Document:

First Amendment to Senior Secured Term Loan Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO  
 SENIOR SECURED TERM LOAN AGREEMENT

 This First Amendment to Senior Secured Term Loan Agreement (this “Amendment”) is made as of
December 29, 2011 (the “Amendment Effective Date”), by and among Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware (the “Borrower”) and KeyBank National
Association, a national banking association, both individually as a “Lender” and as “Administrative Agent”, KeyBanc Capital Markets, as “Lead Arranger”, and the financial institutions which are
signatories hereto (together with KeyBank National Association in its individual capacity, collectively the “Lenders”), and certain subsidiaries of Borrower which are signatories hereto. Any capitalized terms used in this Amendment
and not otherwise defined, are defined in the Loan Agreement described below. 
 RECITALS 

WHEREAS, the Administrative Agent, the Lead Arranger, the Lenders and the Borrower entered into that certain Senior Secured Term Loan
Agreement dated as of August 23, 2011 (the “Loan Agreement”) for the purposes described therein, pursuant to which Lenders made a TEN MILLION FIFTY THOUSAND and NO/100THS DOLLARS ($10,050,000.00) loan (“Loan
Amount”) to Borrower. All of the documents evidencing, securing or executed in connection with the Loan, as the same may be amended from time to time pursuant to the terms hereof, are collectively referred to as the “Loan
Documents”; 
 WHEREAS, Borrower has requested that the Administrative Agent and the Lenders agree to increase the Loan
Amount by $10,000,000 (the “Increased Loan Amount”) to $20,050,000.00, to add the property commonly known as 22205-63 West Valley Highway, Kent, Washington (the “Valley Brook Property”) to the Collateral Assets, and
to make certain other modifications to the Loan Agreement; 
 WHEREAS, the Administrative Agent and the Lenders are willing to
increase the Loan Amount and add such additional Collateral Asset provided that certain other modifications to the Loan Agreement are also made; 
 NOW THEREFORE in consideration of the foregoing and the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Amendment Effective Date. This Amendment shall become effective
upon the Amendment Effective Date, which is the date on which this Amendment has been executed by all of the parties hereto and delivered to the Administrative Agent. 
 2. Replacement of Defined Term. Article 1 of the Loan Agreement shall be amended, as of the Amendment Effective Date, by deleting the existing definitions of “Collateral Assets” and of
“Loan Amount” in their entirety and replacing them with the following: 
 “Collateral
Assets” means the three (3) Projects commonly described as the warehouse distribution facility located at 14100 NW 60th Avenue, Miami Lakes, Florida, the multi-tenant industrial building located at 215 SE 10th Avenue, Hialeah, Florida, and the

 
multi-tenant industrial buildings located at 22205-63 West Valley Highway, Kent, Washington, each of which is legally described on Exhibit A. 

“Loan Amount” means $20,050,000. 
 3. Modification of Section 2.1. Section 2.1 of the Loan Agreement shall be amended, as of the Amendment Effective Date, by replacing the first paragraph in its entirety with the
following: 
 “Subject to the terms and conditions of this Agreement, Lenders severally agree to each make one initial Loan
through the Administrative Agent to Borrower on the Agreement Execution Date in an aggregate amount equal to $10,050,000. In addition, Lenders have agreed to make an additional Loan through the Administrative Agent to Borrower on the Amendment
Effective Date in an aggregate amount equal to $10,000,000. 
 4. Modification of Exhibit. Exhibit A of the Loan
Agreement shall be amended, as of the Amendment Effective Date, by adding the following legal description: 

“Kent, Washington: 

THE SOUTH HALF OF THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 11, TOWNSHIP 22 NORTH, RANGE 4 EAST,
WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON; EXCEPT THE NORTH 319 FEET THEREOF; AND EXCEPT THE EASTERLY 50 FEET THEREOF AS RIGHTS-OF-WAY FOR DRAINAGE DITCH NO. 1 AND WEST VALLEY HIGHWAY (S.R. 181) AS CONDEMNED IN KING COUNTY SUPERIOR COURT CAUSE
NUMBER 32912 AND WIDENED UNDER RECORDING NUMBER 8903280615; AND EXCEPT THE WEST 40 FEET THEREOF AS CONVEYED TO THE CITY OF KENT FOR 64TH AVENUE SOUTH BY DEEDS RECORDED UNDER RECORDING NUMBERS 7401160015, 7401160016 AND 7401160017.” 

