Document:

exv10w20

Exhibit
10.20

CONTRIBUTION AGREEMENT

     This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as
of April 22, 2010, by
and among Campus Crest Communities, Inc., a Maryland corporation (the “Company”), and
Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the
“Operating Partnership” and, together with the Company, the “Company Entities”),
and Flynn Development, LLC, a Washington limited liability company (the “Contributor”).

     WHEREAS, MXT Capital, LLC, a Delaware limited liability company (“MXT”), has formed
and is the sole stockholder of the Company, and the Company, through Campus Crest Communities GP,
LLC, its wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and,
through Campus Crest Communities LP, LLC, its wholly-owned subsidiary, is the sole limited partner
of the Operating Partnership;

     WHEREAS, the Company Entities were formed for the purpose of (i) continuing the student
housing business previously owned and conducted, directly or indirectly, by MXT’s wholly-owned
subsidiary, Campus Crest Group, LLC, a North Carolina limited liability company, and certain other
parties, including, but not limited to, the Contributor, which is the owner of an interest in the
Student Housing Entities (as defined herein) as set forth below, and (ii) consummating the IPO (as
defined below);

     WHEREAS, in connection with the potential initial public offering (the “IPO”) of the
Company’s common stock, par value $0.01 per share (the “Common Stock”), the Company intends
to file with the Securities and Exchange Commission a registration statement on Form S-11 after the
date of this Agreement (together with all amendments and supplements thereto, the “Registration
Statement’); and

     WHEREAS, the parties hereto desire that the Contributor transfer all of its ownership
interests in the Student Housing Entities to the Operating Partnership in exchange for the
consideration set forth in Section 1.3 (the “Formation Transactions”) and otherwise
conclude such agreements under terms and conditions as are set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company Entities and the Contributor agree as follows:

ARTICLE I.

FORMATION TRANSACTIONS

     1.1. Formation Transactions. Subject to the terms and conditions of this Agreement, each of
the Company Entities and the Contributor hereby consents to each of the Formation Transactions and
agrees to take all actions reasonably necessary or advisable to consummate, and to cause its direct
and indirect subsidiaries and affiliates, where applicable, to consummate, the Formation
Transactions. It is the intent of the parties that, as a result of the Formation Transactions, the
Company Entities will own, directly or indirectly, all of the interests previously
owned by the Contributor in the entities identified in Schedule I attached hereto (the
“Student Housing Entities”), and through their ownership of such Student Housing Entities,
the Company

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Entities will succeed to all of the student housing business previously conducted,
directly or indirectly, by MXT and certain other parties, and in which the Contributor had a direct
or indirect interest.

     1.2. Simultaneous Closing. The Formation Transactions shall close simultaneously with the
closing of the IPO and the receipt of the net proceeds of the IPO by the Company (the
“Closing”). The date on which the Formation Transactions close shall be the “Closing
Date.”

     1.3. Consideration for the Formation Transactions. Upon the Closing, the Contributor, in
exchange for the Contributor Interests (as defined herein), shall receive from the Operating
Partnership five hundred (500) limited partnership units in the Operating Partnership (the
“Contributor OP Units”).

     1.4. Further Acts. The Company Entities and the Contributor shall perform, execute, and
deliver, or cause to be performed, executed, and delivered by their direct or indirect
subsidiaries, at the Closing or after the Closing, any and all further acts, instruments, and
agreements and provide such further assurances as the other parties may reasonably require to
consummate the transactions and otherwise satisfy the covenants and conditions contemplated
hereunder.

ARTICLE II.

CONDITIONS TO CLOSING

     2.1. Company Conditions to Closing. The obligations of each Company Entity hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing:

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of the Contributor shall be true and correct in all material respects as of the Closing Date;

          (b) Covenants. The obligations of the Contributor hereunder, including without limitation,
with respect to the Formation Transactions, shall have been performed or complied with in all
material respects; and

          (c) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.2. Contributor’s Conditions to Closing. The obligations of the Contributor hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing:

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of each of the Company Entities shall be true and correct in all material respects as of the
Closing Date;

          (b) Covenants. The obligations of the Company Entities hereunder, including without
limitation, with respect to the Formation Transactions, shall have been performed or complied with
in all material respects; and

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          (c) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.3. Abandonment of IPO. If, at any time, the Company shall determine in its sole and absolute
discretion to abandon the IPO, this Agreement shall be immediately terminated and thereupon each
party shall be released from its obligations hereunder and shall have no further liability
hereunder.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES AMONG THE PARTIES

     3.1. Definitions. As used in this Article III, the following terms shall have the following
meanings:

          (a) “Actions” means all actions, litigation, complaints, claims, charges, accusations,
investigations, petitions, suits, arbitrations, mediations or other proceedings, whether civil or
criminal, at law or in equity, or before any arbitrator or Governmental Entity.

          (b) “Code” means the Internal Revenue Code of 1986, as amended.

          (c) “Contributor Properties” means the real property owned (whether directly or
indirectly) by the Student Housing Entities.

          (d) “Governmental Entity” means any governmental agency or quasi-governmental agency,
bureau, board, commission, court, department, official, political subdivision, tribunal or other
instrumentality of any government, whether federal, state or local, domestic or foreign.

          (e) “Liens” means any mortgages, pledges, liens, options, charges, security interests,
mortgage deed, restrictions, prior assignments, encumbrances, covenants, encroachments,
assessments, purchase rights, rights of others, licenses, easements, voting agreements, liabilities
or claims of any kind or nature whatsoever, direct or indirect, including, without limitation,
interests in or claims to revenues generated by such property.

          (f) “Material Adverse Effect” means a material adverse effect, individually or in the
aggregate, on the business, financial condition, results of operations or properties of the Company
Entities and Student Housing Entities, taken as a whole, whether or not arising from transactions
in the ordinary course of business.

          (g) “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or
Governmental Entity.

     3.2. Representations by the Contributor. The Contributor represents and warrants to each of
the Company Entities, other than with respect to such matters set forth in the Contributor
disclosure schedule attached to this Agreement as Exhibit A, that each and every one of the
following statements is true, correct, and complete in all material respects as of the date of this
Agreement and will be true, correct, and complete in all material respects as of the Closing Date;

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provided, however, that none of the representations and warranties hereunder with
respect to the Student Housing Entities shall apply with respect to any other party, as to which no
representations and warranties are being made by the Contributor hereunder:

          (a) Organization and Power. The Contributor is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly authorized by the
Contributor, and this Agreement constitutes the legal, valid and binding obligation of the
Contributor, enforceable against it in accordance with its terms, subject to bankruptcy,
reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and to general principles of equity.

          (b) Capitalization. The interests owned by the Contributor directly and indirectly in the
Student Housing Entities (the “Contributor Interests”) constitute all of the issued and
outstanding interests owned by the Contributor in the Student Housing Entities owning (directly or
indirectly) the Contributor Properties and other assets to be conveyed by the Contributor to the
Company Entities in accordance with the Formation Transactions. The Contributor is the sole owner
of the Contributor Interests, beneficially and of record free and clear of any Liens of any nature,
except Liens that would not have, or reasonably be expected to have, a Material Adverse Effect, and
has full power and authority to convey the Contributor Interests, free and clear of any Liens,
except Liens that would not have, or reasonably be expected to have, a Material Adverse Effect,
and, upon delivery of the Contributor OP Units as herein provided, the Company (or its direct or
indirect subsidiary) will acquire good and valid title thereto, free and clear of any Liens except
Liens created in favor of the Company Entities by the transactions contemplated hereby and such
Liens that would not have, or reasonably be expected to have, a Material Adverse Effect. There are
no rights to purchase, options or similar rights relating to any of the Contributor Properties or
the Contributor Interests. Except as contemplated in the Formation Transactions, the Contributor
has no commitment or legal obligation, absolute or contingent, to any other Person other than the
Company Entities to sell, assign, transfer or effect a sale of any right, title or interest in or
to any the Contributor Interests, Contributor Properties or other assets to be conveyed to the
Company Entities by the Contributor in accordance with the Formation Transactions.

