Document:

exv10w21

EXHIBIT 10.21

PAYCHEX, INC.

FORM OF

Performance Award

Incentive Program 

Fiscal Year 2011

The Paychex Performance Award Incentive Program (“Program”) is adopted as of [approval date]
by Paychex Inc. (“Paychex”). The below Program document will provide Participants with information
regarding the objectives and operation of the Program.

	1.	 	OBJECTIVES

The Program is designed to offer incentive compensation to key Employees that achieve specifically
measured individual goals that are consistent with and support overall corporate goals. The
Program is designed to: (i) promote the attainment of the Company’s significant business
objectives; (ii) encourage and reward teamwork across the entire company; and (iii) assist in the
attraction and retention of Employees vital to the Company’s long-term success.

	2.	 	EFFECTIVE DATE

The Program shall be effective [first day of fiscal year], and each Fiscal Year thereafter, unless
otherwise terminated in accordance with Paragraph 10 below.

	3.	 	DEFINITIONS

Any capitalized terms used in this Program or in the attached Performance Criteria that are not
otherwise defined below are defined in the Plan:

	 	 	“Award” means the Performance Award granted under this Program.
	 
	 	 	“Base Pay” means salary on last day of Performance Period. Base Pay does not include any bonus
payments.
	 
	 	 	“Board of Directors” means the board of directors of Paychex.
	 
	 	 	“Code” means the Internal Revenue Code of 1986, as amended, and any regulations promulgated or
other official guidance issued thereunder.
	 
	 	 	“Company” means Paychex and its subsidiaries or affiliates.
	 
	 	 	“Compensation Committee” means the Compensation and Governance Committee of the Board or any
successor committee of the Board designated by the Board to administer the Program.
	 
	 	 	“Covered Employee” means ‘covered employees’ as defined by Code Section 162(m).

 

 

	 	 	“Disability” means any medically determinable physical or mental impairment, certified by a
physician selected by or satisfactory to the Company, resulting in the Participant’s inability
to perform the duties of his or her position or any substantially similar position, where such
impairment can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months.
	 
	 	 	“Eligible Employee” means any Senior Vice President of the Company.
	 
	 	 	“Employee” means any individual employed by the Company.
	 
	 	 	“Fiscal Year” means Company’s fiscal year of June 1 through May 31st.
	 
	 	 	“Maximum Eligible Payout” means the maximum amount of performance incentive payment that may be
paid to a Participant under this Program in any Fiscal Year as determined by the Plan
Administrator within the first 90 days of the Performance Period, not to exceed the maximum
eligible payout amount approved by the shareholders under the Plan.
	 
	 	 	“Performance Award” means the incentives contemplated in Section 7(e) of the Plan.
	 
	 	 	“Performance Criteria” means any criteria determined by Program Administrator, both qualitative
and quantitative that determines the amount of the Award to be delivered to the Participant.
Performance is generally based on the financial plan approved by the Board of Directors for the
applicable Fiscal Year. A copy of the current Performance Criteria applicable to a specified
Participant is attached hereto under Exhibit B.
	 
	 	 	“Performance Period” means the Fiscal Year.
	 
	 	 	“Plan” means the Paychex Inc. 2002 Stock Incentive Plan (as amended and restated effective
October 12, 2005), as further amended or restated from time to time.
	 
	 	 	“Program” means this Senior Vice President Performance Award Incentive Program.
	 
	 	 	“Program Administrator” means the Compensation Committee or any other person or entity
designated by the Compensation Committee, to the extent permissible under Code Section 162(m).
	 
	 	 	“Retirement” means termination of employment at age 55 (or later) with 10 or more years of
service with the Company. For these purposes, years of service may include service with
entities purchased or acquired by the Company.

	4.	 	ELIGIBILTY AND PARTICIPATION

All employees meeting the definition of an Eligible Employee are eligible to participate in the
Program. Eligible Employees who are hired and start employment before the first day of the of
4th quarter of the Fiscal Year are eligible to Participate in the Program effective as
of their start date, and will receive prorated Awards during the first year of participation in the
Program. The amount of the prorated Award will be determined by the Program Administrator and will
be based upon Fiscal Year to Date Earnings.

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Eligible Employees who are hired and start employment
on or after the first day of the 4th quarter of the
Fiscal Year are eligible to participate in the Program effective as of the first day of the
following Fiscal Year.

Employees who are promoted into an Eligible Employee position will receive Awards during the first
year of participation in the Program based on the effective date of the promotion. The amount of
the Award will be determined by the Program Administrator and will be based upon Fiscal Year to
Date Earnings.

	5.	 	PROGRAM ADMINSTRATION

The Program shall be administered by the Program Administrator who shall have power and authority
to construe interpret, and administer the Program, to determine eligibility for participation and
to determine the amount of and eligibility to receive any Award under the Program. To the extent
permissible under Code Section 162(m), the Program Administrator may delegate responsibility for
the Program administration duties hereunder to any Company employee or other third party in its
discretion, and is expected to oversee such activities.

	6.	 	CODE SECTION 162(m) GOALS FOR AWARD PAYMENT

The Program Administrator may only grant Awards to Eligible Employees who are considered Covered
Employees under this Program if the Company meets the following performance goal:

	 	1.	 	Company Net Income (as defined in the Company 10-K) of $200,000,000

Achievement of the above listed performance goal determines the Maximum Eligible Payout per Covered
Employee, if any, at the end of the Fiscal Year, but does not determine the actual amount
of a Participant’s individual Award to be paid under the Program. The Maximum Eligible Payout and
goals are established by the Compensation Committee within the first 90 days of the Performance
Period. In no event shall the Maximum Eligible Payout exceed the limit approved by the Company
shareholders within any Fiscal Year. The Awards under this Program are intended to qualify as
“performance-based compensation” in accordance with Code Section 162(m), and the Program will be
administered and interpreted consistent with such intention.

The Program Administrator will adjust the above performance measures for only certain objectives,
including the following:

	 	•	 	Asset write-downs or impairments
	 
	 	•	 	Litigation or claim judgments or settlements
	 
	 	•	 	Changes in tax law or other such laws or provisions affecting reported results
	 
	 	•	 	Cumulative effect of accounting changes as defined by generally accepted accounting
principles, and as identified in the company’s audited financial statements
	 
	 	•	 	Gains or losses from:

	 	o	 	the acquisition or disposition of businesses or assets
	 
	 	o	 	discontinued operations

	 	•	 	Restructuring charges
	 
	 	•	 	Severance contract termination and other costs related to entering or exiting certain
business activities

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If unanticipated circumstances arise, the Program Administrator may use its discretion to reduce
the payout to the necessary level based on such circumstances, but the Award cannot be increased to
disregard the impact of such subsequent events.