5. Modification of Schedule. Schedule 5 of the Loan Agreement shall be amended, as of the Amendment Effective Date, by adding the
following: 
 “TERRENO VALLEY CORPORATE LLC, a Delaware limited liability company”

 6. Approvals. The Lenders hereby approve the addition of 22205-63 West Valley Highway, Kent, Washington as a
Collateral Asset and the funding of the Increased Loan Amount once Borrower has (a) delivered all Eligible Collateral Asset Documents, and (b) satisfied all Conditions Precedent set forth in Article IV of the Loan Agreement with regards to
the Valley Brook Property, including but not limited to the execution and delivery of that certain Joinder Agreement to the Subsidiary Guaranty and related amendment to the Collateral Assignment, forms of which are attached hereto as Exhibit
A and Exhibit B, respectively. 
 7. Commitment Fee. As long as all or any portion of the Increased Loan
Amount remains outstanding on the following due dates, Borrower shall pay an incremental fee on account of the Increased Loan Amount, as follows: 
  

	 	•	 	 On the date that is 90 days after the Amendment Effective Date, a fee of one tenth of one percent (0.1%) of the Increased Loan Amount, or $10,000

  
 -2-

	 	•	 	 On the date that is 180 days after the Amendment Effective Date, a fee of one eighth of one percent (0.125%) of the Increased Loan Amount, or $12,500

  

	 	•	 	 On the date that is 270 days after the Amendment Effective Date, a fee of three twentieths of one percent (0.15%) of the Increased Loan Amount, or
$15,000 

  

	 	•	 	 On the date that is 360 days after the Amendment Effective Date, a fee of two tenths of one percent (0.2%) of the Increased Loan Amount, or $20,000

 8. Special Release Provision. Borrower may prepay any portion of the Increased Loan Amount at any
time so long as no Default or Event of Default exists under the Loan Agreement or the Loan Documents, and if such principal pay down reduces the outstanding Loan Amount to $10,050,000 or less and if no Default or Unmatured Default then exists, the
Agent is hereby authorized on behalf of the Lenders to release the Valley Brook Property from the Collateral Assets and terminate its security interest in the Pledged Equity Interests of Terreno Valley Corporate, LLC with respect thereto.

 9. References. Each of the parties hereby consents to all of the changes made to the Loan Agreement pursuant to this
Amendment and agrees that each reference in the Loan Documents to the Loan Agreement shall deemed to be a reference to the Loan Agreement as amended by this Amendment. 
 10. Representations and Warranties. Borrower hereby remakes, as of the Amendment Effective Date, all of the representations and warranties of Borrower in Article 5 of the Loan Agreement and each
reference therein to “the date hereof” or “the Agreement Execution Date” shall be deemed to be a reference to the Amendment Effective Date. Borrower hereby further represents and warrants to Administrative Agent and Lenders as
follows: 
 a) This Amendment constitutes the legal, valid and binding obligation of Borrower, and is enforceable
in accordance with its terms; 
 b) Except as expressly modified hereby, the Loan Documents are ratified and
confirmed hereby, are in full force and effect, and Borrower has no defenses or offsets to the enforcement thereof or counterclaims which relate thereto; 
 c) Upon execution and delivery of this Amendment and satisfaction of the conditions to the effectiveness of this Amendment, to the best of Borrower’s knowledge, information and belief, no Default
shall exist under the Loan Documents; and 
 d) Borrower and Guarantors all have full power and authority to
execute this Amendment. 
 11. Governing Law. This Amendment shall be construed in accordance with the internal laws (and
not the law of conflicts) of the State of Ohio, but giving effect to Federal laws applicable to national banks. 
 12.
Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute a single agreement. 

  
 -3-

 13. Continued Effect. Other than as expressly amended herein, Borrower and Guarantors
all agree that the Loan Agreement and all other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (Remainder of page intentionally left blank.) 

  
 -4-

 IN WITNESS WHEREOF, Borrower, Administrative Agent and the Lenders have executed this
Agreement as of the date first above written. 
  