          (c) No Litigation. To the Contributor’s knowledge, except for Actions covered by existing
policies of insurance, there are no Actions pending or threatened, affecting all or any portion of
the Contributor Interests or the Student Housing Entities or the Contributor’s ability to
consummate the transactions contemplated hereby or that would have a Material Adverse Effect. The
Contributor has no knowledge of any outstanding order, writ, injunction or decree of any court,
Governmental Entity or arbitration against or affecting all or any portion of the Contributor
Interests or any Student Housing Entity which in any such case
would impair the Contributor’s ability to enter into and perform all of its obligations under
the Agreement or would have a Material Adverse Effect.

          (d) No Consents. Except as shall have been cured, consented to or waived in writing by the
Company prior to the Closing or except as set forth on Schedule II attached hereto, none of
the execution, delivery or performance of this Agreement, any agreement

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contemplated hereby and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice,
lapse of time, or both, (i) violate, conflict with, result in a breach of, or constitute a default
under or give to others any right of termination, acceleration, cancellation or other right adverse
to the Company Entities of (A) to the Contributor’s knowledge, the organizational documents,
including the charters and bylaws, if any, of the Contributor or the Student Housing Entities, (B)
any agreement, document or instrument to which the Contributor is a party or by which the
Contributor or any of the Student Housing Entities are bound or (C) to the Contributor’s knowledge,
any term or provision of any judgment, order, writ, injunction, or decree, or require any approval,
consent or waiver of, or make any filing with, any person or governmental or regulatory authority
or foreign, federal, state, local or other law binding on the Contributor or the Student Housing
Entities or by which the Contributor, the Student Housing Entities or any of their assets or
properties are bound or subject; provided in the case of (B) and (C) above, unless any such
violation, conflict, breach or default would not have a Material Adverse Effect or (ii) result in
the creation of any Lien upon any of the Contributor Interests or any Student Housing Entity or any
interests therein except such Liens that would not have, or reasonably be expected to have, a
Material Adverse Effect.

          (e) No Breach or Default. Except as shall have been cured, consented to or waived in writing
by the Company prior to the Closing or except as set forth on Schedule II attached hereto,
none of the execution, delivery or performance of this Agreement and the transactions contemplated
hereby does or will, with or without the giving of notice, lapse of time, or both, (i) violate,
conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, acceleration, cancellation or other right adverse to the Company Entities of (A) the
organizational documents, including the charters and bylaws, if any, of the Contributor, (B) any
agreement, document or instrument to which the Contributor is a party or by which the Contributor
is bound or (C) to the Contributor’s knowledge, any term or provision of any judgment, order, writ,
injunction, or decree binding on the Contributor or by which the Contributor or any of its assets
or properties are bound or subject; provided in the case of (B) and (C) above, unless any such
violation, conflict, breach or default would not have a Material Adverse Effect or (ii) result in
the creation of any Lien upon any of the Contributor Interests or any interests therein except such
Liens that would not have, or reasonably be expected to have, a Material Adverse Effect.

          (f) No Related Party Transactions. With the exception of that certain Agreement between the
Contributor and Campus Crest Development, LLC dated May 14, 2007, there are no material contracts,
agreements or other transactions between any Company Entity or Student Housing Entity or any of
their respective affiliates, on the one part, and the Contributor or any person holding a direct
interest in the Contributor or any of their respective affiliates, on the other part.

          (g) No Broker or Finder. There are no contracts, agreements or understanding between the
Contributor, or any person holding a direct or indirect controlling interest in the Contributor, or
any of their respective affiliates and any other person that would give rise to a valid claim
against any Company Entity or any underwriter under the IPO for a brokerage commission, finder’s
fee or other like payment in connection with the IPO or other transactions contemplated by this
Agreement.

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          (h) Withholding; Non-Foreign Status. The Contributor is not subject to any federal or state
withholding provisions in connection with the transactions contemplated hereby, including
withholding of sales proceeds to foreign persons. The Contributor is a United States person (as
defined in Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of
the Code relating to the withholding of sales proceeds to foreign persons, and is not subject to
any state withholding requirements.

          (i) Investment Representations. The Contributor:

	 	(1)	 	is an “accredited investor” as defined in Rule
501(a) of Regulation D, attached hereto as Exhibit B,
promulgated under the Securities Act of 1933, as amended (the
“Securities Act”);
	 
	 	(2)	 	is acquiring the Contributor OP Units solely
for his, her or its own account for the purpose of investment and not
as a nominee or agent for any other person and not with a view to, or
for offer or sale in connection with, any distribution of any thereof;
the Contributor agrees and acknowledges that he, she or it will not,
directly or indirectly, offer, transfer, sell, assign, pledge,
hypothecate or otherwise dispose of (“Transfer”) any of the
Contributor OP Units unless (i) the Transfer is pursuant to an
effective registration statement under the Securities Act and
qualification or other compliance under applicable blue sky or state
securities laws, or (ii) counsel for the Contributor (which counsel
shall be reasonably acceptable to the Operating Partnership) shall have
furnished the Operating Partnership with an opinion, reasonably
satisfactory in form and substance to the Operating Partnership, to the
effect that no such registration is required because of the
availability of an exemption from registration under the Securities Act
and qualification or other compliance under applicable blue sky or
state securities laws; the term “Transfer” shall not include any
redemption of the Contributor OP Units or exchange of the Contributor
OP Units pursuant to the partnership agreement of the Operating
Partnership; notwithstanding the foregoing, no Transfer shall be made
unless it is permitted under the partnership agreement of the Operating
Partnership;
	 
	 	(3)	 	understands that (i) the Contributor OP Units
(1) have not been registered under the Securities Act or any state
securities laws, (2) when and if issued, will be issued in reliance
upon an exemption
from the registration and prospectus delivery requirements of the
Securities Act pursuant to Section 4(2) and/or Regulation D
thereunder, and (3) when and if issued, will be issued in reliance
upon exemptions from the registration and prospectus delivery
requirements of state securities laws which relate to private
offerings, and (ii) the Contributor must therefore bear the economic
risk of such investments indefinitely unless a subsequent

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	 	 	 	disposition
thereof is registered under the Securities Act and applicable state
securities laws or is exempt therefrom; pursuant to the foregoing,
the Contributor understands that (A) the certificates, if any,
representing the Contributor OP Units (and any common stock in the
Company that might be exchanged therefor) acquired by the Contributor
shall bear a restrictive legend in the form hereafter set forth, and
(B) a notation shall be made in the appropriate records of the
Operating Partnership (and the Company) indicating that the
Contributor OP Units (and any common stock in the Company that might
be exchanged therefor) are subject to restrictions on transfer; and
	 
