----

----

| BORROWER:                                                               |
|-------------------------------------------------------------------------|
|                                                                    |
| EDR TAMPA LIMITED      PARTNERSHIP, a Delaware limited partnership      |
|                                                                    |   |   |
| By:                                                                     | EDR      Tampa, LLC, a Delaware limited liability company, its general      partner |
|                                                                    |   |   |
|                                                                    | By: | EDR      Tampa, Inc., a Delaware corporation, its manager |
|                                                                    |   |   |
|                                                                    |   | By: /s/ Olan Brevard |
|                                                                    |   | Name: Olan Brevard |
|                                                                    |   | Title: Vice President |
|                                                                    |   |   |
| EDR STILLWATER LIMITED      PARTNERSHIP, a Delaware limited partnership |
|                                                                    |   |   |
| By:                                                                     | EDR      Stillwater, LLC, a Delaware limited liability company, its general      partner |
|                                                                    |   |   |
|                                                                    | By: | EDR      Stillwater, Inc., a Delaware corporation, its manager |
|                                                                    |   |   |
|                                                                    |   | By: /s/ Olan Brevard |
|                                                                    |   | Name: Olan Brevard |
|                                                                    |   | Title: Vice  President |

----

| EDR WESTERN MICHIGAN LIMITED      PARTNERSHIP, a Delaware limited partnership |
|-------------------------------------------------------------------------------|
|                                                                          |   |   |
| By:                                                                           | EDR      Western Michigan, LLC, a Delaware limited liability company, its general      partner |
|                                                                          |   |   |
|                                                                          | By: | EDR      Western Michigan, Inc., a      Delaware corporation, its manager |
|                                                                          |   |   |
|                                                                          |   | By: /s/ Olan Brevard |
|                                                                          |   | Name: Olan Brevard |
|                                                                          |   | Title: Vice President |
|                                                                          |   |   |
| EDR WABASH LIMITED      PARTNERSHIP, a Delaware limited partnership           |
|                                                                          |   |   |
| By:                                                                           | EDR      Wabash, LLC, a Delaware limited liability company, its general      partner |
|                                                                          |   |   |
|                                                                          | By: | EDR      Wabash, Inc., a      Delaware corporation, its manager |
|                                                                          |   |   |
|                                                                          |   | By: /s/ Olan Brevard |
|                                                                          |   | Name: Olan Brevard |
|                                                                          |   | Title: Vice President |
|                                                                          |   |   |
| EDR COLUMBUS LIMITED      PARTNERSHIP, a Delaware limited partnership         |
|                                                                          |   |   |
| By:                                                                           | EDR      Columbus, LLC, a Delaware limited liability company, its general      partner |
|                                                                          |   |   |
|                                                                          | By: | EDR      Columbus, Inc., a      Delaware corporation, its manager |
|                                                                          |   |   |
|                                                                          |   | By: /s/ Olan Brevard |
|                                                                          |   | Name: Olan Brevard |
|                                                                          |   | Title: Vice  President |

----

| EDR STATE COLLEGE LIMITED      PARTNERSHIP, a Delaware limited partnership |
|----------------------------------------------------------------------------|
|                                                                       |
| By:                                                                        | EDR      State College, LLC, a Delaware limited liability company, its general      partner |
|                                                                       |   |   |
|                                                                       | By: | EDR      State College, Inc., a      Delaware corporation, its manager |
|                                                                       |   |   |
|                                                                       |   | By: /s/ Olan Brevard |
|                                                                       |   | Name: Olan Brevard |
|                                                                       |   | Title: Vice President |
|                                                                       |   |   |
| EDR COLUMBIA LIMITED      PARTNERSHIP, a Delaware limited partnership      |
|                                                                       |   |   |
| By:                                                                        | EDR      Columbia, LLC, a Delaware limited liability company, its general      partner |
|                                                                       |   |   |
|                                                                       | By: | EDR      Columbia, Inc., a      Delaware corporation, its manager |
|                                                                       |   |   |
|                                                                       |   | By: /s/ Olan Brevard |
|                                                                       |   | Name: Olan Brevard |
|                                                                       |   | Title: Vice President |
|                                                                       |   |   |
| EDR KNOXVILLE LIMITED      PARTNERSHIP, a Delaware limited partnership     |
|                                                                       |   |   |
| By:                                                                        | EDR      Knoxville, LLC, a Delaware limited liability company, its general      partner |
|                                                                       |   |   |
|                                                                       | By: | EDR      Knoxville, Inc., a      Delaware corporation, its manager |
|                                                                       |   |   |
|                                                                       |   | By: /s/ Olan Brevard |
|                                                                       |   | Name: Olan Brevard |
|                                                                       |   | Title: Vice  President |