					
	TERRENO REALTY LLC, a Delaware limited
liability company
		
	By:	 	TERRENO REALTY CORPORATION, a Maryland corporation, its sole member
			
		 	By:	 	 /s/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President
	
	Address for Notices:
	
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108

 
	
	KEYBANK NATIONAL ASSOCIATION,
Individually and as Administrative Agent
	
	By: /s/ Joshua K. Mayers        
	Print Name: Joshua K. Mayers
	Title: Vice President

  

							
		  		  		  	  127 Public Square, 8th Floor
		  		  		  	  OH-01-27-0839
		  		  		  	  Cleveland, Ohio 44114
		  		  		  	  Phone: 216-689-0213
		  		  		  	  Facsimile: 216-689-5819
		  		  		  	  Attention: Joshua Mayers
		  		  		  	  Joshua_Mayers@KeyBank.com
				
		  	With a copy to:	  		  	  KeyBank Real Estate Capital
		  		  		  	  Mailcode: OH-01-49-0424
		  		  		  	  4900 Tiedeman Rd.; 4th Floor NE Corner
		  		  		  	  Brooklyn, Ohio 44144-2302
		  		  		  	  Phone: 216-813-1603
		  		  		  	  Facsimile: 216-370-6206
		  		  		  	  Attention: John Hyland

  
 -2-

							
		 		 	The undersigned, being the Parent Guarantor under the Loan Agreement, hereby consents to and approves of this Amendment and agrees that the Parent Guaranty shall
continue in full force and effect.
			
		 		 	 TERRENO REALTY CORPORATION
 a Maryland corporation

				
		 		 	By:	 	 /s/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President
			
		 		 	Terreno Realty Corporation
		 		 	16 Maiden Lane, Fifth Floor
		 		 	San Francisco, CA 94108
		 		 	Attention: Jaime Cannon
		 		 	Telephone: (415) 655-4593
		 		 	Facsimile: (415) 655-4599

  
 -3-

 
							
	The undersigned, being the Subsidiary Guarantors under the Loan Agreement, hereby consents to and approves of this Amendment and agrees that the Subsidiary Guaranty
shall continue in full force and effect.
	
	TERRENO 10TH AVENUE LLC, a Delaware limited liability company
			
	By:	 		 	TERRENO REALTY LLC, a Delaware limited liability company, its Manager
			
	    By:	 		 	   TERRENO REALTY CORPORATION,
 a Maryland corporation, its sole member

				
		 		 	By:	 	 /s/ Jaime J. Cannon

		 		 	Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	TERRENO 60TH AVENUE LLC, a Delaware limited liability company
			
	By:	 		 	TERRENO REALTY LLC, a Delaware limited liability company, its Manager
			
	    By:	 		 	   TERRENO REALTY CORPORATION,
 a Maryland corporation, its sole member

				
		 		 	By:	 	 /s/ Jaime J. Cannon

		 		 	Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	Terreno Realty Corporation
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108
	Attention: Jaime Cannon
	Telephone: (415) 655-4593
	Facsimile: (415) 655-4599

  
 -4-Contribution and Distribution Agreement, dated December 29, 2011

 Exhibit 10.1 
 AGREEMENT 
 This AGREEMENT (this “Agreement”) is
made this 29th day of December, 2011 (the “Effective Date”), by and among HSRE-Campus Crest IA, LLC, a Delaware limited liability company (“HSRE”), Campus Crest Ventures III, LLC, a Delaware limited liability
company (“Campus Crest”, and collectively with HSRE, the “Members”), HSRE-Campus Crest I, LLC, a Delaware limited liability company (the “Joint Venture”) and Campus Crest Properties, LLC, a North
Carolina limited liability company (“CCP”). 
 R E C I T A L
S: 
 WHEREAS, HSRE and Campus Crest are the sole members of the Joint Venture and the internal affairs of the
Joint Venture are governed by that certain Amended and Restated Operating Agreement of the Joint Venture, dated as of October 19, 2010, as amended by that certain First Amendment to the Amended and Restated Operating Agreement, dated as of
October 31, 2011 (as amended, the “JV Agreement”); 
 WHEREAS, the Joint Venture is the owner
of (i) a 100% ownership interest (the “Statesboro Interest”) in Campus Crest at Statesboro, LLC, a Delaware limited liability company (the “Statesboro Property Owner”), (ii) a 99% limited partnership
interest (the “Huntsville LP Interest”) in Campus Crest at Huntsville, LP, a Delaware limited partnership (the “Huntsville Property Owner” and collectively with the Statesboro Property Owner, the
“Property Owners”), and (iii) a 100% ownership interest (the “Huntsville GP Interest”, and collectively with the Statesboro Interest and the Huntsville LP Interest, the “Property Owner
Interests”) in HSRE-CC Huntsville GP, LLC, a Delaware limited liability company (“Huntsville GP”); 

