REPAYMENT GUARANTY

EXHIBIT 10.24

REPAYMENT GUARANTY

      THIS REPAYMENT GUARANTY (this “ Guaranty ”) is made as of February 15, 2008, by GARY H. HUNT, W. BRAND INLOW, EDWARD A. JOHNSON, D. FLEET WALLACE, and GARY T. WESCOMBE, as Trustees of the G REIT Liquidating Trust dated January 22, 2008 (the “ Guarantor ”) in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (“ Lender ”).

      1.  Except as otherwise provided in this Guaranty, initially capitalized terms used in this Guaranty without definition are defined in that certain Loan Agreement of even date herewith by and between NNN Western Place, LLC, a Delaware limited liability company, NNN Western Place 1, LLC, a Delaware limited liability company, NNN Western Place 2, LLC, a Delaware limited liability company, NNN Western Place 3, LLC, a Delaware limited liability company, NNN Western Place 4, LLC, a Delaware limited liability company, NNN Western Place 5, LLC, a Delaware limited liability company, NNN Western Place 6, LLC, a Delaware limited liability company, NNN Western Place 7, LLC, a Delaware limited liability company, and GREIT — Western Place, LP, a Texas limited partnership (collectively, the “ Borrower ”) and Lender (the “ Loan Agreement ”).

      2.  In order to induce Lender to extend to Borrower a loan (whether acting on behalf of itself or any estate created by the commencement of a case under Title 11 United States Code or any successor statute thereto (the “ Bankruptcy Code ”) or any other insolvency, bankruptcy, reorganization or liquidation proceeding, or by any trustee under the Bankruptcy Code, liquidator, sequestrator or receiver of Borrower or Borrower’s property or similar Person duly appointed pursuant to any law generally governing any insolvency, bankruptcy, reorganization, liquidation, receivership or like proceeding) in the sum of $28,000,000.00 (the “ Loan ”), evidenced by a secured promissory note (“ Note ”), in the aggregate principal amount of $28,000,000.00, each now or hereafter executed by Borrower and payable to the order of Lender, Guarantor hereby unconditionally and irrevocably guarantees to Lender and to its successors, endorsees and/or assigns, the full and prompt payment of (a) the principal sum of the Note in accordance with its terms when due, by acceleration or otherwise, together with all interest accrued thereon, when due under the terms of the Note, and any and all other sums of money that become owing by Borrower to Lender under the Note, Loan Agreement or any other “Loan Document” as such term is defined in the Loan Agreement (which Note, Loan Agreement and other “Loan Documents” are also collectively referred to herein as the “ Loan Documents ”) and (b) any and all sums owing under any “Swap Contract” as such term is defined in the Loan Agreement (“ Swap Contract ”). The obligations guaranteed pursuant to this Section 2 are hereinafter referred to as the “ Guaranteed Obligations .”

          Notwithstanding the foregoing, Guarantor’s obligations hereunder shall in no event exceed an amount equal to $7,400,000.00 of the principal amount of the Loan outstanding on the date the Notes become due and payable in full, whether at maturity or by acceleration or otherwise (the “ Guaranteed Principal Amount ”), plus 100% of (a) all interest owing on the Loan; (b) attorneys’ fees and collection costs and all other sums other than principal owing on the Loan; and (c) any deficiency, loss or damage actually suffered by Lender because of: (1) Borrower’s commission of a criminal act; (2) the failure to comply with provisions of the

