CONTRIBUTION AGREEMENT

DATED AS OF JUNE 15, 2006

BY AND AMONG

DOUGLAS EMMETT PROPERTIES, LP,

DOUGLAS EMMETT REALTY ADVISORS

AND

HBRCT LLC

TABLE OF CONTENTS

		Page
ARTICLE I CONTRIBUTION		2
Section 1.01	CONTRIBUTION TRANSACTION; ASSIGNMENT AND ASSUMPTION	2
Section 1.02	CONSIDERATION	3
Section 1.03	FURTHER ACTION	4
Section 1.04	CALCULATION OF HBRCT UNIT CONSIDERATION	4
Section 1.05	TRANSACTION COSTS	4
ARTICLE II CLOSING		4
Section 2.01	CONDITIONS PRECEDENT	4
Section 2.02	TIME AND PLACE	5
Section 2.03	DELIVERY OF OP UNITS	5
Section 2.04	CLOSING DELIVERIES	6
Section 2.05	CLOSING COSTS	6
Section 2.06	TERM OF THE AGREEMENT	6
Section 2.07	EFFECT OF TERMINATION	6
Section 2.08	TAX WITHHOLDING	6
ARTICLE III REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF THE OPERATING PARTNERSHIP		6
Section 3.01	ORGANIZATION; AUTHORITY	6
Section 3.02	DUE AUTHORIZATION	7
Section 3.03	CONSENTS AND APPROVALS	7
Section 3.04	NO VIOLATION	7
Section 3.05	VALIDITY OF OP UNITS	7
Section 3.06	LITIGATION	7
Section 3.07	OP AGREEMENT.	7
Section 3.08	LIMITED ACTIVITIES	8
Section 3.09	NO OTHER REPRESENTATIONS OR WARRANTIES	8
Section 3.10	INDEMNIFICATION	8
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR		9
Section 4.01	ORGANIZATION; AUTHORITY	9
Section 4.02	DUE AUTHORIZATION	9
Section 4.03	OWNERSHIP OF CONTRIBUTED INTERESTS	9
Section 4.04	CONSENTS AND APPROVALS	10
Section 4.05	NO VIOLATION	10
Section 4.06	NON-FOREIGN PERSON	10
Section 4.07	SOLVENCY	10
Section 4.08	LITIGATION	10
Section 4.09	INVESTMENT	10
Section 4.10	NO OTHER REPRESENTATIONS OR WARRANTIES	11
Section 4.11	SURVIVAL OF REPRESENTATIONS AND WARRANTIES	11
ARTICLE V COVENANTS AND OTHER AGREEMENTS		11
Section 5.01	COVENANTS OF THE CONTRIBUTOR	11
Section 5.02	COMMERCIALLY REASONABLE EFFORTS BY THE OPERATING PARTNERSHIP AND THE CONTRIBUTOR	12

ARTICLE VI POWER OF ATTORNEY		12
Section 6.01	GRANT OF POWER OF ATTORNEY	12
Section 6.02	LIMITATION ON LIABILITY	12
Section 6.03	RATIFICATION; THIRD PARTY RELIANCE	13
ARTICLE VII GENERAL PROVISIONS		13
Section 7.01	NOTICES	13
Section 7.02	DEFINITIONS	13
Section 7.03	COUNTERPARTS	15
Section 7.04	ENTIRE AGREEMENT; THIRD-PARTY BENEFICIARIES	15
Section 7.05	GOVERNING LAW	15
Section 7.06	ASSIGNMENT	15
Section 7.07	JURISDICTION	15
Section 7.08	DISPUTE RESOLUTION	15
Section 7.09	SEVERABILITY	16
Section 7.10	RULES OF CONSTRUCTION	16
Section 7.11	EQUITABLE REMEDIES	17
Section 7.12	TIME OF THE ESSENCE	17
Section 7.13	DESCRIPTIVE HEADINGS	17
Section 7.14	NO PERSONAL LIABILITY CONFERRED	17
Section 7.15	CONSENT OF MANAGER	17
Section 7.16	WAIVER OF SECTION 1542 PROTECTIONS	17
Section 7.17	AMENDMENTS	17

DEFINED TERMS

TERM		SECTION
Additional Contributions		Section 1.02
Affiliate		Section 7.02
Agreement		Introduction
Attorney-in-Fact		Section 6.01
Business Day		Section 7.02
Claim		Section 3.10
Claim Notice		Section 3.10
Code		Section 7.02
Consent Form		Section 7.02
Closing		Section 2.02
Closing Date		Section 2.02
Contributed Interests		Recitals
Contributor		Introduction
Contributor Indemnified Party		Section 3.10
DE2005 REIT		Recitals
DEG		Recitals
DEG Operating Agreement		Section 7.02
DEG Contributed Interest		Recitals
DEGA		Recitals
DEGA Contributed Interest		Recitals
DEGA Operating Agreement		Section 7.02
DERA		Introduction
DERA Funds		Recitals
DERF 2002		Recitals
DERF 2002 Value		Section 1.02
DERF 2005		Recitals
DERF 2005 Value		Section 1.02
Dispute		Section 7.08
Douglas Emmett Entities		Recitals
Expiration Date		Section 3.10
Formation Transactions		Recitals
Formation Transaction Documentation		Recitals
Governmental Authority		Section 7.02
HBRCT Unit Consideration		Section 1.02
HBRCT Value		Section 1.02
Investment Funds		Recitals
IPO		Recitals
IPO Closing Date		Section 7.02
IPO Price		Section 7.02
Laws		Section 7.02
Liens		Section 7.02
Losses		Section 3.10
Management Companies		Recitals
Manager		Recitals
Material Adverse Effect		Section 7.02
OP Units		Recitals
Operating Partnership		Introduction
Operating Partnership Agreement		Section 3.05

iii

Operating Partnership Subsidiary		Section 3.01
Outside Date		Section 2.06
Person		Section 7.02
Power of Attorney		Section 6.01
Pre-Formation Interests		Recitals
Pre-Formation Participants		Recitals
Principals		Section 7.02
Properties		Section 7.02
Prospectus		Section 7.02