	 	(4)	 	is knowledgeable, sophisticated and experienced
in business and financial matters; the Contributor has previously
invested in securities similar to the Contributor OP Units and fully
understands the limitations on transfer imposed by the Federal
securities laws and as described in this Agreement; the Contributor is
able to bear the economic risk of holding the Contributor OP Units for
an indefinite period and is able to afford the complete loss of his,
her or its investment in the Contributor OP Units; the Contributor has
received and reviewed all information and documents about or pertaining
to the Company Entities, the business and prospects of the Company
Entities and the issuance of the Contributor OP Units as the
Contributor deems necessary or desirable, has had cash flow and
operations data for the Student Housing Entities made available by MXT
upon request and has been given the opportunity to obtain any
additional information or documents and to ask questions and to receive
answers about such information and documents, the Company Entities, the
Student Housing Entities, the business and prospects of the Company
Entities and the Contributor OP Units which the Contributor deems
necessary or desirable to evaluate the merits and risks related to his,
her or its investment in the Contributor OP Units and to conduct its
own independent valuation of the Student Housing Entities; and the
Contributor understands and has taken cognizance of all risk factors
related to the purchase of the Contributor OP Units; the Contributor is
a sophisticated real estate investor; the Contributor is relying upon
its own independent analysis and assessment (including with respect to
taxes), and the advice of the Contributor’s advisors (including tax
advisors), and not upon that
of MXT or the Company Entities or any of their respective affiliates,
for purposes of evaluating, entering into, and consummating the
transactions contemplated by the Agreement.

Each certificate, if any, representing the Contributor OP Units (and any common stock in the
Company that might be exchanged therefor) shall bear the following legend:

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     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE
OPERATING PARTNERSHIP AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THE PROPOSED SALE,
TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER
APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS;

In addition, the common stock of the Company for which the Contributor OP Units might be exchanged
shall also bear a legend which generally provides the following:

     THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSES OF THE COMPANY’S QUALIFICATION
AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE COMPANY’S ARTICLES
OF INCORPORATION, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S
COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF
THE OUTSTANDING COMMON STOCK OF THE COMPANY; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN
SHARES OF COMMON STOCK THAT WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856(h)
OF THE CODE OR OTHERWISE CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY
TRANSFER SHARES OF COMMON STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY
BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR
ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF COMMON STOCK IN VIOLATION OF THE ABOVE
LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR
OWNERSHIP ARE VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY
TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN
ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF
DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER
OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF
CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB
INITIO. ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE ARTICLES OF INCORPORATION OF THE COMPANY
SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE ARTICLES OF INCORPORATION OF THE COMPANY, AS THE
SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND
OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON

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STOCK ON REQUEST AND WITHOUT
CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL
OFFICE.

          (j) Solvency. The Contributor has been and will be solvent at all times prior to and for the
ninety (90) day period immediately following the transfer of the Contributor Interests to the
Operating Partnership.

          (k) FINRA Affiliation. The Contributor represents severally that neither it nor any affiliate
of the Contributor is a member, affiliate of a member or person associated with a member of the
Financial Industry Regulatory Authority (“FINRA”). The Contributor further represents
severally that neither it nor any of its affiliates owns any stock or any other securities of any
FINRA member not purchased in the open market, or has made any outstanding subordinated loans to a
FINRA member. (A company or natural person is presumed to control a member of FINRA and is
therefore presumed to constitute an affiliate of such member if the company or person is the
beneficial owner of 10% or more of the outstanding securities of a member which is a corporation.
Additionally, a natural person is presumed to control a member of the FINRA and is therefore
presumed to constitute an affiliate of such member if such person has the power to direct or cause
the direction of the management or policies of such member.)

          (l) For purposes of this Section 3.2, “knowledge” of the Contributor shall be limited to the
actual knowledge as of the date of this Agreement of Jamie R. Flynn.

     3.3. Representations by the Company and Operating Partnership. Each of the Company Entities
represents and warrants to the Contributor that each and every one of the following statements is
true, correct, and complete in every material respect as of the date of this Agreement and will be
true, correct, and complete in every material respect as of the Closing Date:

          (a) Organization and Power. Such entity is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly authorized by such entity,
and this Agreement constitutes the legal, valid and binding obligation of such entity, enforceable
against such entity in accordance with its terms, subject to bankruptcy, reorganization, insolvency
and other similar laws affecting the enforcement of creditors’ rights generally and to general
principles of equity.

          (b) Litigation. To such entity’s knowledge, there is no Action pending or, to such entity’s
knowledge, threatened in any court, before any arbitrator, or before or by any Governmental Entity
or other regulatory authority naming any Company Entity as a party that is
reasonably likely to materially and adversely affect the ability of the Company Entities to
perform their obligations hereunder, or otherwise delay the consummation of any of the transactions
contemplated hereby (including, without limitation, the Formation Transactions). No Company Entity
is subject to any order, writ, injunction or decree of any court relating to the transactions
contemplated by this Agreement (including, without limitation, the Formation Transactions).

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          (c) No Consents. To such entity’s knowledge, no authorization, consent, approval or waiver, or
filing with, any Person, Governmental Entity or regulatory authority is required in connection
with, the execution, delivery, and performance of this Agreement on the part of such entity other
than as expressly set forth on Schedule III attached hereto.

          (d) For purposes of this Section 3.3, “knowledge” of the Company Entities shall be limited to
the actual knowledge as of the date of this Agreement of Ted W. Rollins, Michael S. Hartnett and
Donald L. Bobbitt, Jr.

     3.4. Survival. Each of the representations and warranties contained in this Article III shall
survive the Closing.

ARTICLE IV.

COVENANTS

     4.1. From the date hereof through the Closing Date, and except in connection with the
Formation Transactions, the Contributor shall not:

          (a) Sell, transfer, redeem, repurchase (or agree to sell, transfer, redeem or repurchase) or
otherwise dispose of, or cause or allow the sale, transfer, redemption, repurchase or disposition
of (or agree to do any of the foregoing), all or any portion of the Contributor Interests;

          (b) Pledge or encumber (or permit to become encumbered) all or any portion of the Contributor
Interests; or

          (c) Cause or take any action that would render any of its representations or warranties as set
forth herein untrue in any material respect.

     4.2. From the date hereof and subsequent to the Closing for a period of six (6) years, the
Contributor agrees to provide the Company with such tax information relating to any of the Student
Housing Entities as reasonably requested by the Company and to cooperate with the Company with
respect to the filing of tax returns.

     4.3. The Contributor shall take such other actions and execute such additional documents
following the Closing Date as the Company Entities may reasonably request in order to effect the
transactions contemplated hereby, except that the Contributor shall not be obligated to take any
action or execute any document if the additional actions or documents impose additional
liabilities, obligations, covenants, responsibilities, representations or warranties on the
Contributor which are not contemplated by this Agreement or reasonably inferable by the terms
herein.

     4.4. The Contributor covenants to use all reasonable efforts within its control (a) to prevent
the breach of any representation or warranty of the Contributor hereunder, (b) to satisfy all
covenants of the Contributor hereunder and (c) to promptly cure any breach of a representation,
warranty or covenant of the Contributor hereunder upon its learning of same.

     4.5. The Company shall:

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          (a) At or prior to the Closing, make all filings and otherwise do all things so as to comply
with all applicable regulatory requirements of the New York Stock Exchange and FINRA in connection
with the IPO; and

          (b) At or promptly following the Closing, satisfy all transaction costs incurred by the
Company Entities in connection with the Formation Transactions and the IPO, as determined by the
Company Entities in their sole and complete discretion.

