----

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|   | BORROWER:                                                                                    |                                                                                                        |
|--------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|   |                                                                                         |                                                                                                        |
|   | AMERICAN CAMPUS      COMMUNITIESOPERATING PARTNERSHIP LP, aMaryland limited      partnership |                                                                                                        |
|   |                                                                                         |                                                                                                        |   |
|   | By:                                                                                          | AMERICAN      CAMPUS COMMUNITIESHOLDINGS LLC, a Maryland limitedliability      company, its general partner |   |
|   |                                                                                         |                                                                                                        |   |   |
|   |                                                                                         | By:                                                                                                         | AMERICAN      CAMPUSCOMMUNITIES, INC., a Marylandcorporation, its sole      member |   |
|   |                                                                                         |                                                                                                        |   |   |   |
|   |                                                                                         |                                                                                                        | By: |   |   |
|   |                                                                                         |                                                                                                        | Name: |   |   |
|   |                                                                                         |                                                                                                        | Title: |   |   |

----

|   | GUARANTORS:                                       |                                                         |
|--------|---------------------------------------------------|--------------------------------------------------------------|
|   |                                              |                                                         |
|   | AMERICAN      CAMPUS COMMUNITIES, INC.            |                                                         |
|   |                                              |                                                         |   |   |
|   | By:                                               |                                                         |   |
|   | Name:                                             |                                                         |   |
|   | Title:                                            |                                                         |   |
|   |                                              |                                                         |
|   | AMERICAN      CAMPUS COMMUNITIESHOLDINGS      LLC |                                                         |
|   |                                              |                                                         |   |
|   | By:                                               | AMERICAN      CAMPUS COMMUNITIES,INC.,      its sole member  |   |
|   |                                              |                                                         |   |   |
|   |                                              | By:                                                          |   |   |
|   |                                              | Name:                                                        |   |   |
|   |                                              | Title:                                                       |   |   |
|   |                                              |                                                         |   |   |
|   | RAP      STUDENT HOUSING PROPERTIES LLC           |                                                         |
|   |                                              |                                                         |   |   |
|   | By:                                               |                                                         |   |
|   | Name:                                             |                                                         |   |
|   | Title:                                            |                                                         |   |
|   |                                              |                                                         |   |   |
|   | RSVP–ACT,      LLC                          |                                                         |
|   |                                              |                                                         |   |
|   | By:                                               | RAP      STUDENT HOUSING PROPERTIESLLC,      its sole member |   |
|   |                                              |                                                         |   |   |
|   |                                              | By:                                                          |   |   |
|   |                                              | Name:                                                        |   |   |
|   |                                              | Title:                                                       |   |   |
|   |                                              |                                                         |   |   |
|   | TITAN      INVESTMENTS II LLC                     |                                                         |
|   |                                              |                                                         |   |   |
|   | By:                                               |                                                         |   |
|   | Name:                                             |                                                         |   |
|   | Title:                                            |                                                         |   |

----

|   |                                     |                                                     |                                                         |                                                   |   |   |
|--------|------------------------------------------|----------------------------------------------------------|--------------------------------------------------------------|--------------------------------------------------------|--------|--------|
|   | AMERICAN      CAMPUS–TITAN II, LLC |                                                     |
|   |                                     |                                                     |                                                         |                                                   |
|   | By:                                      | RSVP–ACT,      LLC, its managing member            |                                                         |
|   |                                     |                                                     |                                                         |                                                   |   |
|   |                                     | By:                                                      | RAP      STUDENT HOUSINGPROPERTIES      LLC, its sole member |                                                   |
|   |                                     |                                                     |                                                         |                                                   |   |   |
|   |                                     |                                                     | By:                                                          |                                                   |   |
|   |                                     |                                                     | Name:                                                        |                                                   |   |
|   |                                     |                                                     | Title:                                                       |                                                   |   |
|   |                                     |                                                     |                                                         |                                                   |   |   |
|   | ACT–VILLAGE      AT TEMPLE LLC     |                                                     |
|   |                                     |                                                     |                                                         |                                                   |
|   | By:                                      | AMERICAN      CAMPUS–TITAN II, LLC, itssole member |                                                         |
|   |                                     |                                                     |                                                         |                                                   |   |
|   |                                     | By:                                                      | RSVP–ACT,      LLC, its managing member                |                                                   |
|   |                                     |                                                     |                                                         |                                                   |   |   |
|   |                                     |                                                     | By:                                                          | RAP      STUDENT HOUSINGPROPERTIES LLC, its solemember |   |
|   |                                     |                                                     |                                                         |                                                   |   |   |
|   |                                     |                                                     |                                                         | By:                                                    |   |   |
|   |                                     |                                                     |                                                         | Name:                                                  |   |   |
|   |                                     |                                                     |                                                         | Title:                                                 |   |   |
|   |                                     |                                                     |                                                         |                                                   |   |   |
|   | RFG      CAPITAL GROUP, LLC              |                                                     |
|   |                                     |                                                     |                                                         |                                                   |
|   | By:                                      | RAP      STUDENT HOUSING PROPERTIESLLC, its sole member  |                                                         |
|   |                                     |                                                     |                                                         |                                                   |
|   |                                     | By:                                                      |                                                         |                                                   |
|   |                                     | Name:                                                    |                                                         |                                                   |
|   |                                     | Title:                                                   |                                                         |                                                   |