----

| EDR LUBBOCK LIMITED      PARTNERSHIP, a Delaware limited partnership         |
|------------------------------------------------------------------------------|
|                                                                         |
| By:                                                                          | EDR      Lubbock, LLC, a Delaware limited liability company, its general      partner |
|                                                                         |   |   |   |
|                                                                         | By: | EDR      Lubbock, Inc., a      Delaware corporation, its manager |
|                                                                         |   |   |   |
|                                                                         |   | By: /s/ Olan Brevard |
|                                                                         |   | Name: Olan Brevard |
|                                                                         |   | Title: Vice President |
|                                                                         |   |   |   |
| EDR TUCSON PHASE II LIMITED      PARTNERSHIP, a Delaware limited partnership |
|                                                                         |
| By:                                                                          | EDR      Tucson, LLC, a Delaware limited liability company, its general      partner |
|                                                                         |   |   |   |
|                                                                         | By: | EDR      Tucson, Inc., a      Delaware corporation, its manager |
|                                                                         |   |   |   |
|                                                                         |   | By: /s/ Olan Brevard |
|                                                                         |   | Name: Olan Brevard |
|                                                                         |   | Title: Vice President |
|                                                                         |   |   |   |
| EDR MURFREESBORO, LLC, a      Delaware limited liability company             |
|                                                                         |
| By:                                                                          | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                                         |   |   |   |
|                                                                         |  | By: | Education      Realty Operating Partnership, LP, a Delaware limited partnership, its      Manager |
|                                                                         |   |   |   |
|                                                                         |  | By: | Education      Realty OP GP, Inc., a Delaware corporation, its General      Partner |
|                                                                         |   |   |   |
|                                                                         |   | By: /s/ Olan Brevard |
|                                                                         |   | Name: Olan Brevard |
|                                                                         |   | Title: VicePresident |

----

| EDR AUBURN, LLC, a      Delaware limited liability company     |
|----------------------------------------------------------------|
|                                                           |
| By:                                                            | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                           |   |   |
|                                                           | By: | Education      Realty Operating Partnership, LP, a Delaware  limited      partnership, its Manager |
|                                                           |   |   |
|                                                           | By: | Education      Realty OP GP, Inc., a Delaware corporation, its General      Partner |
|                                                           |   |   |
|                                                           | By: /s/ Olan Brevard |
|                                                           | Name: Olan Brevard |
|                                                           | Title: Vice President |
|                                                           |   |   |
| EDR STATESBORO, LLC, a      Delaware limited liability company |
|                                                           |
| By:                                                            | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                           |   |   |
|                                                           | By: | Education      Realty Operating Partnership, LP, a Delaware limited partnership, its      Manager |
|                                                           |   |   |
|                                                           | By: | Education      Realty OP GP, Inc., a Delaware corporation, its General      Partner |
|                                                           |   |   |
|                                                           | By: /s/ Olan Brevard |
|                                                           | Name: Olan Brevard |
|                                                           | Title: Vice  President |

----

| MURRAY PLACE (DE), LLC,      a Delaware limited liability company |
|-------------------------------------------------------------------|
|                                                              |
| By:                                                               | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                              |   |   |   |
|                                                              | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                              |   |   |   |
|                                                              |  | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                              |   |   |   |
|                                                              | By: /s/ Olan Brevard |
|                                                              | Name: Olan Brevard |
|                                                              | Title: Vice President |
|                                                              |   |   |   |
| RIVER PLACE (DE), LLC, a      Delaware limited liability company  |
|                                                              |
| By:                                                               | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                              |   |
|                                                              | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                              |   |   |   |
|                                                              |  | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                              |   |   |   |
|                                                              | By: /s/ Olan Brevard |
|                                                              | Name: Olan Brevard |
|                                                              | Title: VicePresident |

----

| TROY PLACE (DE), LLC, a      Delaware limited liability company |
|-----------------------------------------------------------------|
|                                                            |
| By:                                                             | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                            |   |   |   |
|                                                            | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                            |   |   |   |
|                                                            |  | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                            |   |   |   |
|                                                            | By: /s/ Olan Brevard |
|                                                            | Name: Olan Brevard |
|                                                            | Title: Vice President |
|                                                            |   |   |   |
| WESTERN PLACE, LLC, a      Georgia limited liability company    |
|                                                            |
| By:                                                             | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                            |   |   |   |
|                                                            | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                            |   |   |   |
|                                                            |  | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                            |   |   |   |
|                                                            | By: /s/ Olan Brevard |
|                                                            | Name: Olan Brevard |
|                                                            | Title: VicePresident |