ARTICLE V. INDEMNIFICATION

	5.1.	 	Indemnities.

          (a) The Contributor agrees to indemnify, defend and hold harmless the Company Entities and
their respective affiliates, shareholders, partners, directors, officers, employees,
representatives and agents, from and against all costs, expenses, losses and damages (including,
without limitation, reasonable attorney’s fees and expenses) (collectively, “Losses”)
incurred by such parties resulting from any misrepresentation or breach of representation, warranty
or covenants made by the Contributor. The provisions of this Section 5.1(a) shall survive the
Closing for a period of one (1) year and shall be subject to the limitations specified in Section
5. 1(d) hereof.

          (b) The Company agrees to indemnify, defend and hold harmless the Contributor and its
affiliates, partners, managers, members, officers, employees, representatives and agents, from and
against all Losses incurred by such parties resulting from any misrepresentation or breach of
representation, warranty or covenants made by the Company Entities, but only to the extent such
Losses in the aggregate exceed $25,000. The provisions of this Section 5.1(b) shall survive the
Closing for a period of one (1) year. The Company’s obligations under this Section 5.1(b) shall not
apply to any affiliate, shareholder, officer, director, employee, representative or agent of the
Company and shall not exceed $50,000 in the aggregate.

          (c) Upon written request by any indemnified party hereunder, the applicable indemnitor shall
defend same (if requested by any indemnified party, in the name of such indemnified party) by
attorneys and other professionals approved by such indemnified party. Notwithstanding the
foregoing, any indemnified parties may, in its sole and absolute discretion, engage its own
attorneys and other professionals to defend or assist such indemnified party, and, at the option of
such indemnified party, such attorneys shall control the resolution of any claim or proceeding,
providing that no compromise or settlement shall be entered without the applicable indemnitor’s
consent, which consent shall not be unreasonably withheld. Upon
demand, an indemnitor shall pay or, in the sole and absolute discretion of the applicable
indemnified party, reimburse, such indemnified parties for the payment of reasonable fees and
disbursements of attorneys and other professionals in connection therewith.

          (d) In no event shall the amounts paid or payable by the Contributor in respect of the
obligations of the Contributor under Section 5.1(a) exceed the aggregate value of the

11

 

          Contributor
OP Units received by the Contributor as a result of the Formation Transactions pursuant to Section
1.3.

ARTICLE VI.

MISCELLANEOUS

     6.1 Entire Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement
constitutes the entire agreement among the parties hereto and may not be modified or amended except
by an instrument in writing signed by the parties hereto, and no provisions or conditions may be
waived other than by a writing signed by the party waiving such provisions or conditions. No delay
or omission in the exercise of any right or remedy accruing to a Company Entity or a Contributor
upon any breach under this Agreement shall impair such right or remedy or be construed as a waiver
of any such breach theretofore or thereafter occurring. The waiver by a Company Entity or a
Contributor of any breach of any term, covenant, or condition herein stated shall not be deemed to
be a waiver of any other breach, or of a subsequent breach of the same or any other term, covenant,
or condition herein contained. All rights, powers, options, or remedies afforded to a Company
Entity or a Contributor either hereunder or by law shall be cumulative and not alternative, and the
exercise of one right, power, option, or remedy shall not bar other rights, powers, options, or
remedies allowed herein or by law, unless expressly provided to the contrary herein.

     6.2 Notices. Any notice provided for by this Agreement and any other notice, demand, or
communication which any party may wish to send to another shall be in writing and either delivered
in person or sent by registered or certified mail or overnight courier, return receipt requested,
in a sealed envelope, postage prepaid, and addressed to the party for which such notice, demand or
communication is intended at such party’s address as set forth in this Section. The address for any
of the Company Entities for all purposes under this Agreement shall be as follows:

Campus Crest Communities, Inc.

2100 Rexford Road, Suite 414

Charlotte, NC 28211

Attn: Chief Financial Officer

with a copy to:

Bradley Arant Boult Cummings LLP

One Federal Place

1819 Fifth Avenue North

Birmingham, AL 35203

Attn: Dawn H. Sharff

         J. Andrew Robison

The address of the Contributor for all purposes under this Agreement shall be as follows:

Flynn Development, LLC

963 13th Avenue E

12

 

Seattle, WA 98102

Attn: Jamie R. Flynn

     Any address or name specified above may be changed by a notice given by the addressee to the
other parties. Any notice, demand or other communication shall be deemed given and effective as of
the date of delivery in person or receipt set forth on the return receipt. The inability to deliver
because of changed address of which no notice was given, or rejection or other refusal to accept
any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or
other communication as of the date of such attempt to deliver or rejection or refusal to accept.

     6.3 Exhibits. All exhibits and schedules referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

     6.4 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to its conflicts of laws principles.

     6.5 Severability. In case any one or more of the provisions contained in this Agreement shall
for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provision hereof, and this Agreement
shall be construed as if such invalid, illegal, or unenforceable provision had never been contained
herein.

     6.6 Successors and Assigns. This Agreement may not be assigned by any Company Entity or any
Contributor without the prior approval of each Company Entity or Contributor, as applicable;
provided, however, that each Company Entity may assign its rights under this
Agreement (but not its obligations) to a direct or indirect wholly-owned subsidiary of the Company
without the prior approval of the Contributor. This Agreement shall be binding upon, and inure to
the benefit of, each Company Entity, the Contributor, and their respective legal representatives,
successors, and permitted assigns.

     6.7 Headings. Article headings and article and section numbers are inserted herein only as a
matter of convenience and in no way define, limit, or prescribe the scope or intent of this
Agreement or any part hereof and shall not be considered in interpreting or construing this
Agreement.

     6.8 Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis
for this Agreement and shall be considered prima facie evidence of the facts and documents referred
to therein.

     6.9 Counterparts. This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and the same
instrument. Copies of executed counterparts transmitted by telecopy, telefax or other electronic
transmission service shall be considered original executed counterparts.

13

 

     6.10 Specific Performance. Each party to this Agreement agrees that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Each party to this Agreement agrees that each
other party hereto will be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the provisions of this Agreement in any federal or state
court located in the State of North Carolina (as to which each party to this Agreement agrees to
submit to jurisdiction for purposes of such action), this being in addition to any other remedies
to which such party may be entitled under this Agreement or otherwise at law or in equity.

     6.11 Confidentiality. All press releases or other public communications of any kind relating
to the IPO or the transactions contemplated herein, and the method and timing of release for
publication thereof, will be subject to the prior written approval of the Company Entities.

[Signature Page Follows]

14

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	COMPANY ENTITIES:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CAMPUS CREST COMMUNITIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Donald L. Bobbitt, Jr. 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Donald L. Bobbitt, Jr.	 	 
	 	 	 	 	Title:	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CAMPUS CREST COMMUNITIES	 	 
	 	 	OPERATING PARTNERSHIP, LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Campus Crest Communities GP, LLC,	 	 
	 	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 	 	Campus Crest Communities, Inc.	 	 
	 	 	 	 	 	 	 	 	Its Sole Member
	 	 
	 
	 

	 	 	 	 	 	 	 	By:	 	/s/ Donald L. Bobbitt, Jr. 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name: Donald L. Bobbitt, Jr.	 	 
	 

	 	 	 	 	 	 	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CONTRIBUTOR:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	FLYNN DEVELOPMENT, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jamie R. Flynn 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Jamie R. Flynn 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	Member 	 	 
	 	 	 	 	 	 	 	 	 

15exv10w21

Exhibit
10.21

CONTRIBUTION AGREEMENT

     This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as
of May 13, 2010, by
and among Campus Crest Communities, Inc., a Maryland corporation (the “Company”), and
Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the
“Operating Partnership” and, together with the Company, the “Company Entities”),
and Mansion Ridge Investment Company, LLC, a New Mexico limited liability company (the
“Contributor”).