----

|   | RFG      CAPITAL MANAGEMENT PARTNERS,L.P.       |                                                             |
|--------|-------------------------------------------------|------------------------------------------------------------------|
|   |                                            |                                                             |   |
|   | By:                                             | RAP      STUDENT HOUSING PROPERTIESLLC,      its general partner |   |
|   |                                            |                                                             |   |   |   |
|   |                                            | By:                                                              |   |   |
|   |                                            | Name:                                                            |   |   |
|   |                                            | Title:                                                           |   |   |
|   |                                            |                                                             |   |   |   |
|   | RFG–CMP      THE VILLAGE ON UNIVERSITYLLC |                                                             |
|   |                                            |                                                             |   |   |
|   | By:                                             | RFG      CAPITAL MANAGEMENTPARTNERS,      L.P., its sole member  |   |
|   |                                            |                                                             |   |   |   |
|   |                                            | By:                                                              | RAP      STUDENT HOUSINGPROPERTIES      LLC, its generalpartner |   |
|   |                                            |                                                             |   |   |   |
|   |                                            |                                                             | By: |   |   |
|   |                                            |                                                             | Name: |   |   |
|   |                                            |                                                             | Title: |   |   |
|   |                                            |                                                             |   |   |   |
|   | SHP–THE      VILLAGE ON UNIVERSITY LLC    |                                                             |
|   |                                            |                                                             |   |   |   |
|   | By:                                             |                                                             |   |
|   | Name:                                           |                                                             |   |
|   | Title:                                          |                                                             |   |

----

|   | RFG–CMP      THE VILLAGE AT SCIENCEDRIVE,      LLC |                                                       |
|--------|----------------------------------------------------------|------------------------------------------------------------|
|   |                                                     |                                                       |   |
|   | By:                                                      | RFG      CAPITAL MANAGEMENTPARTNERS, L.P., its sole member |   |
|   |                                                     |                                                       |   |   |
|   |                                                     | By:                                                        | RAP      STUDENT HOUSINGPROPERTIES LLC, its generalpartner |   |
|   |                                                     |                                                       |   |   |   |
|   |                                                     |                                                       | By: |   |   |
|   |                                                     |                                                       | Name: |   |   |
|   |                                                     |                                                       | Title: |   |   |
|   |                                                     |                                                       |   |   |   |
|   | SHP–THE      VILLAGE AT SCIENCE DRIVE, LLC         |                                                       |
|   |                                                     |                                                       |   |
|   | By:                                                      |                                                       |   |
|   | Name:                                                    |                                                       |   |
|   | Title:                                                   |                                                       |   |
|   |                                                     |                                                       |   |   |   |
|   | RFG–CMP      ACT LLC                               |                                                       |
|   |                                                     |                                                       |   |
|   | By:                                                      |                                                       |   |
|   | Name:                                                    |                                                       |   |
|   | Title:                                                   |                                                       |   |
|   |                                                     |                                                       |   |   |   |
|   | SHP–ACT      LLC                                   |                                                       |
|   |                                                     |                                                       |   |
|   | By:                                                      |                                                       |   |
|   | Name:                                                    |                                                       |   |
|   | Title:                                                   |                                                       |   |