----

| CAPE PLACE (DE), LLC, a      Delaware limited liability company |
|-----------------------------------------------------------------|
|                                                            |
| By:                                                             | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                            |   |   |   |
|                                                            | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                            |   |   |   |
|                                                            |   | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                            |   |   |   |
|                                                            | By: /s/ Olan Brevard |
|                                                            | Name: Olan Brevard |
|                                                            | Title: Vice President |
|                                                            |   |   |   |
| CARROLLTON PLACE, LLC, a      Georgia limited liability company |
|                                                            |
| By:                                                             | EDR      Manager, LLC, a Delaware limited liability company, its      Manager |
|                                                            |   |   |   |
|                                                            | By: | Education      Realty Operating Partnership, LP, a      Delaware limited partnership, its Manager |
|                                                            |   |   |   |
|                                                            |  | By: | Education      Realty OP GP, Inc., a      Delaware corporation, its General Partner |
|                                                            |   |   |   |
|                                                            | By: /s/ Olan Brevard |
|                                                            | Name: Olan Brevard |
|                                                            | Title: VicePresident |

----

| EDR CLEMSON PLACE LIMITED      PARTNERSHIP, a Delaware limited partnership |
|----------------------------------------------------------------------------|
|                                                                       |
| By:                                                                        | EDR      Clemson Place GP, LLC, |
|                                                                       | a      Delaware limited liability company, its General Partner |
|                                                                       |   |   |   |
|                                                                       | By: | Education      Realty Operating Partnership, LP, |
|                                                                       |   | a      Delaware limited partnership, its Manager |
|                                                                       |   |   |   |
|                                                                       |   | By: | Education      Realty OP GP, Inc., |
|                                                                       |   |   | a      Delaware corporation, its General Partner |
|                                                                       |   |   |   |
|                                                                       | By: /s/ Olan Brevard |
|                                                                       | Name: Olan Brevard |
|                                                                       | Title: Vice President |
|                                                                       |   |   |   |
| EDR BERKELEY PLACE LIMITED      PARTNERSHIP,                               |
| a      Delaware limited partnership                                        |
|                                                                       |   |   |   |
| By:                                                                        | EDR      Berkeley Place GP, LLC, |
|                                                                       | a      Delaware limited liability company, its General Partner |
|                                                                       |   |   |   |
|                                                                       | By: | Education      Realty Operating Partnership, LP, |
|                                                                       |   | a      Delaware limited partnership, its Manager |
|                                                                       |   |   |   |
|                                                                       |   | By: | Education      Realty OP GP, Inc., |
|                                                                       |   |   | a      Delaware corporation, its General Partner |
|                                                                       |   |   |   |
|                                                                       |  By: /s/ Olan Brevard |
|                                                                       | Name: Olan Brevard |
|                                                                       | Title: Vice  President |

----

| GUARANTOR:                                                                      |
|---------------------------------------------------------------------------------|
|                                                                            |
| EDUCATION REALTY OPERATING      PARTNERSHIP, LP, a Delaware limited partnership |
| By:                                                                             | Education      Realty OP GP, Inc. |
|                                                                            | a      Delaware corporation, its general partner |
|                                                                            |
| By: /s/ Olan Brevard                                                            |
| Name: Olan Brevard                                                              |
| Title: Vice President                                                           |
|                                                                            |
| EDUCATION REALTY TRUST,      INC., a Maryland corporation                       |
| By: /s/ Olan Brevard                                                            |
| Name: Olan Brevard                                                              |
| Title: Vice  President                                                          |

----

| LENDER                              |
|-------------------------------------|
|                                |
| RED MORTGAGE CAPITAL,      INC., an |
| Ohio      corporation               |
|                                |   |
| By:                                 | /s/ R. Barth Kallmerten |
| Name:                               | R. Barth Kallmerten |
| Title:                              | Senior Managing  Director |

----

| FANNIE      MAE |
|-----------------|
|            |   |
| By:             | /s/ Susanne C. Hiegel |
| Name:           | Susanne C. Hiegel |
| Title:          | VicePresident |

----

----