	7.	 	AWARDS AND ALLOCATIONS

The amount paid to each Participant shall be based on the Performance Criteria established by the
Program Administrator. The minimum and maximum target amounts of the Award and all Performance
Criteria shall be communicated to the Participant within the first 90 days of the Fiscal Year, or
for newly eligible Participants, within 30 days after the Participant first becomes eligible to
participate in the Program. A copy of the current Performance Criteria applicable to this Program
is attached hereto under Exhibit A. The Program Administrator may use its discretion to adjust
performance metrics under the circumstances permitted for award adjustments contained in the Plan
at any time during the Fiscal Year.

	8.	 	PAYMENT

Participants must be an Eligible Employee of the Company providing services as an Eligible Employee
on last day of the applicable Performance Period in order to receive payment of an Award, unless
termination is due to death, Disability or Retirement. If employment is terminated for any reason
other than death, Disability or Retirement, then Awards under this Program are forfeited. The
criteria for payment of Awards upon death, Disability or Retirement are outlined in Paragraph 9
below.

Notwithstanding the foregoing, Award payments shall be made if otherwise required to be paid by
operation of federal or state law or legislation.

If a Participant transfers employment within the Company to a position not covered by the Program
during a Performance Period, then Awards payable under this Program shall be forfeited. If a
Participant becomes eligible for participation under a separate Company incentive compensation plan
as a result of such transfer, then any Awards earned under such plan will be paid in accordance
with the terms of that plan.

Award payments under the Program for a given Performance Period shall be paid in cash as soon as
administratively practicable following the last day of such Performance Period, but in no event
later than December 31st of the calendar year in which the Performance Period for the Award ends.

All Awards will be paid less withholding for all applicable taxes and other amounts which are
required by law to be withheld or which the Participant has authorized the Company to withhold.

Due to recent legislative requirements governing the timing of compensation payments, it is
imperative that Awards are paid timely. As a result, Participants are required to notify the
Program Administrator as soon as possible if an Award is not timely made under the terms of this
Program or if the amount of an Award is incorrect. Failure to notify the Program Administrator
promptly of a late payment or incorrect payment amount could result in the Participant’s award and
certain other amounts being considered deferred compensation and potentially subject to penalties
and interest.

The Company will, to the extent permitted by governing law, require reimbursement of a portion of
any compensation received under any or all awards to a Participant where: (A) the payment was
predicated

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upon the achievement of certain financial results that were subsequently the subject of a
substantial restatement, (B) in the Committee’s view the Participant engaged in fraud or misconduct
that caused or partially caused the need for the substantial restatement, and (C) a lower payment
would have been made to the Participant based upon the restated financial results. In each such
instance, the Company will, to the extent practicable, seek to recover the amount by which the
individual Participant’s compensation for the relevant period exceeded the lower payment that would
have been made based on the restated financial results, plus a reasonable rate of interest;
provided that the Company will not seek to recover compensation paid more than three years prior to
the date the applicable restatement is disclosed.

	9.	 	PAYMENT UPON TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILTY OR RETIREMENT

In the event of termination of employment due to death, Disability or Retirement, Awards shall be
based on actual Fiscal Year end results for the Performance Period. The amount of the Awards will
be determined by the Program Administrator using the Base Pay received by the Participant during
the applicable Performance Period. Such Award payments will be made as soon as administratively
practical after the Performance Period in which the termination of employment on account of death,
Disability or Retirement occurred, but in no event later than December 31st of the calendar year in
which the Performance Period for the Award ends.

Notwithstanding the foregoing, Awards provided upon death or Disability shall be forfeited for
Eligible Employees who terminate employment on or prior to the last day of the 1st
quarter of the Fiscal Year, unless payment is otherwise required to be paid by operation of federal
or state law or legislation.

Notwithstanding the foregoing, Awards provided upon Retirement shall be forfeited for Eligible
Employees who terminate employment on or prior to the last day of the 2nd quarter of the
Fiscal Year, unless payment is otherwise required to be paid by operation of federal or state law
or legislation.

	10.	 	AMENDMENT OR TERMINATION OF THE PROGRAM

The Company may amend, alter, suspend, discontinue or terminate the Program in whole or in part at
any time by the action of the Program Administrator, but only with approval from the Governance and
Compensation Committee of the Board of Directors. Each amendment shall be effective on the date
specified therein as to Awards earned after the effective date of the amendment. No Participant
shall have a legally binding right to an Award (or portion thereof) until such Award is actually
paid.

	11.	 	CODE SECTION 409A COMPLIANCE

If and to the extent that any provision of an Award under this Program is required to comply with
Code Section 409A, then such provision shall be administered and interpreted in a manner consistent
with the requirements of such Code section. If, and solely to the extent that such provision as
currently written would conflict with Code Section 409A, the Company shall have the authority,
without the consent of the Participant, to administer such provision and to amend the Award with
respect to such provision to the extent the Program Administrator deems necessary for the purposes
of avoiding any portion of amounts owed to the Participant being retroactively included in the
taxable income of the Participant for any prior taxable year.

The Company retains the right to delay any Award payment on account of a separation from service to
any “Specified Employee” until the date that is six months after the separation from service in
accordance

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with Code Section 409A(a)(2)(B)(i). “Specified Employee” for purposes of the Program is a
specified employee as determined in accordance with Code Section 409A(a)(2)(B)(i).

	12.	 	GENERAL PROVISIONS
	 
	a.	 	Compliance with Legal Requirements. The Program shall be subject to all applicable
federal and state laws, rules and regulations and to such approvals by any regulatory or
governmental agency as may be required.
	 
	b.	 	No Right to Employment. Nothing in the Program shall be deemed to create a contract
of employment between Company and any employee, nor a guaranty of employment with Company for
any particular length of time.
	 
	c.	 	No Right to Awards. No Eligible Employee, Participant or other person shall have any
claim to be granted any Award under the Program. In addition, there is no obligation for
uniformity of treatment of Eligible Employees or Participants under the Program. The Program
is intended to constitute an “unfunded” program for incentive compensation. Nothing contained
in the Program or any Award shall give any Participant any rights that are greater than a
general creditor of the Company.
	 
	d.	 	Indemnification. The Company shall indemnify and hold harmless each member of the
Board of Directors and the Program Administrator and other persons connected with the Program
in any capacity performing services on behalf of the Program Administrator, against any
liability, cost or expense arising as a result of any claim asserted by any person or entity
under the laws of any state or of the United States with response to any action or failure to
act of such individuals taken in connection with this Program, except claims or liabilities
arising from the willful misconduct or bad faith of such person.
	 
	e.	 	Governing Law. The validity and construction of the Program and all determinations
made and actions taken hereunder, as well as any amendment made to the Program, to the extent
that federal laws do not control, will be governed by the laws of the State of New York,
without giving effect to the principals of the conflict of laws.
	 
	f.	 	Severability. If any provision of the Program or any Award is, becomes or is deemed
to be invalid, illegal, or unenforceable in any jurisdiction, or would disqualify the Program
or any Award under any law deemed applicable by the Program Administrator, then such provision
shall be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Compensation Committee,
materially altering the purpose or intent of the Program or the Award, such provision shall be
stricken as to such jurisdiction or such Award, and the remainder of the Program or Award
shall remain in full force and effect.
	 
	g.	 	Compensation Committee Certification. The Compensation Committee must certify that
the
goals set forth in the Performance Criteria have been met in order for Awards to be paid upon
attainment of those goals in accordance with Code Section 162(m).