WHEREAS, Huntsville GP owns a 1% general partnership interest in the Huntsville Property Owner; 

WHEREAS, (i) the Huntsville Property Owner is the owner of that certain student housing property in Huntsville, Texas (the
“Huntsville Property”) and (ii) the Statesboro Property Owner is the owner of that certain student housing property in Statesboro, Georgia (the “Statesboro Property”, and collectively with the Huntsville
Property, the “Properties”); 
 WHEREAS, the Joint Venture will create a new Delaware limited liability
company, CCP NEWCO, LLC (“CCP Holding”). The Joint Venture’s 100% ownership interest in CCP Holding shall be referred to herein as the “CCP Holding Interests”; and 

WHEREAS, the Members, the Joint Venture and CCP now desire to enter into this Agreement to cause the following: (i) the Joint
Venture will contribute the Property Owner Interests to CCP Holding, (ii) the Joint Venture will then distribute to each of Campus Crest and HSRE their pro rata share of the CCP Holding Interests, 49.9% to Campus Crest and 50.1% to HSRE in
accordance with Section 4.1(b) of the JV Agreement, (iii) HSRE shall assign and transfer its 50.1% ownership interest in CCP Holding to Campus Crest, in consideration for Campus Crest paying $13,510,000.00 to HSRE and (iv) Campus
Crest will distribute to CCP, its 

  
 1 

 
sole member, its 100% ownership interest in CCP Holding, all in accordance with the terms hereunder. 
 AGREEMENT 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Terms. Except as otherwise specifically sets forth in this Agreement, all capitalized terms used herein shall have the meanings given such terms in the JV Agreement. 

2. Contribution of Property Owner Interests to CCP Holding. On the Effective Date, the Joint Venture hereby agrees to
contribute the Property Owner Interests to CCP Holding, pursuant to the form of assignment agreement attached hereto on Exhibit A. 
 3. Distribution of the CCP Holding Interests. Immediately following the contribution described in paragraph 2 above, the Joint Venture hereby agrees to distribute to each of Campus Crest and
HSRE their pro rata share of the CCP Holding Interests, 49.9% to Campus Crest and 50.1% to HSRE in accordance with Section 4.1(b) of the JV Agreement. 
 4. Transfer of Interest in CCP Holding; Consideration. Immediately following the distribution described in paragraph 3 above, (i) HSRE hereby agrees to assign and transfer its 50.1%
ownership interest in CCP Holding to Campus Crest and Campus Crest hereby accepts the assignment of the 50.1% ownership interest in CCP Holding and (ii) Campus Crest hereby agrees to pay $13,510,000.00 to HSRE in consideration for its 50.1%
ownership interest in CCP Holding. 
 5. Distribution of the CCP Holding Interests. Immediately following the
transfer described in paragraph 4 above, Campus Crest hereby agrees to distribute to CCP its 100% ownership interest in CCP Holding. 
 6. Agreement to Direct. 
 (a) Notwithstanding
paragraphs 3, 4 and 5 to the contrary, (i) HSRE hereby directs the Joint Venture on its behalf to assign and transfer its 50.1% ownership interest in CCP Holding directly to CCP and (ii) Campus Crest hereby directs the Joint Venture on its
behalf to assign and transfer its 49.9% ownership interest in CCP Holding directly to CCP. Therefore, in conjunction with these directions, the Joint Venture shall assign a 100% ownership interest in CCP Holding to CCP, pursuant to an assignment
agreement in the form attached hereto on Exhibit B. 
 (b) The Joint Venture directs Campus Crest to pay
the consideration described in paragraph 4 above directly to HSRE. 
 7. Prorations. The following shall be
apportioned between HSRE and Campus Crest with respect to the Properties, such prorations to be computed based on the number of days before and after the Effective Date in the month in which the Effective Date occurs, as of 12:01