     WHEREAS, MXT Capital, LLC, a Delaware limited liability company (“MXT”), has formed
and is the sole stockholder of the Company, and the Company, through Campus Crest Communities GP,
LLC, its wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and,
through Campus Crest Communities LP, LLC, its wholly-owned subsidiary, is the sole limited partner
of the Operating Partnership;

     WHEREAS, the Company Entities were formed for the purpose of (i) continuing the student
housing business previously owned and conducted, directly or indirectly, by MXT’s wholly-owned
subsidiary, Campus Crest Group, LLC, a North Carolina limited liability company, and certain other
parties, including, but not limited to, the Contributor, who is the owner of an interest in the
Student Housing Entities (as defined herein) as set forth below, and (ii) consummating the IPO (as
defined below);

     WHEREAS, in connection with the potential initial public offering (the “IPO”) of the
Company’s common stock, par value $0.01 per share (the “Common Stock”), the Company intends
to file with the Securities and Exchange Commission a registration statement on Form S-11 after the
date of this Agreement (together with all amendments and supplements thereto, the “Registration
Statement’); and

     WHEREAS, the parties hereto desire that the Contributor transfer all of its ownership
interests in the Student Housing Entities to the Operating Partnership in exchange for the
consideration set forth in Section 1.3 (the “Formation Transactions”) and otherwise
conclude such agreements under terms and conditions as are set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company Entities and the Contributor agree as follows:

ARTICLE I.

FORMATION TRANSACTIONS

     1.1. Formation Transactions. Subject to the terms and conditions of this Agreement, each of
the Company Entities and the Contributor hereby consents to each of the Formation Transactions and
agrees to take all actions reasonably necessary or advisable to consummate, and to cause its direct
and indirect subsidiaries and affiliates, where applicable, to consummate, the Formation
Transactions. It is the intent of the parties that, as a result of the Formation Transactions, the
Company Entities will own, directly or indirectly, all of the interests previously owned by the
Contributor in the entities identified in Schedule I attached hereto (the “Student
Housing Entities”), and through their ownership of such Student Housing Entities, the Company

1

 

Entities will succeed to all of the student housing business previously conducted, directly or
indirectly, by MXT and certain other parties, and in which the Contributor had a direct or indirect
interest.

     1.2. Simultaneous Closing. The Formation Transactions shall close simultaneously with the
closing of the IPO and the receipt of the net proceeds of the IPO by the Company (the
“Closing”). The date on which the Formation Transactions close shall be the “Closing
Date.”

     1.3. Consideration for the Formation Transactions. Upon the Closing, the Contributor, in
exchange for the Contributor Interests (as defined herein), shall receive from the Operating
Partnership the aggregate of $6,200 of the net proceeds of the IPO in cash or other immediately
available funds (the “Exchange Consideration”) and 1,500 limited partnership units in the
Operating Partnership (the “Contributor OP Units”).

     1.4. Further Acts. The Company Entities and the Contributor shall perform, execute, and
deliver, or cause to be performed, executed, and delivered by their direct or indirect
subsidiaries, at the Closing or after the Closing, any and all further acts, instruments, and
agreements and provide such further assurances as the other parties may reasonably require to
consummate the transactions and otherwise satisfy the covenants and conditions contemplated
hereunder.

ARTICLE II.

CONDITIONS TO CLOSING

     2.1. Company Conditions to Closing. The obligations of each Company Entity hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing:

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of the Contributor shall be true and correct in all material respects as of the Closing Date;

          (b) Covenants. The obligations of the Contributor hereunder, including without limitation,
with respect to the Formation Transactions, shall have been performed or complied with in all
material respects; and

          (c) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.2. Contributor’s Conditions to Closing. The obligations of the Contributor hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing:

          (a) Representations and Warranties True and Correct. The representations and warranties herein
of each of the Company Entities shall be true and correct in all material respects as of the
Closing Date;

2

 

          (b) Covenants. The obligations of the Company Entities hereunder, including without
limitation, with respect to the Formation Transactions, shall have been performed or complied with
in all material respects; and

          (c) Closing Date. The Closing Date shall have occurred by no later than December 31, 2010.

     2.3. Abandonment of IPO. If, at any time, the Company shall determine in its sole and absolute
discretion to abandon the IPO, this Agreement shall be immediately terminated and thereupon each
party shall be released from its obligations hereunder and shall have no further liability
hereunder.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES AMONG THE PARTIES

     3.1. Definitions. As used in this Article III, the following terms shall have the following
meanings:

          (a) “Actions” means all actions, litigation, complaints, claims, charges, accusations,
investigations, petitions, suits, arbitrations, mediations or other proceedings, whether civil or
criminal, at law or in equity, or before any arbitrator or Governmental Entity.

          (b) “Code” means the Internal Revenue Code of 1986, as amended.

          (c) “Contributor Properties” means the real property owned (whether directly or
indirectly) by the Student Housing Entities.

          (d) “Governmental Entity” means any governmental agency or quasi-governmental agency,
bureau, board, commission, court, department, official, political subdivision, tribunal or other
instrumentality of any government, whether federal, state or local, domestic or foreign.

          (e) “Liens” means any mortgages, pledges, liens, options, charges, security interests,
mortgage deed, restrictions, prior assignments, encumbrances, covenants, encroachments,
assessments, purchase rights, rights of others, licenses, easements, voting agreements, liabilities
or claims of any kind or nature whatsoever, direct or indirect, including, without limitation,
interests in or claims to revenues generated by such property.

          (f) “Material Adverse Effect” means a material adverse effect, individually or in the
aggregate, on the business, financial condition, results of operations or properties of the Company
Entities and Student Housing Entities, taken as a whole, whether or not arising from transactions
in the ordinary course of business.

          (g) “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or
Governmental Entity.

3

 

     3.2. Representations by the Contributor. The Contributor represents and warrants to each of
the Company Entities, other than with respect to such matters set forth in the Contributor
disclosure schedule attached to this Agreement as Exhibit A, that each and every one of the
following statements is true, correct, and complete in all material respects as of the date of this
Agreement and will be true, correct, and complete in all material respects as of the Closing Date;
provided, however, that none of the representations and warranties hereunder with
respect to the Student Housing Entities shall apply with respect to any other party, as to which no
representations and warranties are being made by the Contributor hereunder:

          (a) Organization and Power. The Contributor is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly authorized by the
Contributor, and this Agreement constitutes the legal, valid and binding obligation of the
Contributor, enforceable against it in accordance with its terms, subject to bankruptcy,
reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and to general principles of equity.

          (b) Capitalization. The interests owned by the Contributor directly and indirectly in the
Student Housing Entities (the “Contributor Interests”) constitute all of the issued and
outstanding interests owned by the Contributor in the Student Housing Entities owning (directly or
indirectly) the Contributor Properties and other assets to be conveyed by the Contributor to the
Company Entities in accordance with the Formation Transactions. The Contributor is the sole owner
of the Contributor Interests, beneficially and of record free and clear of any Liens of any nature,
except Liens that would not have, or reasonably be expected to have, a Material Adverse Effect, and
has full power and authority to convey the Contributor Interests, free and clear of any Liens,
except Liens that would not have, or reasonably be expected to have, a Material Adverse Effect,
and, upon delivery of the Exchange Consideration and the Contributor OP Units as herein provided,
the Company (or its direct or indirect subsidiary) will acquire good and valid title thereto, free
and clear of any Liens except Liens created in favor of the Company Entities by the transactions
contemplated hereby and such Liens that would not have, or reasonably be expected to have, a
Material Adverse Effect. There are no rights to purchase, options or similar rights relating to
any of the Contributor Properties or the Contributor Interests. Except as contemplated in the
Formation Transactions, the Contributor has no commitment or legal obligation, absolute or
contingent, to any other Person other than the Company Entities to sell, assign, transfer or effect
a sale of any right, title or interest in or to any the Contributor Interests, Contributor
Properties or other assets to be conveyed to the Company Entities by the Contributor in accordance
with the Formation Transactions.