6exv10w19

Exhibit
10.19

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 Carl H.
Ricker, Jr., an individual resident in the State of North Carolina, hereinafter referred to as
“Ricker”.

     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, each of the
entities set forth on Exhibit A attached hereto (the “Ricker Entities”) and certain
other parties, 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”);

     WHEREAS, Ricker owns all of the member interests in CHR Resources, LLC, a North Carolina
limited liability company (“CHR Resources”);

     WHEREAS, CHR Resources owns interests in certain of the entities identified in Schedule
1.1 attached hereto (the “Student Housing Entities”)); and

     WHEREAS, the parties hereto desire that Ricker and CHR Resources transfer all of their
ownership interests (the “Ricker Interests”) in Campus Crest Ventures III, LLC, Campus
Crest Ventures IV, LLC, Campus Crest at Las Cruces, LLC, Campus Crest at Carrollton, LLC and the
Ricker Entities (which own interests in the entities identified in Schedule 1.1 attached
hereto (the “Student Housing Entities”)) to the Operating Partnership in exchange for the
consideration set forth in Section 1.3 (the “Formation Transaction”) 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 Ricker agree as follows:

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ARTICLE I.

FORMATION TRANSACTION

     1.1. Formation Transaction. Subject to the terms and conditions of this Agreement, each of the
Company Entities and Ricker hereby consents to the Formation Transaction.

     1.2. Simultaneous Closing. The Formation Transaction shall close simultaneously with the
closing of the IPO, the receipt of the net proceeds of the IPO by the Company and the receipt of
the consideration by Ricker of the Ricker Consideration (as defined below) (the “Closing”).
The date on which the Formation Transaction closes shall be the “Closing Date.”

     1.3. Consideration for the Formation Transaction. Upon the Closing, Ricker, in exchange for
the Ricker Interests, shall receive from the Operating Partnership (i) Twenty-Six Million Seven
Hundred Thirty-One Thousand Dollars ($26,731,000), (ii) 266,666.67 limited partnership units in the
Operating Partnership and (iii) satisfaction of indebtedness with respect to the Ground Leases (as
defined herein) owned by the Ricker Entities and/or the Student Housing Entities personally
guaranteed by Ricker in no less than the amount of Twelve Million Five Hundred Nine Thousand Five
Hundred Dollars ($12,509,500) (collectively, the consideration in this Section 1.3(i)-(iii),
inclusive shall herein be referred to as the “Ricker Consideration”).

     1.4. Further Acts. The Company Entities and Ricker 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 Formation
Transaction 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 Ricker shall be true and correct in all material respects as of the Closing Date;

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

          (c) Partnership Agreement. Ricker shall have executed and delivered to the Operating
Partnership a counterpart signature page to the partnership agreement of the Operating Partnership
in form and substance acceptable to the parties hereto in their reasonable discretion;

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          (d) Lock-up Agreement. Ricker shall have executed and delivered to the Company a lock-up
agreement, in form and substance acceptable to the Company in its reasonable discretion, with
respect to the limited partnership units in the Operating Partnership received by Ricker as part of
the Formation Transaction;

          (e) Conveyance Documents. Ricker shall have executed and delivered to the Company and the
Operating Partnership such documents of transfer, assignment and conveyance as the Company deems
necessary in its reasonable discretion in order to effect the Formation Transaction; and

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

     2.2. Ricker’s Conditions to Closing. The obligations of Ricker 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 Transaction, shall have been performed or complied with
in all material respects;

          (c) Release of Personal Guarantees. The Company Entities shall have obtained a release of
Ricker from all guarantees with respect to the project financing incurred by the Ricker Entities
and the Student Housing Entities, or if such a release is not obtainable without repayment of all
or any portion of the outstanding principal amount of such loan or any other required cash payment,
the Company Entities shall fully indemnify Ricker with respect to any such obligations, and both
Ted W. Rollins and Michael S. Hartnett shall guarantee any such loan in the same amount and to the
same extent as Ricker;

          (d) Partnership Agreement. Each of the Operating Partnership and Ricker shall have executed a
counterpart signature page to the partnership agreement of the Operating Partnership in form and
substance acceptable to the parties hereto in their reasonable discretion; and

          (e) 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.

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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, 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) “Environmental Law” means all applicable statutes, regulations, rules, ordinances,
codes, licenses, permits, orders, demands, approvals, authorizations and similar items of any
Governmental Entity and all applicable judicial, administrative and regulatory decrees, judgments
and orders relating to the protection of human health or the environment as in effect on the date
of hereof, including but not limited to those pertaining to reporting, licensing, permitting,
investigation, removal and remediation of Hazardous Materials, including without limitation: (i)
the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Section 9601 et
seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air
Act (42 U.S.C. Section 7401 et seq.), the Federal Water Pollution Control Act (33 U.S.C. Section
1251), the Safe Drinking Water Act (42 U.S.C. 300f et seq.), the Toxic Substances Control Act (15
U.S.C. 2601 et seq.), the Endangered Species Act (16 U.S.C. 1531 et seq.) and the Emergency
Planning and Community Right-to-Know Act of 1986 (42 U.S.C. 11001 et seq.), and (ii) applicable
state and local statutory and regulatory laws, statutes and regulations pertaining to Hazardous
Materials.

          (d) “Environmental Permits” means any and all licenses, certificates, permits,
directives, requirements, registrations, government approvals, agreements, authorizations, and
consents that are required under or are issued pursuant to any Environmental Laws.

          (e) “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.

          (f) “Hazardous Material” means any substance which is controlled, regulated or
prohibited under any Environmental Law as in effect as of the date hereof.

          (g) “Lease” means any space lease, license, concession, signage agreement, occupancy
agreement or other such arrangement for use of space within any of the Student Housing Real
Properties, together with all agreements which are amendatory or supplementary thereto.

          (h) “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

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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.

          (i) “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.