  
 2 

 
a.m. on the Effective Date, and such prorations, multiplied by 50.1%, shall increase or decrease the amount of cash disbursed to HSRE: 

(a) all collected rents and other sums received under leases at the Properties (including prepaid rents); 

(b) taxes and assessments (including, without limitation, personal property taxes on the personal property and rent taxes) levied against
the Properties; 
 (c) pre-payments and accrued amounts due under any contracts relating to the Properties; 

(d) accrued income and expenses (including, without limitation, gas, electricity and other utility charges for which the Joint Venture or
the Property Owners are liable, if any, with such charges to be apportioned on the basis of the most recent meter reading occurring prior to the Effective Date or, if unmetered, on the basis of a current bill for each such utility); 

(e) all other expenses pertaining to the Properties; 
 (f) premiums under insurance policies held by the Property Owners that will continue to be in effect after the Effective Date; and 
 (g) all accrued and unpaid interest and other amounts due under the mortgage loans encumbering the Properties, together with a credit to HSRE for the amount of any reserve accounts held by the lender to
the extent retained for the benefit of the Property Owners after the Effective Date. 
 HSRE and Campus Crest agree that,
subject to the provisions of Paragraph 8 hereof, the parties shall execute a Closing Statement on the Effective Date in the form attached hereto as Exhibit C containing the correct and agreed-upon proration of the items described in this
Paragraph 7. 
 8. Method of Prorations. Notwithstanding anything contained in the foregoing provisions:

 (a) Real estate and personal property taxes and assessments will be prorated between HSRE and Campus Crest for
the period for which such taxes are assessed, regardless of when payable. The estimated tax amount calculated for appraisal purposes, and to be used for proration purposes, is $496,787.33. Any taxes paid at or prior to the Effective Date shall be
prorated based upon the amounts actually paid. If taxes and assessments for the fiscal year in which the Effective Date occurs or any prior years have not been paid before the Effective Date, Campus Crest shall be credited by HSRE at the Effective
Date with an amount equal to that portion of such taxes and assessments which are ratably attributable to the period before the Effective Date and Campus Crest shall pay the taxes and assessments prior to their becoming delinquent. If taxes and
assessments for the fiscal year in which the Effective Date occurs have been paid before the Effective Date, HSRE shall be credited by Campus Crest at the Effective Date with an amount equal to that portion of such taxes and assessments which are
ratably attributable 

  
 3 

 
to the period from and after the Effective Date. All prorations for real estate taxes that are based on estimates shall be reprorated when the actual taxes for the applicable period are
ascertainable. 
 (b) Rents collected after the Effective Date shall be deemed to apply first to current rents
and rents accrued subsequent to the month in which the Effective Date occurred, second to the month in which the Effective Date occurred, subject to the applicable proration, and third to delinquent Rents accrued prior to the month in which the
Effective Date occurred. If Campus Crest collects rent subsequent to the Effective Date that, based on the foregoing, should be applied to the Joint Venture’s period of ownership of the Properties, Campus Crest shall promptly pay 50.1% of such
rent to HSRE. Rents collected by the Joint Venture or HSRE after the Closing to which Campus Crest is entitled under this Paragraph 8(b) shall be promptly delivered to Campus Crest. 

