Document:

Contribution Agreement dated July 27, 2004

 Exhibit 10.14 
  
 CONTRIBUTION AGREEMENT 
  
 THIS CONTRIBUTION AGREEMENT (the “Agreement”) is made as of July 27, 2004 by and among American Campus Communities, Inc., a Maryland
corporation (the “Company”) and American Campus Communities Operating Partnership LP, a Maryland limited partnership (the “Operating Partnership” and, together with the Company: the “Company
Entities”) on the one part, and Reckson Strategic Venture Partners, LLC, a Delaware limited liability company (“RSVP”), and RAP-ACP, LLC, a Delaware limited liability company (“RAP-ACP”, and jointly and
severally with the RSVP: the “Sponsors”) on the other part. 
  
 WHEREAS, RSVP has formed and is the sole stockholder of the Company, and the Company is the sole limited partner and, through American Campus Communities Holdings LLC, its wholly-owned subsidiary, the sole general
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 the Sponsors, and (ii) consummating the IPO (as defined below). 
  
 WHEREAS, in connection with the initial public offering (the
“IPO”) of the Company’s common stock, par value $.01 per share (the “Common Stock”), on April 26, 2004, the Company filed with the Securities and Exchange Commission a registration statement on Form S-11
identified as Registration No. 333-114813 (together with all amendments and supplements thereto, the “Registration Statement’). 
  
 WHEREAS, the parties hereto desire to effect certain formation and structuring transactions outlined in Exhibit A hereto (the “Formation
Transactions”) and otherwise conclude such agreements under terms and conditions as are set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company Entities and the Sponsors agree as follows: 
  
 ARTICLE I. 
  
 FORMATION TRANSACTIONS AND REDEMPTION AMOUNT 
  
 1.1. Formation Transactions. Subject to the terms and conditions of this Agreement, each of the Company Entities and each of the Sponsors hereby consents to each of the Formation Transactions and agrees to take all actions reasonably
necessary or advisable to consummate, and to cause its direct and indirect subsidiaries and affiliates, where applicable, to consummate, the Formation Transactions. It is the intent of the parties that, as a result of the Formation Transactions, the
Company Entities will own, directly or indirectly, all of the interests previously owned by the Sponsors in the entities identified in Schedule I hereto (the “Student Housing Entities”), and through their ownership of such
Student Housing Entities, the Company Entities will succeed to all of the student housing business previously conducted, directly or indirectly, by the Sponsors (except to the extent set forth in the Registration Statement). 

 1.2. Simultaneous Closing. The Formation Transactions shall close simultaneously with the
closing of the IPO (the “Closing”). The date on which the Formation Transactions close shall be the “Closing Date.” 
  
 1.3. Redemption Amount. Upon the Closing, RAP-ACP shall receive the Redemption Amount. As used herein, the term “Redemption
Amount” shall mean the Gross Offering Proceeds less (i) all underwriting discounts (excluding underwriting discounts payable with respect to the Green Shoe (as defined below)); (ii) all fees, costs, expenses and disbursements incurred by
the Company Entities in connection with the Formation Transactions and IPO, including, without limitation, those items set forth on Exhibit B attached hereto, net of any such expenses to the extent previously paid; (iii) amounts needed to
fully repay the outstanding balance and accrued interest of the term indebtedness set forth on Exhibit C hereto, together with all associated fees and penalties, net of any such fees and penalties to the extent previously paid; (iv) amounts
needed to fully repay the outstanding balance and accrued interest of the construction indebtedness set forth on Exhibit C hereto, together with all associated fees and penalties, net of any such fees and penalties to the extent previously
paid; (v) construction accounts payable with respect to the Construction Properties; and (vi) the aggregate amount of the Completion Funds and Escrowed Funds (both hereinafter defined) as of Closing (the “Construction Reserve”), and
plus the other items, if any, set forth on Exhibit D hereto. Items (i) through (iv) above shall collectively be defined as the “Transaction Costs.” As used herein, the term “Gross Offering Proceeds” shall
mean the product of (x) the number of shares of Common Stock sold pursuant to the Registration Statement, excluding any shares of Common Stock sold pursuant to the underwriters’ exercise of their over-allotment option as set forth in the
Registration Statement (the “Green Shoe”), multiplied by (y) the gross offering price per share. 
  
 1.4. Construction Properties. 
  
 (a) Construction Reserve. 
  
 (i) For purposes of this Agreement, the term “Construction Properties” shall mean each of (1) Village at Temple, the property owned by
ACT-Village at Temple, LLC (“ACT Temple”), (2) Village at Fresno State, the property owned by ACT-Village at Fresno State, LLC (“ACT Fresno”) and (3) Village at CSU, the property owned by ACT-Village at CSU, LLC
(“ACT CSU”); the term “Completion Funds” means the difference between (1) the aggregate amount of the original development budgets for the Construction Properties approved by American-Campus Titan LLC and American
Campus-Titan II LLC that have not been paid to date and (2) the Escrowed Funds; the term “Escrowed Funds” means $824,011 as of the Closing, together with any amounts to be deposited by the Company with Escrow Agent (hereinafter
defined) as and when received from Apex Construction Company with respect the Construction Properties owned by ACT Fresno and ACT CSU (estimated as of today to be approximately $400,000), representing the aggregate estimated amount of savings with
respect to the Construction Properties; and the term “Escrow Agent” shall mean LandAmerica Title Insurance Company. 
  