          (j) “Permits” means all licenses, permits, variances, and certificates used in
connection with the ownership, operation, use, or occupancy of each of the Student Housing Real
Properties (including certificates of occupancy, business licenses, state health department
licenses, licenses to conduct business and all such other permits, licenses and rights, obtained
from any Governmental Entity or private Person concerning ownership, operation, use, or occupancy
of such Student Housing Real Property).

          (k) “Permitted Liens” means:

               (1) Liens securing taxes, the payment of which is not delinquent or the payment of which is
actively being contested in good faith by appropriate proceedings diligently pursued;

               (2) Zoning laws and ordinances applicable to the Student Housing Real Properties;

               (3) Liens imposed by laws such as carriers’, warehousemen’s and mechanics’ liens, and other
similar liens arising in the ordinary course of business which secure payment of obligations
arising in the ordinary course of business or which are being contested in good faith by
appropriate proceedings diligently pursued;

               (4) easements for public utilities;

               (5) leases to student occupants of the Student Housing Real Properties;

               (6) any exceptions contained in the existing owner’s or leasehold title insurance policies
with respect to each of the Student Housing Real Properties; and

               (7) any of the obligations set forth on Schedule 3.1(k).

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

          (m) “Release” shall have the same meaning as the definition of “release” in the
Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) at 42
U.S.C. Section 9601(22).

          (n) “Student Housing Real Properties” means the real property owned or ground leased
(whether directly or indirectly) by the Student Housing Entities.

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     3.2. Representations by Ricker. Ricker represents and warrants to each of the Company
Entities, other than with respect to such matters set forth in the Disclosure Schedule attached to
this Agreement as Exhibit B, 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 Ricker hereunder:

          (a) Organization and Power. CHR Resources and each Ricker 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 Ricker, and this Agreement constitutes the legal, valid and binding obligation of
Ricker, enforceable against him 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 Ricker Interests constitute all of the issued and outstanding
interests owned by Ricker and CHR Resources in the Student Housing Entities owning (directly or
indirectly) the Student Housing Real Properties that will be conveyed by Ricker and CHR Resources
to the Company Entities in accordance with the Formation Transaction. Ricker and CHR Resources are
the sole owners of the Ricker Interests, beneficially and of record free and clear of any Liens of
any nature, except Permitted Liens and such other Liens that would not have, or reasonably be
expected to have, a Material Adverse Effect, and has full power and authority to convey the Ricker
Interests, free and clear of any Liens, except Permitted Liens and such other Liens that would not
have, or reasonably be expected to have, a Material Adverse Effect, and, upon delivery of the
Ricker Consideration 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 Permitted Liens, 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 Ricker Interests or any of the
assets owned by the Ricker Entities. Except as contemplated in the Formation Transaction, neither
Ricker nor CHR Resources has any 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 Ricker Interests or any of the assets owned by the Ricker
Entities.

          (c) No Litigation. To Ricker’s knowledge, except for Actions covered by existing policies of
insurance and Actions being defended by the Student Housing Entities for the Ricker Interests as
required by the Ground Leases, there are no other Actions pending or threatened that are reasonably
likely to materially and adversely affect Ricker’s ability to perform his obligations hereunder, or
otherwise delay the consummation of any of the transactions contemplated hereby (including, without
limitation, the Formation Transaction).

          (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 3.2(d) attached

6

 

hereto, to Ricker’s knowledge, 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 Ricker Entities or the
Student Housing Entities, (B) any agreement, document or instrument to which Ricker is a party or
by which Ricker or any of the Student Housing Entities are bound or (C) 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 Ricker or the Student Housing Entities or by which Ricker, 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 Ricker 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 3.2(e) attached
hereto, to Ricker’s knowledge, none of the execution, delivery or performance of this Agreement or
the Formation Transaction 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
Ricker Entities, (B) any agreement, document or instrument to which Ricker is a party or by which
Ricker is bound or (C) any term or provision of any judgment, order, writ, injunction, or decree
binding on Ricker or by which Ricker or any of his 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
Ricker 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. Except as set forth on Schedule 3.2(f) attached
hereto, there are no material contracts, agreements or other transactions between any Company
Entity or Student Housing Entity, on the one part, and Ricker or any person holding a direct
interest in any of the Ricker Entities, on the other part.

          (g) No Broker or Finder. There are no contracts, agreements or understanding between Ricker,
or any person holding a direct or indirect controlling interest in any of the Ricker Entities, 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.

          (h) Withholding; Non-Foreign Status. Ricker is not subject to any federal withholding
provisions in connection with the transactions contemplated hereby, including withholding of sales
proceeds to foreign persons. Ricker is a United States person (as defined in

7

 

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.

          (i) Taxes. To Ricker’s knowledge, for federal income tax purposes, each Ricker Entity is, and
at all times during its existence has been, a partnership or limited liability company taxable as a
partnership or as a disregarded entity (rather than an association or a publicly traded partnership
taxable as a corporation). To the knowledge of Ricker, each Ricker Entity has timely and properly
filed all tax returns required to be filed by it and has timely paid all taxes required to be paid
by it, except with respect to those taxes being contested in good faith. To Ricker’s knowledge,
none of the tax returns filed by any Ricker Entity is the subject of a pending or ongoing audit. To
Ricker’s knowledge, neither Ricker nor any Ricker Entity has received any notification of any
material new or increased general or special tax assessments for any of the Ricker Interests.

          (j) Real Property.

               (1) Each of the Ricker Entities shown as lessors of the Ground Leases (as defined herein) has
insurable fee simple title to the real property that is leased to a Student Housing Entity as set
forth in such Ground Leases;

               (2) Neither Ricker nor any Ricker Entity has received any written notice from a Governmental
Entity (i) charging any violation of any applicable law or asserting the need for any correction
under any applicable law, (ii) revoking, canceling, denying renewal of, or threatening any such
action with respect to, any Permit, or (iii) indicating that any inquiry, complaint, proceeding or
investigation (excluding routine, periodic inspections) is contemplated or pending regarding
compliance of any Student Housing Real Property with any applicable law, other than, in each case,
to the extent not causing or reasonably expecting to cause a Material Adverse Effect.

               (3) To Ricker’s knowledge, there is no existing or proposed or threatened condemnation,
eminent domain or similar proceeding, or private purchase in lieu of such a proceeding, which would
affect all or any portion of the Student Housing Real Properties in any material respect.

               (4) The ground leases listed on Schedule 3.2(j)(4) attached hereto (the “Ground
Leases”) are the only ground leases in which any of the Ricker Entities have leased their
assets to any lessee or tenant. The Ground Leases are in full force and effect. To Ricker’s
knowledge, no ground lessor under any of the Ground Leases is in default thereunder or is presently
the subject of any voluntary or involuntary bankruptcy or insolvency proceedings. Except for
mechanics’ and/or materialmen’s liens, neither Ricker nor, to Ricker’s knowledge, any of the
Student Housing Entities or Ricker Entities is in default under any Ground Lease, and, to Ricker’s
knowledge, no event has occurred which with the passage of time or the giving of notice (or both)
would constitute a default under any Ground Lease.