(c) Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written
notice thereof is given to the other party within one (1) year of the Effective Date and both parties agree upon the amount of the post-Closing adjustment; provided, however, that the one (1) year limitation shall not apply with respect to
real estate taxes. 
 9. Closing Costs. Except as otherwise specifically set forth in this Agreement, Campus Crest
shall be responsible to pay the following closing costs and other costs incurred in connection with the transactions contemplated by this Agreement: (i) to the extent required by Campus Crest, the cost of any endorsements to the existing base
title policy and the cost of any Survey, all recording costs and one-half of any escrow costs; (ii) transfer, documentary and similar taxes related to the sale of the Property Owners Interest and/or CCP Holding Interest, if any; (iii) the
fees of HSRE’s attorneys, in an amount equal to $9,000; (iv) the fees of Campus Crest’s attorneys; and (v) any assumption fee payable to a lender in connection with such lender’s approval of the transactions contemplated by
this Agreement in connection with the purchase and sale of the Property Owner Interests and CCP Holding Interest. HSRE shall be responsible to pay one-half of any escrow costs incurred. In the event of a conflict of the allocation of closing costs
between this Agreement and the JV Agreement, the terms and conditions of this Agreement shall control. 
 10.
Miscellaneous. 
 (a) Amendments. This Agreement may not be modified, altered or
amended except pursuant to a written instrument executed by the parties hereto. 
 (b) Assignment.
This Agreement may not be assigned, in whole or in part, by any party hereto without the consent of the other parties. 
 (c) Binding Agreement. This Agreement shall be binding on the parties hereto, and their authorized representatives, successors and assigns. 

(d) Counterparts. This Agreement may be executed in counterparts and all counterparts shall be considered
part of one Agreement binding on all parties hereto. 

  
 4 

 (e) Entire Agreement. This Agreement supersedes any prior
agreement and contains the entire agreement of the parties or their predecessors in interest with respect to the subject matter hereof. 
 (f) Governing Law. This Agreement, and the application or interpretation hereof, shall be governed by the laws of the State of Delaware. 

(g) Headings. All section headings in this Agreement are for convenience of reference only and are not
intended to qualify the meaning of any section. 
 (h) Terminology. All personal pronouns used in
this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, the singular shall include the plural and vice versa as the context may require. 

(i) Waiver. No consent or waiver, express or implied, by either party to or of any breach or default by the
other party in the performance of this Agreement shall be construed as a consent or waiver to or of any subsequent breach or default in the performance by such other party of the same. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, this Agreement is executed on the day and year first above
written. 

 

 

							
	 HSRE:

	
	HSRE-CAMPUS CREST IA, LLC, a Delaware limited liability company
		
	 By:
	 	HSREP II Holding, LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	HSRE REIT II, a Maryland real estate investment trust, a member

							
				
		 		 	By:	 	 /s/ Stephen Gordon

							
		 		 	  Name:	 	Stephen Gordon
		 		 	  Its:	 	Trustee
	
	CAMPUS CREST:
	
	CAMPUS CREST VENTURES III, LLC, a Delaware limited liability company, a member
		
	 By:
	 	Campus Crest Properties, LLC, a North Carolina limited liability company, its Manager

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

							
		 	 Name:	 	Donald L. Bobbitt, Jr.
		 	 Its:	 	Manager
	
	JOINT VENTURE:
	
	HSRE-CAMPUS CREST I, LLC, a Delaware limited liability company
		
	 By:
	 	Campus Crest Ventures III, LLC, a Delaware limited liability company, a member

							
			
		 	By:	  	Campus Crest Properties, LLC, a North Carolina limited liability company, its Manager

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

							
		 		  	  Name:	 	 Donald L. Bobbitt, Jr.
		 		  	  Its:	 	Manager

 
 

  
 [Signature Page
to the Contribution and Distribution Agreement] 

 
			
	CCP:
	
	CAMPUS CREST PROPERTIES, LLC, a North Carolina limited liability company

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

 
			
		
	 Name:
	 	Donald L. Bobbitt, Jr.
	 Its:
	 	Manager

 [Signature Page to the Contribution and Distribution Agreement] 

 EXHIBIT A 

ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”), dated as of the 29th day of December, 2011 (the “Effective Date”), is executed by and between
HSRE-CAMPUS CREST I, LLC, a Delaware limited liability company (“Assignor”), and CCP NEWCO, LLC, a Delaware limited liability company (“Assignee”). All capitalized terms that are not otherwise defined
herein shall have the meanings ascribed to them in the Agreement (as defined below). 
 RECITALS 