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 (ii) From and after the Closing, the Company, may in its discretion, use the Completion Funds to (1)
complete, equip and provide for operating and marketing expenditures that are related to putting each of the Construction Properties into service (but are not part of the annual operating budget) in accordance with the existing plans and
specifications with addendums as of the date hereof (the “Approved Plans and Specs”) and in a manner consistent with the historical business practices utilized to open properties owned by the Company (“Completion”),
(2) obtain certificates of occupancy and other required governmental or municipal approvals or permits for the Construction Properties (“Governmental Approvals”) and (3) pay costs, of alternate housing and related expenses with
respect to each Construction Property, and, in addition, liquidated damages with respect to the Construction Property ground leased by ACT Temple, in the event that the applicable Construction Property does not achieve Completion and all
Governmental Approvals have not been obtained with respect to such Construction Property by the date required pursuant to the terms of the student leases with respect to each Construction Property, and, with respect to the Construction Property
ground leased by ACT Temple, the ground lease, as amended, for such Construction Property (net of any amounts received by the Company Entities and/or ACT Temple from any third parties liable or potentially liable for causing such delays)
(“Construction Delay Costs”). If and to the extent that the Completion Funds are insufficient to achieve Completion of the Construction Properties, the Company may, subject to the terms and conditions of Section 1.4(a)(iii) below,
use the Escrowed Funds to (1) achieve Completion of the Construction Properties and (2) obtain Governmental Approvals and (3) pay for Construction Delay Costs. Notwithstanding the above, no more than $456,500 of the Escrowed Funds may be utilized by
the Company to complete construction of the Construction Properties owned by ACT Fresno and ACT CSU, in the aggregate. In addition, the parties agree that in no event may either the Completion Funds or the Escrowed Funds be utilized (a) to fund
expenditures accounted for in the Company’s operating budgets or (b) for expenditures which are inconsistent with the Company’s historical business practices used to open properties owned by the Company. 
  
 (iii) Escrow Agent shall hold the Escrowed Funds in escrow. From time to
time, the Company may submit a written claim to Escrow Agent (with a simultaneous copy being sent to Sponsors) requesting disbursement of all or any portion of the Escrowed Funds. Within ten (10) days following receipt of such notice, Sponsors shall
submit to Escrow Agent (y) an approval of the Company’s requested disbursement or (z) a written objection to all or any portion of the Company’s request (in either event with a simultaneous copy being sent to the Company). Amounts approved
by Sponsors within such ten (10) day period promptly shall be disbursed by Escrow Agent to the Company. If an objection shall have been delivered by Sponsors as aforesaid or Sponsors shall have not responded to the Company’s request within such
10-day period, either party may refer such matter to the American Arbitration Association (or such other third-party mediator agreed upon by the parties hereto, the “Arbitrator”) for a determination that will be final and binding
upon both parties (the “Final Determination”). The Arbitrator shall render its Final Determination in writing to the Company and Sponsors within fifteen (15) business days thereafter. Any fees and disbursements of the Arbitrator
shall be shared equally by the parties. In addition, the parties hereto agree that any other disputes arising under this Section 1.4(a) shall be subject to arbitration by Arbitrator. 
  
 (iv) Within sixty (60) days following occurrence of Completion, procurement of all lien releases (with respect to which the
Company agrees to use commercially 
  

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 reasonable efforts to obtain) and receipt of certificates of occupancy with respect to all Construction Property
(“Final Completion Event”), the Company shall pay the amount of any excess Completion Funds, and Escrow Agent shall disburse any excess Escrowed Funds, not previously applied by or paid or disbursed to the Company in accordance with
the terms of this Section 1.4, to RAP-RSVP Titan 5 LLC (“NEWCO”). Upon the occurrence of the Final Completion Event, the Company shall have no further right to any remaining portion of the Completion Funds nor any remaining portion
of the Escrowed Funds and the Company shall thereupon without any further action on its part be deemed to have released, and hereby does release, the Sponsors from any further claims of the Company in respect of any further amounts regarding the
Construction Properties or any costs or liabilities incurred by the Company relating to the Construction Properties. 
  