          (k) Existing Loans. Schedule 3.2(k) lists all secured loans presently encumbering
assets owned by the Ricker Entities as of the date hereof (the “Existing Loans”). The
Existing Loans and the documents entered into in connection therewith (collectively, the

8

 

“Loan Documents”) are in full force and effect as of the date hereof. Except as
disclosed in the Registration Statement, to Ricker’s knowledge, no event of default or event that
with the passage of time or giving of notice or both would constitute an event of default has
occurred as of the date hereof under any of the Loan Documents that would have a Material Adverse
Effect.

          (l) Environmental Compliance. To Ricker’s knowledge and except as would not have a Material
Adverse Effect, neither the Ricker Entities nor the real estate leased by the Ricker Entities under
the Ground Leases fail to materially comply with all Environmental Laws and Environmental Permits.
Neither Ricker nor any Ricker Entity has received any written notice from the United States
Environmental Protection Agency or any other Governmental Entity that regulates Hazardous Materials
or public health risks or other environmental matters or any other private party or Person claiming
any violation of, or requiring compliance with, any Environmental Laws or Environmental Permits or
demanding payment or contribution for any Release or other environmental damage in, on, under, or
upon any of the Ricker Entities or the real estate leased by the Ricker Entities under the Ground
Leases. No litigation with respect to Hazardous Materials located in, on, under or upon any of the
Ricker Entities or the real estate leased by the Ricker Entities under the Ground Leases is pending
or, to Ricker’s knowledge, no investigation is pending nor has an investigation been overtly
threatened in writing in the last twelve (12) months by any Governmental Entity or any third party.

          (m) Investment Representations. Ricker:

	 	(1)	 	is an “accredited investor” as defined in Rule
501(a) of Regulation D, attached hereto as Exhibit C,
promulgated under the Securities Act of 1933, as amended (the
“Securities Act”);
	 
	 	(2)	 	is acquiring the limited partnership units in
the Operating Partnership (the “Ricker OP Units”) solely for
his 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; Ricker agrees and
acknowledges that he will not, directly or indirectly, offer, transfer,
sell, assign, hypothecate or otherwise dispose of (“Transfer”)
any of the Ricker 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 Ricker (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 Ricker OP Units or exchange of the Ricker OP Units
pursuant to the partnership agreement of the Operating Partnership;
notwithstanding the foregoing, no Transfer shall be

9

 

	 	 	 	made unless it is permitted under the partnership agreement of the
Operating Partnership;

	 	(3)	 	understands that (i) the Ricker 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) Ricker 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, Ricker
understands that (A) the certificates, if any, representing the Ricker
OP Units (and any common stock in the Company that might be exchanged
therefor) acquired by Ricker 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 Ricker 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; Ricker has previously invested in
securities similar to the Ricker OP Units and fully understands the
limitations on transfer imposed by the Federal securities laws and as
described in this Agreement; Ricker is able to bear the economic risk
of holding the Ricker OP Units for an indefinite period and is able to
afford the complete loss of his investment in the Ricker OP Units;
Ricker 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 Ricker OP Units as Ricker
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
Ricker OP Units which Ricker deems necessary or desirable to evaluate
the merits and risks related to his investment in the Ricker OP Units
and to conduct its own independent valuation of the Student Housing
Entities; and Ricker understands and has taken cognizance of all risk
factors related to the purchase of the Ricker OP Units; Ricker is a
sophisticated real estate investor; Ricker is

10

 

	 	 	 	relying upon its own independent analysis and assessment (including
with respect to taxes), and the advice of Ricker’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 Ricker 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 Ricker 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

11

 

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

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

          (o) FINRA Affiliation. Ricker represents severally that neither he nor any affiliate of
Ricker is a member, affiliate of a member or person associated with a member of the Financial
Industry Regulatory Authority (“FINRA”). Ricker 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.)

          (p) For purposes of this Section 3.2, “knowledge” of Ricker shall be limited to the actual
knowledge as of the date of this Agreement of Mr. Carl H. Ricker, Jr.

     3.3. Representations by the Company and Operating Partnership. Each of the Company Entities
represents and warrants to Ricker 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.

12

 

          (b) Litigation. To such entity’s knowledge, except for Actions covered by existing policies of
insurance and Actions being defended by the Student Housing Entities, there are no other Actions
pending or threatened that are 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
Transaction).

          (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 3.3(c) 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 Transaction, Ricker shall not directly, or indirectly through a Ricker Entity:

          (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 equity interests in the Ricker
Entities or any of the Student Housing Entities, or permit them to issue or agree to issue any such
equity interests;

          (b) Pledge or encumber (or permit to become encumbered) all or any portion of the equity
interests in the Ricker Entities or any of the Student Housing Entities or any real property owned
or ground leased by the Ricker Entities or any of the Student Housing Entities other than as set
forth on Schedule 4.1(b) attached hereto;

          (c) Enter into, or permit the Ricker Entities to enter into, any material transaction not in
the ordinary course of business other than any such transaction required or advisable in connection
with the IPO;

          (d) Sell, transfer, or dispose of, or permit the Ricker Entities to sell, transfer or dispose
of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing with respect
to) any of its assets, except in the ordinary course of business consistent with past practice;

          (e) Cause or take any action that would render any of his or their representations or
warranties as set forth herein untrue in any material respect;

13

 

          (f) Materially alter or cause the alteration of the manner of keeping of the books, accounts
or records of the Ricker Entities or the accounting practices therein reflected; or

          (g) Allow any of the Ricker Entities to make or pay any distributions or dividends to any
person.

     4.2. From the date hereof and subsequent to the Closing for a period of six (6) years, Ricker
agrees to provide the Company with such tax information relating to the Ricker Entities or the
Ricker Interests as reasonably requested by the Company and to cooperate with the Company with
respect to the filing of tax returns provided that the Company shall be responsible for all costs
thereof.

     4.3. Ricker covenants to use reasonable efforts (a) to prevent the breach of any
representation or warranty of Ricker hereunder, (b) to satisfy all covenants of Ricker hereunder,
(c) to promptly cure any breach of a representation, warranty or covenant of Ricker hereunder upon
its learning of same and (d) cause CHR Resources to effect the necessary transfers and assignments
of its ownership interests in the Student Housing Entities in the Formation Transaction.

     4.4. The Company shall:

          (a) At or prior to the Closing, cause each of the Student Housing Entities to timely satisfy
each of their obligations to Ricker and/or the Ricker Entities for all periods prior to and through
the Closing Date;

          (b) 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

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

ARTICLE V.