          (c) No Litigation. To the Contributor’s knowledge, except for Actions covered by existing
policies of insurance, there are no Actions pending or threatened, affecting all or any portion of
the Contributor Interests or the Student Housing Entities or the Contributor’s ability to
consummate the transactions contemplated hereby or that would have a Material Adverse Effect. The
Contributor has no knowledge of any outstanding order, writ, injunction or decree of any court,
Governmental Entity or arbitration against or affecting all or any portion of the Contributor
Interests or any Student Housing Entity which in any such case

4

 

would impair the Contributor’s ability to enter into and perform all of its obligations under
the Agreement or would have a Material Adverse Effect.

          (d) No Consents. Except as shall have been cured, consented to or waived in writing by the
Company prior to the Closing or except as set forth on Schedule II attached hereto, none of
the execution, delivery or performance of this Agreement, any agreement contemplated hereby and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice,
lapse of time, or both, (i) violate, conflict with, result in a breach of, or constitute a default
under or give to others any right of termination, acceleration, cancellation or other right adverse
to the Company Entities of (A) the organizational documents, including the charters and bylaws, if
any, of the Contributor or the Student Housing Entities, (B) any agreement, document or instrument
to which the Contributor is a party or by which the Contributor or any of the Student Housing
Entities are bound or (C) to the Contributor’s knowledge, any term or provision of any judgment,
order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any
filing with, any person or governmental or regulatory authority or foreign, federal, state, local
or other law binding on the Contributor or the Student Housing Entities or by which the
Contributor, the Student Housing Entities or any of their assets or properties are bound or
subject; provided in the case of (B) and (C) above, unless any such violation, conflict, breach or
default would not have a Material Adverse Effect or (ii) result in the creation of any Lien upon
any of the Contributor Interests or any Student Housing Entity or any interests therein except such
Liens that would not have, or reasonably be expected to have, a Material Adverse Effect.

          (e) No Breach or Default. Except as shall have been cured, consented to or waived in writing
by the Company prior to the Closing or except as set forth on Schedule II attached hereto,
none of the execution, delivery or performance of this Agreement and the transactions contemplated
hereby does or will, with or without the giving of notice, lapse of time, or both, (i) violate,
conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, acceleration, cancellation or other right adverse to the Company Entities of (A) the
organizational documents, including the charters and bylaws, if any, of the Contributor, (B) any
agreement, document or instrument to which the Contributor is a party or by which the Contributor
is bound or (C) to the Contributor’s knowledge, any term or provision of any judgment, order, writ,
injunction, or decree binding on the Contributor or by which the Contributor or any of its assets
or properties are bound or subject; provided in the case of (B) and (C) above, unless any such
violation, conflict, breach or default would not have a Material Adverse Effect or (ii) result in
the creation of any Lien upon any of the Contributor Interests or any interests therein except such
Liens that would not have, or reasonably be expected to have, a Material Adverse Effect.

          (f) No Related Party Transactions. There are no material contracts, agreements or other
transactions between any Company Entity or Student Housing Entity or any of their respective
affiliates, on the one part, and the Contributor or any person holding a direct interest in the
Contributor or any of their respective affiliates, on the other part.

          (g) No Broker or Finder. There are no contracts, agreements or understanding between the
Contributor, or any person holding a direct or indirect controlling interest in the Contributor, or
any of their respective affiliates and any other person that would give rise to a

5

 

valid claim against any Company Entity or any underwriter under the IPO for a brokerage
commission, finder’s fee or other like payment in connection with the IPO or other transactions
contemplated by this Agreement.

          (h) Withholding; Non-Foreign Status. The Contributor is not subject to any federal or state
withholding provisions in connection with the transactions contemplated hereby, including
withholding of sales proceeds to foreign persons. The Contributor is a United States person (as
defined in Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of
the Code relating to the withholding of sales proceeds to foreign persons, and is not subject to
any state withholding requirements.

          (i) Investment Representations. The Contributor:

	 	(1)	 	is an “accredited investor” as defined in Rule
501(a) of Regulation D, attached hereto as Exhibit B,
promulgated under the Securities Act of 1933, as amended (the
“Securities Act”);
	 
	 	(2)	 	is acquiring the Contributor OP Units solely
for his, her or its own account for the purpose of investment and not
as a nominee or agent for any other person and not with a view to, or
for offer or sale in connection with, any distribution of any thereof;
the Contributor agrees and acknowledges that he, she or it will not,
directly or indirectly, offer, transfer, sell, assign, pledge,
hypothecate or otherwise dispose of (“Transfer”) any of the
Contributor OP Units unless (i) the Transfer is pursuant to an
effective registration statement under the Securities Act and
qualification or other compliance under applicable blue sky or state
securities laws, or (ii) counsel for the Contributor (which counsel
shall be reasonably acceptable to the Operating Partnership) shall have
furnished the Operating Partnership with an opinion, reasonably
satisfactory in form and substance to the Operating Partnership, to the
effect that no such registration is required because of the
availability of an exemption from registration under the Securities Act
and qualification or other compliance under applicable blue sky or
state securities laws; the term “Transfer” shall not include any
redemption of the Contributor OP Units or exchange of the Contributor
OP Units pursuant to the partnership agreement of the Operating
Partnership; notwithstanding the foregoing, no Transfer shall be made
unless it is permitted under the partnership agreement of the Operating
Partnership;
	 
	 	(3)	 	understands that (i) the Contributor OP Units
(1) have not been registered under the Securities Act or any state
securities laws, (2) when and if issued, will be issued in reliance
upon an exemption from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) and/or
Regulation D thereunder, and (3) when and if issued, will be issued in
reliance

6

 

	 	 	 	upon exemptions from the registration and prospectus delivery
requirements of state securities laws which relate to private
offerings, and (ii) the Contributor must therefore bear the economic
risk of such investments indefinitely unless a subsequent disposition
thereof is registered under the Securities Act and applicable state
securities laws or is exempt therefrom; pursuant to the foregoing,
the Contributor understands that (A) the certificates, if any,
representing the Contributor OP Units (and any common stock in the
Company that might be exchanged therefor) acquired by the Contributor
shall bear a restrictive legend in the form hereafter set forth, and
(B) a notation shall be made in the appropriate records of the
Operating Partnership (and the Company) indicating that the
Contributor OP Units (and any common stock in the Company that might
be exchanged therefor) are subject to restrictions on transfer; and
	 
	 	(4)	 	is knowledgeable, sophisticated and experienced
in business and financial matters; the Contributor has previously
invested in securities similar to the Contributor OP Units and fully
understands the limitations on transfer imposed by the Federal
securities laws and as described in this Agreement; the Contributor is
able to bear the economic risk of holding the Contributor OP Units for
an indefinite period and is able to afford the complete loss of his,
her or its investment in the Contributor OP Units; the Contributor has
received and reviewed all information and documents about or pertaining
to the Company Entities, the business and prospects of the Company
Entities and the issuance of the Contributor OP Units as the
Contributor deems necessary or desirable, has had cash flow and
operations data for the Student Housing Entities made available by MXT
upon request and has been given the opportunity to obtain any
additional information or documents and to ask questions and to receive
answers about such information and documents, the Company Entities, the
Student Housing Entities, the business and prospects of the Company
Entities and the Contributor OP Units which the Contributor deems
necessary or desirable to evaluate the merits and risks related to his,
her or its investment in the Contributor OP Units and to conduct its
own independent valuation of the Student Housing Entities; and the
Contributor understands and has taken cognizance of all risk factors
related to the purchase of the Contributor OP Units; the Contributor is
a sophisticated real estate investor; the Contributor is relying upon
its own independent analysis and assessment (including with respect to
taxes), and the advice of the Contributor’s advisors (including tax
advisors), and not upon that of MXT or the Company Entities or any of
their respective affiliates, for purposes of evaluating, entering into,
and consummating the transactions contemplated by the Agreement.