WHEREAS, Assignor is the owner of (i) a 100% ownership interest (the “Statesboro Interest”) in Campus Crest
at Statesboro, LLC, a Delaware limited liability company (the “Statesboro Property Owner”), (ii) a 99% limited partnership (the “Huntsville LP Interest”) interest in Campus Crest at Huntsville, LP, a Delaware
limited partnership (the “Huntsville Property Owner”), (iii) a 100% ownership interest (the “Huntsville GP Interest, and collectively with the Statesboro Interest and the Huntsville LP Interest, the “Property Owner
Interests”) in HSRE-CC Huntsville GP, LLC, a Delaware limited liability company (“Huntsville GP”), and (iv) a 100% ownership interest in Assignee; 

WHEREAS, Assignor, HSRE-Campus Crest IA, LLC, Campus Crest Ventures III, LLC, and Campus Crest Properties, LLC, entered into that
certain Agreement, dated as of the Effective Date (the “Agreement”); and 
 WHEREAS, in accordance with
the Agreement, Assignor desires to sell, assign and transfer all of its Property Owner Interests to Assignee, and Assignee desires to accept the Property Owner Interests as a contribution to capital pursuant to the terms and conditions contained in
the Agreement. 
 NOW THEREFORE, IN CONSIDERATION of the mutual promises contained in this Assignment, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, Assignor hereby agrees as follows: 
 1.
Assignment and Assumption. Assignor hereby assigns and transfers to Assignee, all of Assignor’s right, title and interest in the Property Owner Interests. Assignee hereby accepts assignment of the Property Owner Interests and
assumes all obligations with respect thereto. 
 2. Further Assurances. Assignor agrees to execute such further
documents as Assignee may deem reasonably necessary or desirable to effectuate the purposes of this Assignment. 

  
 A-1

 3. Miscellaneous. This Assignment (including all Recitals and Exhibits hereto)
contains the entire agreement between the parties with respect to the subject matter hereof, supersedes all prior understandings, if any, with respect thereto. 
 (A) This Assignment shall be governed by the laws of the State of Delaware, without regard to its conflict of law provisions. 

(B) This Assignment shall bind and inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors, assigns and personal representatives. 
 (C) This Assignment may be executed in two
or more counterparts, each of which shall be deemed an original, but and all of which shall constitute one and the same instrument. 
 [Signature Page Follows] 

  
 A-2

 This Assignment is effective as of day and year first above written. 

 

 

									
	ASSIGNOR:
	
	HSRE-CAMPUS CREST I, LLC, a Delaware limited liability company
		
	 By:
	 	Campus Crest Ventures III, LLC, a Delaware limited liability company, a member
			
		 	By:	  	Campus Crest Properties, LLC, a North Carolina limited liability company, its manager

									
				
		 		  	By:	 	  

									
		 		  	Name:	 	Donald L. Bobbitt, Jr.
		 		  	Its:	 	Manager
	
	ASSIGNEE:
	
	CCP NEWCO, LLC, a Delaware limited liability company
		
	 By:
	 	HSRE-Campus Crest I, LLC, a Delaware limited liability company
			
		 	By:	  	Campus Crest Ventures III, LLC, a Delaware limited liability company, a member

									
				
		 		  	By:	 	Campus Crest Properties, LLC, a North Carolina limited liability company, its manager

									
					
		 		 		 	By:	 	  

									
		 		 		 	 Name:	 	Donald L. Bobbitt, Jr.
		 		 		 	 Its:	 	Manager

 
 

  
 A-3

 EXHIBIT B 

ASSIGNMENT AGREEMENT 
 THIS ASSIGNMENT AGREEMENT (this “Assignment”), dated as of the 29th day of December, 2011 (the “Effective Date”), is executed by and between HSRE-Campus Crest
I, LLC, a Delaware limited liability company (“Assignor”), Campus Crest Properties, LLC, a North Carolina limited liability company (“Assignee”), HSRE-Campus Crest IA, LLC, a Delaware limited liability
company (“HSRE”) and Campus Crest Ventures III, LLC, a Delaware limited liability company (“Campus Crest”). All capitalized terms that are not otherwise defined herein shall have the meanings ascribed to them in the
Agreement (as defined below). 
 RECITALS 
 WHEREAS, Assignor is the owner of a one hundred percent (100%) ownership interest (the “CCP Holding Interest”) in CCP NEWCO, LLC, a Delaware limited liability company
(“CCP Holding”), which, in turn, owns (i) a 100% ownership interest in Campus Crest at Statesboro, LLC, a Delaware limited liability company (the “Statesboro Property Owner”), (ii) a 99% limited
partnership interest in Campus Crest at Huntsville, LP, a Delaware limited partnership (the “Huntsville Property Owner”), and (iii) a 100% ownership interest in HSRE-CC Huntsville GP, LLC, a Delaware limited liability company
(“Huntsville GP”); 
 WHEREAS, the internal affairs of CCP Holding are governed by that certain Limited
Liability Company Operating Agreement of CCP Holding, dated as of the date hereof, (the “CCP Holding Operating Agreement”); and 
 WHEREAS, concurrently with the execution of this Assignment, the Parties have entered into that certain Agreement, dated of the date hereof (the “Agreement”), pursuant to which
Assignor has been directed, on behalf of HSRE and Campus Crest, to sell, assign and transfer the CCP Holding Interest, all on the terms and conditions set forth in this Assignment. 