INDEMNIFICATION

     5.1. Indemnification and Contribution.

          (a) Ricker 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 attorneys’ fees and expenses) (collectively, “Losses”) incurred by such parties
resulting from any misrepresentation or breach of representation, warranty or covenants made by
Ricker but only to the extent that such Losses in the aggregate exceed $250,000.00. The provisions
of this Section 5.1(a) shall survive the Closing for a period of eighteen (18) months (except with
respect to the representations and warranties set forth in Sections 3.2(a), (b), (g), (m) and (n)
hereof, which shall survive indefinitely) and shall be subject to the limitations specified in
Section 5.1(d) hereof.

14

 

          (b) The Company agrees to indemnify, defend and hold harmless Ricker 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 $250,000.00. The provisions of this Section 5.1(b) shall survive the Closing for a
period of eighteen (18) months. The Company’s obligations under this Section 5.1(b) shall (i) not
apply to or be borne by any affiliate, shareholder, officer, director, employee, representative or
agent of the Company, (ii) not exceed the aggregate value of the Ricker Consideration with respect
to a breach of Section 3.3(a) hereof and (iii) not exceed $7,500,000.00 in the aggregate with
respect to all other misrepresentations or breaches of representations, warranties or covenants
made by the Company Entities, subject in any event to the basket amount set forth herein.

          (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 Ricker in respect of the obligations of
Ricker under Section 5.1(a) exceed (i) the aggregate value of the Ricker Consideration with respect
to a breach of Sections 3.2(a), (b), (g), (m) or (n) hereof and (ii) $7,500,000 in the aggregate
with respect to all other misrepresentations or breaches of representations, warranties or
covenants made by Ricker. Ricker’s obligations Sections 5.1(a) and this Section 5.1(d) shall not
apply to or be borne by any affiliate, shareholder, officer, director, employee, representative or
agent of Ricker. In addition and notwithstanding anything to the contrary in this Agreement, in no
event shall Ricker be obligated to indemnify any person for such person’s indirect, incidential,
special, consequential or punitive damages arising out of the performance or nonperformance of any
obligation in this Agreement or the inaccuracy of any representation made in this Agreement.

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 Ricker 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

15

 

Company Entity or Ricker 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 Ricker 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 Ricker for all purposes under this Agreement shall be as follows:

1300 Tunnel Road

Asheville, N.C. 28805

Attn: Carl H. Ricker, Jr.

with a copy to:

Womble Carlyle Sandridge & Rice, PLLC

One West Fourth Street

Winston-Salem, NC 27101

Attn: Alfred Adams, Esq.

          C. Mark Wiley, Esq.

     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

16

 

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
and the recitals and introductory paragraphs to this Agreement 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
Ricker without the prior approval of each Company Entity or Ricker, as applicable. This Agreement
shall be binding upon, and inure to the benefit of, each Company Entity, Ricker, 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.

     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.

17

 

     6.11. Confidentiality. All press releases and 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]

18

 

     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 	 
	 

	 	 	 	 	 
	 	RICKER:

 	 
	 	/s/
Carl H. Ricker, Jr. 	 
	 	Carl H. Ricker, Jr. 	 
	 	 	 	 
	 

19

 

Schedule 1.1

Student Housing Entities and Ricker Interests

	 	 	 
	 	 	Ricker
	 	 	Ownership
	 	 	Interests in
	Student Housing Entity	 	Entity
	THE GROVE AT ABILENE
	 	 
	Campus Crest at Abilene, LP

	 	Ricker owns all of the member
interests in Abilene-CHR Campus
Crest LLC and Abilene-CHR
Campus Crest LLC owns 50% of the
partnership interests in Campus Crest
at Abilene, LP
	 
	 	 
	THE GROVE AT NACOGDOCHES
	 	 
	Campus Crest at Nacogdoches, LP

	 	Ricker owns all of the member
interests in Nacogdoches-CHR
Campus Crest LLC and Nacogdoches-CHR
Campus Crest LLC owns 50% of the
partnership interests in Campus Crest
at Nacogdoches, LP
	 
	 	 
	THE GROVE AT ELLENSBURG
	 	 
	Campus Crest at Ellensburg, LLC

	 	Ricker owns all of the member
interests in Ellensburg-CHR Campus
Crest LLC and Ellensburg-CHR Campus
Crest LLC owns 50% of the
member interests in Campus Crest
at Ellensburg, LLC
	 
	 	 
	THE GROVE AT LAS CRUCES 
	 	 
	Campus Crest at Las Cruces, LLC

	 	Ricker owns a 50% member interest

in Campus Crest at Las Cruces, LLC
	 
	 	 
	THE GROVE AT GREELEY
	 	 
	Campus Crest at Greeley, LLC

	 	Ricker owns all of the member
interests in Greeley-CHR Campus Crest
LLC and Greeley-CHR Campus Crest LLC
owns 50% of the member interests in Campus Crest
at Greeley, LLC

20

 

	 	 	 
	 	 	Ricker
	 	 	Ownership
	 	 	Interests in
	Student Housing Entity	 	Entity
	THE GROVE AT MOBILE PHASE II 
	 	 
	Campus Crest at Mobile Phase II, LLC

	 	Ricker owns all of the member
interests in Mobile-CHR Campus Crest
LLC and Mobile-CHR Campus Crest LLC
owns 50% of the
member interests in Campus Crest
at Mobile Phase II, LLC
	 
	 	 
	THE GROVE AT CARROLLTON
	 	 
	Campus Crest at Carrollton, LLC

	 	Ricker owns a 24.99% member
interest in Campus Crest at
Carrollton, LLC
	 
	 	 
	THE GROVE AT ASHEVILLE
	 	 
	Campus Crest at Asheville, LLC

	 	Ricker owns all of the member
interests in Asheville-CHR
Campus Crest LLC and Asheville-CHR
Campus Crest LLC owns 10% of the
member interests in Campus Crest at
Asheville, LLC
	 
	 	 
	THE GROVE AT MOBILE 
	 	 
	Campus Crest at Mobile, LLC

	 	Ricker owns all of the member
interests in Mobile-CHR
Campus Crest LLC and Mobile-CHR
Campus Crest LLC owns 50% of the
member interests in Campus Crest
at Mobile, LLC
	 
	 	 
	THE GROVE AT JACKSONVILLE 
	 	 
	Campus Crest at Jacksonville, AL, LLC

	 	Ricker owns all of the member
interests in Jacksonville-CHR
Campus Crest LLC and Jacksonville-CHR
Campus Crest LLC owns 50% of the
member interests in Campus Crest at
Jacksonville, AL, LLC
	 