----

|   |                                        |                                                 |                                       |   |   |
|--------|---------------------------------------------|------------------------------------------------------|--------------------------------------------|--------|--------|
|   | AMERICAN      CAMPUS–TITAN LLC        |
|   |                                        |
|   | By:                                         | SHP–ACT      LLC, its managing member          |
|   |                                        |                                                 |
|   |                                        | By:                                                  |                                       |   |
|   |                                        | Name:                                                |                                       |   |
|   |                                        | Title:                                               |                                       |   |
|   |                                        |                                                 |                                       |   |   |
|   | ACT–VILLAGE      AT FRESNO STATE, LLC |
|   |                                        |
|   | By:                                         | AMERICAN      CAMPUS–TITAN LLC, itssole member |
|   |                                        |                                                 |
|   |                                        | By:                                                  | SHP–ACT      LLC, its managingmember |
|   |                                        |                                                 |                                       |
|   |                                        |                                                 | By:                                        |   |   |
|   |                                        |                                                 | Name:                                      |   |   |
|   |                                        |                                                 | Title:                                     |   |   |
|   |                                        |                                                 |                                       |   |   |
|   | ACC      OP SWEET HOME LLC                  |
|   |                                        |
|   | By:                                         |                                                 |                                       |
|   | Name:                                       |                                                 |                                       |
|   | Title:                                      |                                                 |                                       |
|   |                                        |                                                 |                                       |   |   |
|   | ACC      OP (VILLAGE AT NEWARK) LLC         |
|   |                                        |
|   | By:                                         |                                                 |                                       |
|   | Name:                                       |                                                 |                                       |
|   | Title:                                      |                                                 |                                       |

----

|   |                                                                                                                         |   |   |   |
|--------|------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|   | LENDERS:                                                                                                                     |   |
|   |                                                                                                                         |   |   |   |
|   | KEYBANK NATIONAL      ASSOCIATION,individually as a Lender and as Administrative      Agent,Swing Line Bank and Issuing Bank |   |
|   |                                                                                                                         |   |   |   |
|   | By:                                                                                                                          |   |   |
|   | Name:                                                                                                                        |   |   |
|   | Title:                                                                                                                       |   |   |
|   |                                                                                                                         |   |   |   |
|   | DEUTSCHE      BANK TRUST COMPANY AMERICAS                                                                                    |   |
|   |                                                                                                                         |   |   |   |
|   | By:                                                                                                                          |   |   |
|   | Name:                                                                                                                        |   |   |
|   | Title:                                                                                                                       |   |   |
|   |                                                                                                                         |   |   |   |
|   | By:                                                                                                                          |   |   |
|   | Name:                                                                                                                        |   |   |
|   | Title:                                                                                                                       |   |   |
|   |                                                                                                                         |   |   |   |
|   | CITICORP      NORTH AMERICA, INC.                                                                                            |   |
|   |                                                                                                                         |   |
|   | By:                                                                                                                          |   |   |
|   | Name:                                                                                                                        |   |   |
|   | Title:                                                                                                                       |   |   |
|   |                                                                                                                         |   |   |   |
|   | JPMORGAN      CHASE BANK, N.A.                                                                                               |   |
|   |                                                                                                                         |   |   |   |
|   | By:                                                                                                                          |   |   |
|   | Name:                                                                                                                        |   |   |
|   | Title:                                                                                                                       |   |   |

----

|   |                                                               |   |   |   |
|--------|--------------------------------------------------------------------|--------|--------|--------|
|   | PNC      BANK, NATIONAL ASSOCIATION                                |   |
|   |                                                               |   |   |   |
|   | By:                                                                |   |   |
|   | Name:                                                              |   |   |
|   | Title:                                                             |   |   |
|   |                                                               |   |   |   |
|   | BANK      OF AMERICA, N.A.                                         |   |
|   | (including      as successor to LaSalle Bank National Association) |   |
|   |                                                               |   |   |   |
|   | By:                                                                |   |   |
|   | Name:                                                              |   |   |
|   | Title:                                                             |   |   |