NOW THEREFORE, IN CONSIDERATION of the mutual promises contained in this Assignment, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Parties hereby agrees as follows: 
 1. Assignment and
Assumption. Assignor hereby assigns and transfers to Assignee the CCP Holding Interest, including, without limitation, all of Assignor’s rights to profits and distributions of cash after the date hereof under the CCP Holding Operating
Agreement (the “Assigned Interest”). Assignee hereby accepts assignment of the Assigned Interest and assumes all obligations with respect thereto. 
 2. Consideration. Concurrently with the execution of this Assignment and in consideration for the Assignment and pursuant to the Agreement, Campus Crest shall pay $13,510,000.00 to HSRE.

 3. Further Assurances. Assignor agrees to execute such further documents as Assignee may deem reasonably
necessary or desirable to effectuate the purposes of this Assignment. 

  
 B-1

 4. Miscellaneous. This Assignment (including all Recitals and Exhibits hereto)
contains the entire agreement between the parties with respect to the subject matter hereof, supersedes all prior understandings, if any, with respect thereto. 
 (A) This Assignment shall be governed by the laws of the state of Delaware, without regard to its conflict of law provisions. 

(B) This Assignment shall bind and inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors, assigns and personal representatives. 
 (C) This Assignment may be executed in two
or more counterparts, each of which shall be deemed an original, but and all of which shall constitute one and the same instrument. Signatures hereon sent by facsimile or other electronic transmission may be treated as original signatures.

 [Signatures on following page] 

  
 B-2

 This Assignment is effective as of day and year first above written. 

 

							
	ASSIGNOR:
	
	HSRE-CAMPUS CREST I, LLC, a Delaware limited liability company
		
	By:	 	Campus Crest Ventures III, LLC, a Delaware limited liability company, a member
		 		 		 	
		 		 		 	
		 	By:	 	Campus Crest Properties, LLC, a North Carolina limited liability company, its Manager

							
				
		 		 	  By:	 	  

							
		 		 	Name:	 	  Donald L. Bobbitt, Jr.
		 		 	Its:        Manager
	
	HSRE:
	
	HSRE-CAMPUS CREST IA, LLC, a Delaware limited liability company
		
	By:	 	HSREP II Holding, LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	HSRE REIT II, a Maryland real estate investment trust, a member
		 		 		 	
		 		 	

							
		 		 	 By:	 	  

							
		 		 	     Name:	 	Stephen Gordon
		 		 	     Its:	 	Trustee

 

					
	ASSIGNEE:
	
	CAMPUS CREST PROPERTIES, LLC, a North Carolina limited liability company

					
		
	By:	 	  

					
	Name:	 	Donald L. Bobbitt, Jr.
	Its:	 	  Manager
		 		 	
		
		 	
		 		 	
		 		 	
	
	  
  
 CAMPUS CREST:

	
	CAMPUS CREST VENTURES III, LLC, a Delaware limited liability company, a member
		
	By:	 	Campus Crest Properties, LLC, a North Carolina limited liability company, its Manager

					
			
		 	  By:	 	  

					
		 	   Name:	 	Donald L. Bobbitt, Jr.
		 	   Its:     Manager
		 		 	
		 		 	
		 		 	

 
 

 EXHIBIT C 

CLOSING STATEMENT 
 [to be attached]

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