7

 

Each certificate, if any, representing the Contributor OP Units (and any common stock in the
Company that might be exchanged therefor) shall bear the following legend:

     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE
OPERATING PARTNERSHIP AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THE PROPOSED SALE,
TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER
APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS;

In addition, the common stock of the Company for which the Contributor OP Units might be exchanged
shall also bear a legend which generally provides the following:

     THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSES OF THE COMPANY’S QUALIFICATION
AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE COMPANY’S ARTICLES
OF INCORPORATION, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S
COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF
THE OUTSTANDING COMMON STOCK OF THE COMPANY; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN
SHARES OF COMMON STOCK THAT WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856(h)
OF THE CODE OR OTHERWISE CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY
TRANSFER SHARES OF COMMON STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY
BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR
ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF COMMON STOCK IN VIOLATION OF THE ABOVE
LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR
OWNERSHIP ARE VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY
TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN
ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF
DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER
OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF
CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB
INITIO. ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE ARTICLES OF INCORPORATION OF THE COMPANY
SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE ARTICLES OF INCORPORATION

8

 

OF THE COMPANY, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE
RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON STOCK
ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE
COMPANY AT ITS PRINCIPAL OFFICE.

          (j) Solvency. The Contributor has been and will be solvent at all times prior to and for the
ninety (90) day period immediately following the transfer of the Contributor Interests to the
Operating Partnership.

          (k) FINRA Affiliation. The Contributor represents severally that neither it nor any affiliate
of the Contributor is a member, affiliate of a member or person associated with a member of the
Financial Industry Regulatory Authority (“FINRA”). The Contributor further represents
severally that neither it nor any of its affiliates owns any stock or any other securities of any
FINRA member not purchased in the open market, or has made any outstanding subordinated loans to a
FINRA member. (A company or natural person is presumed to control a member of FINRA and is
therefore presumed to constitute an affiliate of such member if the company or person is the
beneficial owner of 10% or more of the outstanding securities of a member which is a corporation.
Additionally, a natural person is presumed to control a member of the FINRA and is therefore
presumed to constitute an affiliate of such member if such person has the power to direct or cause
the direction of the management or policies of such member.)

          (l) For purposes of this Section 3.2, “knowledge” of the Contributor shall be limited to the
actual knowledge as of the date of this Agreement of Thomas A. Odai.

     3.3. Representations by the Company and Operating Partnership. Each of the Company Entities
represents and warrants to the Contributor that each and every one of the following statements is
true, correct, and complete in every material respect as of the date of this Agreement and will be
true, correct, and complete in every material respect as of the Closing Date:

          (a) Organization and Power. Such entity is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this Agreement.
The execution, delivery and performance of this Agreement have been duly authorized by such entity,
and this Agreement constitutes the legal, valid and binding obligation of such entity, enforceable
against such entity in accordance with its terms, subject to bankruptcy, reorganization, insolvency
and other similar laws affecting the enforcement of creditors’ rights generally and to general
principles of equity.

          (b) Litigation. To such entity’s knowledge, there is no Action pending or, to such entity’s
knowledge, threatened in any court, before any arbitrator, or before or by any Governmental Entity
or other regulatory authority naming any Company Entity as a party that is reasonably likely to
materially and adversely affect the ability of the Company Entities to perform their obligations
hereunder, or otherwise delay the consummation of any of the transactions contemplated hereby
(including, without limitation, the Formation Transactions). No Company Entity is subject to any
order, writ, injunction or decree of any court relating to the

9

 

transactions contemplated by this Agreement (including, without limitation, the Formation
Transactions).

          (c) No Consents. To such entity’s knowledge, no authorization, consent, approval or waiver, or
filing with, any Person, Governmental Entity or regulatory authority is required in connection
with, the execution, delivery, and performance of this Agreement on the part of such entity other
than as expressly set forth on Schedule III attached hereto.

          (d) For purposes of this Section 3.3, “knowledge” of the Company Entities shall be limited to
the actual knowledge as of the date of this Agreement of Ted W. Rollins, Michael S. Hartnett and
Donald L. Bobbitt, Jr.

     3.4. Survival. Each of the representations and warranties contained in this Article III shall
survive the Closing.

ARTICLE IV.

COVENANTS

     4.1. From the date hereof through the Closing Date, and except in connection with the
Formation Transactions, the Contributor shall not:

          (a) Sell, transfer, redeem, repurchase (or agree to sell, transfer, redeem or repurchase) or
otherwise dispose of, or cause or allow the sale, transfer, redemption, repurchase or disposition
of (or agree to do any of the foregoing), all or any portion of the Contributor Interests;

          (b) Pledge or encumber (or permit to become encumbered) all or any portion of the Contributor
Interests; or

          (c) Cause or take any action that would render any of its representations or warranties as set
forth herein untrue in any material respect.

     4.2. From the date hereof and subsequent to the Closing for a period of six (6) years, the
Contributor agrees to provide the Company with such tax information relating to any of the Student
Housing Entities as reasonably requested by the Company and to cooperate with the Company with
respect to the filing of tax returns.

     4.3. The Contributor shall take such other actions and execute such additional documents
following the Closing Date as the Company Entities may reasonably request in order to effect the
transactions contemplated hereby, except that the Contributor shall not be obligated to take any
action or execute any document if the additional actions or documents impose additional
liabilities, obligations, covenants, responsibilities, representations or warranties on the
Contributor which are not contemplated by this Agreement or reasonably inferable by the terms
herein.

     4.4. The Contributor covenants to use all reasonable efforts within its control (a) to prevent
the breach of any representation or warranty of the Contributor hereunder, (b) to satisfy

10

 

all covenants of the Contributor hereunder and (c) to promptly cure any breach of a representation,
warranty or covenant of the Contributor hereunder upon its learning of same.

     4.5. The Company shall:

          (a) At or prior to the Closing, make all filings and otherwise do all things so as to comply
with all applicable regulatory requirements of the New York Stock Exchange and FINRA in connection
with the IPO; and

          (b) At or promptly following the Closing, satisfy all transaction costs incurred by the
Company Entities in connection with the Formation Transactions and the IPO, as determined by the
Company Entities in their sole and complete discretion.

ARTICLE V. INDEMNIFICATION

     5.1. Indemnities.

          (a) The Contributor agrees to indemnify, defend and hold harmless the Company Entities and
their respective affiliates, shareholders, partners, directors, officers, employees,
representatives and agents, from and against all costs, expenses, losses and damages (including,
without limitation, reasonable attorney’s fees and expenses) (collectively, “Losses”)
incurred by such parties resulting from any misrepresentation or breach of representation, warranty
or covenants made by the Contributor. The provisions of this Section 5.1(a) shall survive the
Closing for a period of one (1) year and shall be subject to the limitations specified in Section
5. 1(d) hereof.