	 	 
	THE GROVE AT TROY
	 	 
	Campus Crest at Troy, LLC

	 	Ricker owns all of the
member interests in Troy-CHR
Campus Crest LLC and CHR Resources
owns 48% of the
member interests in Campus Crest
at Troy, LLC

21

 

	 	 	 
	 	 	Ricker
	 	 	Ownership
	 	 	Interests in
	Student Housing Entity	 	Entity
	THE GROVE AT CHENEY 
	 	 
	Campus Crest at Cheney, LLC

	 	Ricker owns all of the
member interests in Cheney-CHR
Campus Crest LLC and CHR Resources
owns 48% of the member interests in
Campus Crest at Cheney, LLC
	 
	 	 
	THE GROVE AT MURFREESBORO
	 	 
	Campus Crest at Murfreesboro, LLC

	 	Ricker owns all of the
member interests in Murfreesboro-CHR
Campus Crest LLC and CHR Resources
owns 48% of the
member interests in Campus Crest
at Murfreesboro, LLC
	 
	 	 
	THE GROVE AT JONESBORO 
	 	 
	Campus Crest at Jonesboro, LLC

	 	Ricker owns all of the
member interests in Jonesboro-CHR
Campus Crest LLC and CHR Resources
owns 48% of the member interests in
Campus Crest at Jonesboro, LLC
	 
	 	 
	THE GROVE AT WICHITA 
	 	 
	Campus Crest at Wichita, LLC

	 	Ricker owns all of the
member interests in Wichita-CHR
Campus Crest LLC and CHR Resources
owns 48% of the member interests in
Campus Crest at Wichita, LLC
	 
	 	 
	THE GROVE AT WICHITA FALLS
	 	 
	Campus Crest at Wichita Falls, LP

	 	Ricker owns all of the
member interests in Wichita
Falls-CHR Campus Crest LLC and CHR
Resources owns 48% of the
partnership interests in Campus Crest
at Wichita Falls, LP
	 
	 	 
	THE GROVE AT WACO
	 	 
	Campus Crest at Waco, LP

	 	Ricker owns all of the
member interests in Waco-CHR
Campus Crest LLC and CHR Resources
owns 48% of the
partnership interests in Campus Crest
at Waco, LP

22

 

	 	 	 
	 	 	Ricker
	 	 	Ownership
	 	 	Interests in
	Student Housing Entity	 	Entity
	THE GROVE AT STEPHENVILLE 
	 	 
	Campus Crest at Stephenville, LP

	 	Ricker owns all of the
member interests in
Stephenville-CHR Campus Crest LLC and
CHR Resources owns 48% of the
partnership interests in Campus Crest
at Stephenville, LP
	 
	 	 
	THE GROVE AT LUBBOCK
	 	 
	Campus Crest at Lubbock, LP

	 	Ricker owns all of the
member interests in Lubbock-CHR
Campus Crest LLC and Lubbock-CHR
Campus Crest LLC owns 50% of the
partnership interests in Campus Crest
at Lubbock, LP
	 
	 	 
	CAMPUS CREST VENTURES III, LLC
	 	 
	 

	 	Ricker owns a 50% interest in the
allocations and distributions with
respect to Campus Crest at Moscow,
LLC, Campus Crest at San Marcos, LP
and Campus Crest at San Angelo, LP
	 
	 	 
	CAMPUS CREST VENTURES IV, LLC
	 	 
	 

	 	Ricker owns a 50% member interest

in Campus Crest Ventures IV, LLC
	THE GROVE AT MILLEDGEVILLE 
	 	 
	Campus Crest at Milledgeville, LLC

	 	Ricker owns a 5% interest in the
allocations and distributions with
respect to Campus Crest at
Milledgeville, LLC through his
member interest in Campus Crest
Ventures IV, LLC

23

 

Schedule 3.1(k)

Obligations constituting a Permitted Lien

The provisions, terms, rights, obligations and restrictions in the limited liability company
operating agreements of any of the Ricker Entities and/or the Student Housing Entities

The provisions, terms, rights, obligations and restrictions in any of the agreements, promissory
notes, loan documents or related transaction documents or instruments of all loans made to acquire
or improve the Student Housing Real Properties or to acquire or make improvements on real property
owned or leased by any of the Ricker Entities with respect to real property leased to any of the
Student Housing Entities or any of the Student Housing Entities, including, without limitation, the
Existing Loans set forth on Schedule 3.2(k).

24

 

Schedule 3.2(d)

Consents for Ricker

Any consents needed under any of the limited liability company operating agreements or the loans
referenced in Schedule 3.1(k) which is hereby incorporated herein by reference or as a result of
disclosures set forth in Exhibit B  which is also hereby incorporated herein by reference.

25

 

Schedule 3.2(e)

Breaches or Defaults

Any breaches or defaults resulting from noncompliance with the consent provisions listed on
Schedule 3.2(d) with respect to the terms and provisions of any of the limited liability company
operating agreements or the loans referenced in Schedule 3.1(k) which is hereby incorporated herein
by reference or as a result of disclosures set forth in Exhibit B which is also hereby incorporated
herein by reference.

Breaches or defaults with respect to Actions being defended by the Student Housing Entities on
behalf of the Student Housing Entities or the Ricker Entities.

26

 

Schedule 3.2(f)

Related Party Transactions

Promissory notes made by any of the Student Housing Entities in favor of the Ricker Entities or
Ricker.

Personal guarantees of any loans made to any of the Ricker Entities and/or any of the Student

Housing Entities and the related agreements, promissory notes, loan documents or related

transaction documents or instruments associated therewith.

27

 

Schedule 3.2(j)(4)

Ground Leases

	1.	 	Ground Lease Agreement dated July 20, 2007, between Murfreesboro-CHR Campus Crest LLC, as
lessor, and Campus Crest at Murfreesboro, LLC, as lessee.

	2.	 	Ground Lease Agreement dated June 27, 2007, between Stephenville-CHR Campus Crest LLC, as
lessor, and Campus Crest at Stephenville, LP, as lessee.

	3.	 	Ground Lease Agreement dated September 14, 2007, between Cheney-CHR Campus Crest LLC, as
lessor, and Campus Crest at Cheney, LLC, as lessee.

	4.	 	Ground Lease Agreement dated June 6, 2007, between Troy-CHR Campus Crest LLC, as lessor, and
Campus Crest at Troy, LLC, as lessee.

	5.	 	Ground Lease Agreement dated June 27, 2007, between Waco-CHR Campus Crest LLC, as lessor, and
Campus Crest at Waco, LP, as lessee.

	6.	 	Ground Lease Agreement dated September 5, 2007, between Jonesboro-CHR Campus Crest LLC, as
lessor, and Campus Crest at Jonesboro, LLC, as lessee.