Loan Documents prohibiting the sale, transfer or encumbrance of the Project; (3) the misapplication by Borrower of any funds derived from the Project, including security deposits, insurance proceeds, condemnation awards, rental income or other income arising with respect to the Project; (4) Borrower’s commission of waste; (5) Borrower’s removal of collateral from the Project without replacement, (6) Borrower’s violation of law; (7) failure to pay real property taxes, assessments or other charges which would create liens on any portion of the Project; (8) losses, expense or liability relating to the presence of hazardous or toxic materials on the Project; (9) the fraud or intentional misrepresentation by Borrower made in or in connection with the Loan Documents or the Loan; (10) Borrower’s voluntary filing of any proceeding for relief under any federal or state bankruptcy, insolvency or receivership laws or any assignment for the benefit of creditors made by Borrower not dismissed within 180 days; (11) any involuntary filing against Borrower of any proceeding for relief under any federal or state bankruptcy, insolvency or receivership laws or any assignment for the benefit of creditors, but only if such involuntary filing was made by Borrower or an Affiliate of Borrower, or at the instigation or in collusion or acquiescence with Borrower or an Affiliate of Borrower; (12) Borrower’s interference with Lender’s enforcement proceedings (other than in good faith by reason of a legitimate defense); (13) Borrower’s failure to maintain required insurance; (14) Borrower’s collection of rent more than one month in advance; (15) any amount owing to Lender under indemnity provisions that relate to liabilities to third parties resulting from acts or omissions of Borrower, contractors or such other third parties with whom Borrower has dealt, and/or from the ownership, occupancy or use of the Project; (16) any amounts necessary to ensure lien-free completion of any tenant improvements which Borrower is obligated to construct under any leases; (17) any violation of Section 12.29 of the Loan Agreement; (18) any modification of the TIC Agreement in violation of Section 11.1(u) of the Loan Agreement; or (19) any violation of Section 11.1(v) of the Loan Agreement. Guarantor’s obligations shall not be affected, impaired, lessened or released by loans, credits or other financial accommodations now existing or hereafter advanced by Lender to Borrower in excess of the Guaranteed Principal Amount. In no event shall the Guaranteed Principal Amount be reduced as a result of (a) Lender’s foreclosure or acceptance of a deed in lieu of foreclosure with respect to any collateral securing the Loan, or (b) Guarantor’s payment of the Loan or any portion thereof prior to the date when the entire Loan becomes due and payable in full, whether at maturity or by acceleration or otherwise. The agreement of Lender to the foregoing limitation on Guarantor’s liability shall in no way be deemed to limit or restrict the right of Lender to apply any sums paid by Guarantor to any portion of the Loan.

          The indebtedness guaranteed by Guarantor hereunder shall be deemed to be the last indebtedness which remains outstanding under the Loan Documents after the application of payments received from Borrower and the application of proceeds received from the foreclosure of the Mortgage and other liquidation of any collateral for the Loan (subject to the above limitations on the maximum amount of principal indebtedness guaranteed hereby), and Guarantor may not claim or contend so long as any such indebtedness remains outstanding that any payments received by Lender from Borrower or otherwise, or proceeds received by Lender on the liquidation of the Project, shall have reduced or discharged Guarantor’s liability or obligations hereunder. Nothing contained in this paragraph shall be deemed to (i) limit or otherwise impair any of the waivers or agreements of Guarantor contained in this Guaranty or (ii) require Lender to proceed against Borrower, any collateral or any other Guarantor before proceeding against any particular Guarantor (any such requirement having been specifically waived).

      3. (a) Guarantor waives any and all rights of subrogation, reimbursement, indemnification and contribution, and any other rights and defenses that are or may become available to Guarantor, including, without limitation, any and all rights or defenses Guarantor may have by reason of protection afforded to the principal with respect to any of the Guaranteed Obligations or to any other guarantor of any of the Guaranteed Obligations with respect to such guarantor’s obligations under its guaranty, in either case, pursuant to the antideficiency or other laws of this state limiting or discharging the principal’s indebtedness or such other guarantor’s obligations; and

           (b)  Guarantor waives all rights and defenses that Guarantor may have because Borrower’s debt is secured by real property. This means, among other things:

           (i) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower;

           (ii) If Lender forecloses on any real property collateral pledged by Borrower:

           (A) The amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price;

           (B) Lender may collect from Guarantor even if the Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower.

This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because Borrower’s debt is secured by real property; and

           (c)  Guarantor waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Guaranteed Obligations, has destroyed Guarantor’s rights of subrogation and reimbursement against Borrower, and even though that election of remedies by Lender has destroyed Guarantor’s rights of contribution against another guarantor of any of the Guaranteed Obligations.

No other provision of this Guaranty shall be construed as limiting the generality of any of the covenants and waivers set forth in this Section 3.