          (b) The Company agrees to indemnify, defend and hold harmless the Contributor and its
affiliates, partners, managers, members, officers, employees, representatives and agents, from and
against all Losses incurred by such parties resulting from any misrepresentation or breach of
representation, warranty or covenants made by the Company Entities, but only to the extent such
Losses in the aggregate exceed $25,000. The provisions of this Section 5.1(b) shall survive the
Closing for a period of one (1) year. The Company’s obligations under this Section 5.1(b) shall not
apply to any affiliate, shareholder, officer, director, employee, representative or agent of the
Company and shall not exceed $50,000 in the aggregate.

          (c) Upon written request by any indemnified party hereunder, the applicable indemnitor shall
defend same (if requested by any indemnified party, in the name of such indemnified party) by
attorneys and other professionals approved by such indemnified party. Notwithstanding the
foregoing, any indemnified parties may, in its sole and absolute discretion, engage its own
attorneys and other professionals to defend or assist such indemnified party, and, at the option of
such indemnified party, such attorneys shall control the resolution of any claim or proceeding,
providing that no compromise or settlement shall be entered without the applicable indemnitor’s
consent, which consent shall not be unreasonably withheld. Upon demand, an indemnitor shall pay or,
in the sole and absolute discretion of the applicable indemnified party, reimburse, such
indemnified parties for the payment of reasonable fees and disbursements of attorneys and other
professionals in connection therewith.

11

 

          (d) In no event shall the amounts paid or payable by the Contributor in respect of the
obligations of the Contributor under Section 5.1(a) exceed the aggregate value of the Exchange
Consideration and the Contributor OP Units received by the Contributor as a result of the Formation
Transactions pursuant to Section 1.3.

ARTICLE VI.

MISCELLANEOUS

     6.1 Entire Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement
constitutes the entire agreement among the parties hereto and may not be modified or amended except
by an instrument in writing signed by the parties hereto, and no provisions or conditions may be
waived other than by a writing signed by the party waiving such provisions or conditions. No delay
or omission in the exercise of any right or remedy accruing to a Company Entity or a Contributor
upon any breach under this Agreement shall impair such right or remedy or be construed as a waiver
of any such breach theretofore or thereafter occurring. The waiver by a Company Entity or a
Contributor of any breach of any term, covenant, or condition herein stated shall not be deemed to
be a waiver of any other breach, or of a subsequent breach of the same or any other term, covenant,
or condition herein contained. All rights, powers, options, or remedies afforded to a Company
Entity or a Contributor either hereunder or by law shall be cumulative and not alternative, and the
exercise of one right, power, option, or remedy shall not bar other rights, powers, options, or
remedies allowed herein or by law, unless expressly provided to the contrary herein.

     6.2 Notices. Any notice provided for by this Agreement and any other notice, demand, or
communication which any party may wish to send to another shall be in writing and either delivered
in person or sent by registered or certified mail or overnight courier, return receipt requested,
in a sealed envelope, postage prepaid, and addressed to the party for which such notice, demand or
communication is intended at such party’s address as set forth in this Section. The address for any
of the Company Entities for all purposes under this Agreement shall be as follows:

Campus Crest Communities, Inc.

2100 Rexford Road, Suite 414

Charlotte, NC 28211

Attn: Chief Financial Officer

with a copy to:

Bradley Arant Boult Cummings LLP

One Federal Place

1819 Fifth Avenue North

Birmingham, AL 35203

Attn: Dawn H. Sharff

      J. Andrew Robison

The address of the Contributor for all purposes under this Agreement shall be as follows:

12

 

Mansion Ridge Investment Company, LLC

 125
East Water Street 

 Sante
Fe, NM 87501   

Attn: Thomas A. Odai

     Any address or name specified above may be changed by a notice given by the addressee to the
other parties. Any notice, demand or other communication shall be deemed given and effective as of
the date of delivery in person or receipt set forth on the return receipt. The inability to deliver
because of changed address of which no notice was given, or rejection or other refusal to accept
any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or
other communication as of the date of such attempt to deliver or rejection or refusal to accept.

     6.3 Exhibits. All exhibits and schedules referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

     6.4 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to its conflicts of laws principles.

     6.5 Severability. In case any one or more of the provisions contained in this Agreement shall
for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provision hereof, and this Agreement
shall be construed as if such invalid, illegal, or unenforceable provision had never been contained
herein.

     6.6 Successors and Assigns. This Agreement may not be assigned by any Company Entity or any
Contributor without the prior approval of each Company Entity or Contributor, as applicable;
provided, however, that each Company Entity may assign its rights under this
Agreement (but not its obligations) to a direct or indirect wholly-owned subsidiary of the Company
without the prior approval of the Contributor. This Agreement shall be binding upon, and inure to
the benefit of, each Company Entity, the Contributor, and their respective legal representatives,
successors, and permitted assigns.

     6.7 Headings. Article headings and article and section numbers are inserted herein only as a
matter of convenience and in no way define, limit, or prescribe the scope or intent of this
Agreement or any part hereof and shall not be considered in interpreting or construing this
Agreement.

     6.8 Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis
for this Agreement and shall be considered prima facie evidence of the facts and documents referred
to therein.

     6.9 Counterparts. This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and the same

13

 

instrument. Copies of executed counterparts transmitted by telecopy, telefax or other
electronic transmission service shall be considered original executed counterparts.

     6.10 Specific Performance. Each party to this Agreement agrees that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Each party to this Agreement agrees that each
other party hereto will be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the provisions of this Agreement in any federal or state
court located in the State of North Carolina (as to which each party to this Agreement agrees to
submit to jurisdiction for purposes of such action), this being in addition to any other remedies
to which such party may be entitled under this Agreement or otherwise at law or in equity.

     6.11 Confidentiality. All press releases or other public communications of any kind relating
to the IPO or the transactions contemplated herein, and the method and timing of release for
publication thereof, will be subject to the prior written approval of the Company Entities.

     6.12 Additional Monies to Contributor. The Company Entities hereby agree that within thirty
(30) days after the Closing, the Company Entities will pay or cause to be paid to the Contributor
additional fees and reimbursements in the amount of $192,500 in conjunction with services
previously provided by the Contributor.

[Signature Page Follows]

14

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	COMPANY ENTITIES:

CAMPUS CREST COMMUNITIES, INC.

 	 
	 	By:  	/s/
Donald L. Bobbitt, Jr. 	 
	 	 	Name:  	Donald L. Bobbitt, Jr. 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	CAMPUS CREST COMMUNITIES

OPERATING PARTNERSHIP, LP

 	 
	 	By:  	Campus Crest Communities GP, LLC,
 	 
	 	 	Its General Partner 	 

	 	 	 	 	 
	 	By:  	                  Campus Crest Communities, Inc.
 	 
	 	 	Its Sole Member 	 

	 	 	 	 	 
	 	By:  	/s/
Donald L. Bobbitt, Jr. 	 
	 	 	Name:  	Donald L. Bobbitt, Jr. 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	CONTRIBUTOR:

MANSION RIDGE INVESTMENT 

COMPANY, LLC

 	 
	 	By:  	/s/
Thomas Odai 	 
	 	 	Name:  	Thomas
Odai 	 
	 	 	Title:  	President 	 
	 

15

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