	7.	 	Ground Lease Agreement dated October 11, 2007, between Wichita-CHR Campus Crest LLC, as
lessor, and Campus Crest at Wichita, LLC, as lessee.

	8.	 	Ground Lease Agreement dated August 2007, between Wichita Falls-CHR Campus Crest LLC, as
lessor, and Campus Crest at Wichita Falls, LP, as lessee.

28

 

Schedule 3.2(k)

Existing Loans

	 	 	 	 	 
	Student Housing Entity	 	Lender	 	Closing Date
	Campus Crest at Abilene, LP

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Nacogdoches, LP

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Ellensburg, LLC

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Las Cruces, LLC

	 	Wachovia Bank,
National Association
	 	September 22, 2006
	 
	 	 	 	 
	Campus Crest at Greeley, LLC

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Mobile Phase II, LLC

	 	Wachovia Bank,
National Association,
as Administrative
Agent
	 	March 14, 2008
	 
	 	 	 	 
	Campus Crest at Carrollton, LLC

	 	Wachovia Bank,
National Association
	 	September 18, 2006
	 
	 	 	 	 
	Campus Crest at Asheville, LLC

	 	Wachovia Bank,
National Association
	 	March 13, 2007
	 
	 	 	 	 
	Campus Crest at Mobile, LLC

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Jacksonville, AL,
LLC

	 	Campus Crest Loan
Servicing, LLC, as
successor-in-interest
to Silverton Bank,
N.A.
	 	February 29, 2008
	 
	 	 	 	 
	Campus Crest at Troy,
LLC/Troy-CHR Campus Crest LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	July 13, 2007

29

 

	 	 	 	 	 
	Student Housing Entity	 	Lender	 	Closing Date
	Campus Crest at Cheney,
LLC/Cheney-CHR Campus Crest LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	September 14, 2007
	 
	 	 	 	 
	Campus Crest at Murfreesboro,
LLC/Murfreesboro-CHR Campus Crest
LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	July 20, 2007
	 
	 	 	 	 
	Campus Crest at Jonesboro,
LLC/Jonesboro-CHR Campus Crest
LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	September 5, 2007
	 
	 	 	 	 
	Campus Crest at Wichita,
LLC/Wichita-CHR Campus Crest LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	October 11, 2007
	 
	 	 	 	 
	Campus Crest at Wichita Falls,
LP/Wichita Falls-CHR Campus Crest
LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	August 1, 2007
	 
	 	 	 	 
	Campus Crest at Waco, LP/Waco-CHR
Campus Crest LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	July 13, 2007
	 
	 	 	 	 
	Campus Crest at Stephenville,
LP/Stephenville-CHR Campus Crest
LLC

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	July 13, 2007
	 
	 	 	 	 
	Campus Crest at Lubbock, LP

	 	Wachovia Bank,
National
Association, as
Administrative
Agent
	 	June 18, 2007
	 
	 	 	 	 
	Campus Crest at Moscow, LLC

	 	Wachovia Bank,
National
Association
	 	November 19, 2008
	 
	 	 	 	 
	Campus Crest at San Marcos, LP

	 	Wachovia Bank,
National
Association
	 	November 19, 2008
	 
	 	 	 	 
	Campus Crest at San Angelo, LP

	 	Wachovia Bank,
National
Association
	 	November 19, 2008
	 
	 	 	 	 
	Campus Crest at Milledgeville, LLC

	 	General Electric
Capital Corporation
	 	September 7, 2006

30

 

Schedule 3.3(c)

Consents for the Company Entities

The Registration Statement

31

 

Schedule 4.1(b)

Pledges and Encumbrances

Any pledges or encumbrances under any of the limited liability company operating agreements or the
loans referenced in Schedule 3.1(k) which is hereby incorporated herein by reference or as a result
of disclosures set forth in Exhibit B which is also hereby incorporated herein by
reference.

32

 

Exhibit A

Ricker Entities

Asheville-CHR Campus Crest LLC

Abilene-CHR Campus Crest LLC

Ellensburg-CHR Campus Crest LLC

Greeley-CHR Campus Crest LLC

Jacksonville-CHR Campus Crest LLC

Mobile-CHR Campus Crest LLC

Nacogdoches-CHR Campus Crest LLC

Cheney-CHR Campus Crest LLC

Stephenville-CHR Campus Crest LLC

Troy-CHR Campus Crest LLC

Waco-CHR Campus Crest LLC

Murfreesboro-CHR Campus Crest LLC

Jonesboro-CHR Campus Crest LLC

Lubbock-CHR Campus Crest LLC

Wichita-CHR Campus Crest LLC

Wichita Falls-CHR Campus Crest LLC

33

 

Exhibit B

Disclosure Schedule

See Schedule 3.1(k).

34

 

Exhibit C

Rule 501(a) of Regulation D

(See attached.)

35

 

General Rules and Regulations

promulgated

under the

Securities Act of 1933

Rule 501 — Definitions and Terms Used in Regulation D

As used, in Regulation D, the following terms shall have the meaning indicated;

	 	a.	 	Accredited investor. Accredited investor shall mean any person who comes within any of the
following categories, or who the issuer reasonably believes comes within any of the following
categories, at the time of the sale of the securities to that person:

	 	1.	 	Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other
institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or
fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities
Exchange Act of 1934; any insurance company as defined in section 2(a)(13) of the Act; any
investment company registered under the Investment Company Act of 1940 or a business development
company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed
by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business
Investment Act of 1958; any plan established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political subdivisions, for the benefit of its
employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within
the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is
made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings
and loan association, insurance company, or registered investment adviser, or if the employee
benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment
decisions made solely by persons that are accredited investors;
	 
	 	2.	 	Any private business development company as defined in section 202(a)(22) of the Investment
Advisers Act of 1940;
	 
	 	3.	 	Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation,
Massachusetts or similar business trust, or partnership, not formed for the specific purpose of
acquiring the securities offered, with total assets in excess of $5,000,000;
	 
	 	4.	 	Any director, executive officer, or general partner of the
issuera.
 of the securities being
offered or sold, or any director, executive officer, or general partner of a general partner of
that issuer;
	 
	 	5.	 	Any natural person whose individual net worth, or joint net worth with that person’s spouse, at
the time of his purchase exceeds $1,000,000;

 

 

	 
	 	6.	 	Any natural person who had an individual income in excess of $200,000 in each of the two most
recent years or joint income with that person’s spouse in excess of $300,000 in each of those years
and has a reasonable expectation of reaching the same income level in the current year;
	 
	 	7.	 	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of
acquiring the securities offered, whose purchase is directed by a sophisticated person as described
in Rule 506(b)(2)(ii) and
	 
	 	8.	 	Any entity in which all of the equity owners are accredited investors.

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