      4.  Guarantor represents and warrants to Lender that Guarantor has a financial interest in Borrower or is otherwise affiliated with Borrower. In that regard, Guarantor agrees that Lender’s agreement to make the Loan to Borrower is of substantial and material benefit to Guarantor and further agrees as follows:

           (a)  Guarantor shall continue to be liable under this Guaranty and the provisions hereof will remain in full force and effect notwithstanding (i) any modification, agreement or stipulation between Borrower and Lender or their respective successors and assigns, with respect to the Loan Documents or the Swap Contracts or the obligations

encompassed thereby, including, without limitation, the Guaranteed Obligations, (ii) Lender’s waiver of or failure to enforce any of the terms, covenants or conditions contained in the Loan Documents or the Swap Contracts or in any modification thereof, (iii) any discharge or release of Borrower or any other guarantor from any liability with respect to the Guaranteed Obligations, (iv) any discharge, release, exchange or subordination of any real or personal property then held by Lender as security for the performance of the Guaranteed Obligations, (v) any additional security taken for the Guaranteed Obligations, whether real or personal property, (vi) any foreclosure or other realization on any security for the Guaranteed Obligations, regardless of the effect upon Guarantor’s subrogation, contribution or reimbursement rights against Borrower or any other guarantor, (vii) any additional loans or financial accommodations to Borrower or (viii) the manner or order by which payments are applied to principal, interest or other obligations under the Loan Documents and the Swap Contracts. Without limiting the generality of the foregoing, Guarantor hereby agrees that Guarantor’s liability shall continue even if Lender alters any obligations under the Loan Documents or the Swap Contracts in any respect or Lender’s remedies or rights against Borrower are in any way impaired or suspended without Guarantor’s consent.

           (b)  Guarantor’s liability under this Guaranty shall continue until all sums due under the Note have been paid in full and until all Guaranteed Obligations to Lender have been satisfied, and shall not be reduced by virtue of any payment by Borrower of any amount due under the Note or under any of the Loan Documents or Swap Contracts or Lender’s recourse to any collateral or security.

           (c)  Guarantor represents and warrants to Lender that Guarantor now has and will continue to have full and complete access to any and all information concerning the transactions contemplated by the Loan Documents or Swap Contracts or referred to therein, the value of the assets owned or to be acquired by Borrower, Borrower’s financial status and its ability to pay and perform the Guaranteed Obligations owed to Lender. Guarantor further represents and warrants that Guarantor has reviewed and approved copies of the Loan Documents and Swap Contracts and is fully informed of the remedies Lender may pursue, with or without notice to Borrower, in the event of default under the Note or other Loan Documents or Swap Contracts. So long as any of the Guaranteed Obligations remains unsatisfied or owing to Lender, Guarantor shall keep fully informed as to all aspects of Borrower’s financial condition and the performance of the Guaranteed Obligations.

           (d)  Guarantor acknowledges and agrees that Guarantor may be required to perform the Guaranteed Obligations in accordance with the terms hereof notwithstanding the fact that the Loan has fully matured, that the outstanding principal balance thereof is fully due and payable and that Borrower is in default of its obligation to pay the full amount due under the Note on the maturity thereof.

      5.  The liability of Guarantor under this Guaranty is a guaranty of payment and performance and not of collectibility, and is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of the Loan Documents, Swap Contracts or other instruments relating to the creation or performance of the Guaranteed Obligations or the pursuit by Lender of any remedies which any now has or may hereafter have with respect thereto under the Loan Documents or Swap Contracts, at law, in equity or otherwise. Guarantor hereby agrees

that Guarantor shall be liable even if Borrower had no liability at the time of execution of any of the Loan Documents or Swap Contracts or thereafter ceases to be liable, and Guarantor’s liability may be larger in amount and more burdensome than that of Borrower. Guarantor’s liability hereunder shall not be limited or affected in any way by any impairment or any diminution or loss of value of any security or collateral for the Loan, whether caused by hazardous substances or otherwise, Lender’s failure to perfect a security interest in such security or collateral or any disability or other defense of Borrower or any other guarantor.

      6.  Guarantor hereby waives to the extent permitted by law: (i) all notices to Guarantor, to Borrower, or to any other Person, including without limitation notices of the acceptance of this Guaranty or the creation, renewal, extension, modification, accrual of any of the Guaranteed Obl