 (b) Fresno. The Company and Sponsors shall cooperate, and use commercially reasonable efforts to collect, as promptly as possible following the
date hereof, the balance of the insurance proceeds claimed by ACT Fresno in connection with the fire that occurred at its Construction Properties in 2003 (the “Fresno Fire”). Subject to the provisions of the next immediate sentence,
the amount of any such insurance proceeds collected by the Company Entities or ACT Fresno (the “Collected Insurance Proceeds”) may be used by the Company to achieve Completion, obtain any Governmental Permits and pay for
Construction Delay Costs with respect to the Construction Property owned by ACT Temple (but not with respect to any of the other Construction Properties) (the “Temple Completion Costs”) but only to the extent the Temple Completion
Costs previously have not been satisfied utilizing the Completion Funds pursuant to Section 1.4(a). Upon receipt by the Company Entities or ACT Fresno of any such insurance proceeds, (i) if the Temple Completion Costs shall have been satisfied, then
any Collected Insurance Proceeds received by the Company Entities or ACT Fresno shall be held by them in trust for NEWCO and shall be promptly remitted to NEWCO; (ii) if the Temple Completion Costs shall have not been satisfied and there does not
remain any Completion Funds not previously delivered to the Company Entities, then any Collected Insurance Proceeds received by the Company Entities or ACT Fresno shall be deemed Completion Funds and may be used at the Company’s discretion to
satisfy the Temple Completion Costs; and (iii) if the Temple Completion Costs shall have not been satisfied and there remains Completion Funds not previously delivered to the Company Entities, then any Collected Insurance Proceeds received by the
Company Entities or ACT Fresno shall be delivered to Escrow Agent to be held as and part of the Escrowed Funds; provided, however, that disbursements to the Company from the Escrowed Funds of any Collected Insurance Proceeds may be used only to
satisfy Temple Construction Costs. Upon the written request of Sponsors, and at no cost to the Company Entities and/or ACT Fresno, the Company Entities and ACT Fresno shall, subject to the continuing directions of the Sponsors, commence litigation
or such other legal proceedings as the Sponsors reasonably shall request and against such persons and entities as the Sponsors shall direct (the “Insurance Litigation”) to seek to recover insurance proceeds claimed by ACT Fresno in
connection with the Fresno Fire. The Company Entities and ACT Fresno shall cooperate with the Sponsors in prosecuting any Insurance Litigation; provided, however, that neither the Company Entities nor ACT Fresno shall be obligated to incur any costs
or expenses in connection with such cooperation regarding any Insurance Litigation. Further, the Company Entities and ACT Fresno may not agree to settle or otherwise compromise any claims against the insurer for all or any portion of such insurance
proceeds without the prior written consent thereto by Sponsors. At the request of Sponsors at any time following the satisfaction of 
  

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 the Temple Completion Costs, the Company Entities and ACT Fresno shall either (i) assign their claim for all remaining
insurance proceeds to NEWCO, or (ii) seek to enforce such claim against the insurer upon receipt by the Company Entities or ACT Fresno of appropriate indemnifications from Sponsors for all associated costs of such enforcement actions, with any
insurance proceeds collected through such action to be remitted to NEWCO. 
  
 (c) Survival. The provisions of this Section 1.4 shall survive the Closing but shall cease to be binding upon the early termination of this Agreement pursuant to the terms hereof. 
  
 1.5. Annual Meeting. On or before the Closing, as reasonably necessary
to consummate the IPO, the Company shall convene its annual meeting of shareholders for the purpose of (i) approving the amendment of the Company’s Articles of Incorporation in the form annexed hereto as Exhibit F-1, (ii) approving the
Company’s 2004 Incentive Award Plan, in the form annexed hereto as Exhibit F-2, and (iii) electing as the sole members of the Board of Directors of the Company the persons identified as such in the Registration Statement, and RSVP shall
vote its shares of the Company’s capital stock at such meeting in support of such resolutions. 
  
 1.6. Further Acts. The Company Entities and the Sponsors shall perform, execute, and deliver, or cause to be performed, executed, and delivered by
their direct or indirect subsidiaries, at the Closing or after the Closing, any and all further acts, instruments, and agreements and provide such further assurances as the other parties may reasonably require to consummate the transactions and
otherwise satisfy the covenants and conditions contemplated hereunder. 
  
 ARTICLE II. 
  
 CONDITIONS TO CLOSING

  
 2.1. Company Conditions to Closing. The obligations
of each Company Entity hereunder are subject to the satisfaction of the conditions set forth below on or before the Closing. 
  
 (a) Representations and Warranties True and Correct. The representations and warranties herein of each of the Sponsors shall be true and correct in
all material respects as of the Closing Date; 
  
 (b)
Covenants. The obligations of the Sponsors hereunder, including without limitation, with respect to the Formation Transactions, shall have been performed or complied with in all material respects; 
  
 (c) Closing of IPO. The IPO shall have been consummated
simultaneously with or immediately prior to the closing of the Formation Transactions and shall have occurred by no later than September 30, 2004. 
  

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 2.2. Sponsors’ Conditions to Closing. The obligations of each of the Sponsors hereunder are
subject to the satisfaction of the conditions set forth below on or before the Closing: 
  
 (a) Representations and Warranties True and Correct. The representations and warranties herein of each of the Company Entities shall be true and correct in all material respects as of the Closing Date;

  
 (b) Covenants. The obligations of the Company Entities
hereunder, including without limitation, with respect to the Formation Transactions, shall have been performed or complied with in all material respects; and 
  
 (c) Closing of IPO. The IPO shall have been consummated simultaneously with or immediately prior to the closing of the Formation
Transactions and shall have occurred by no later than September 30, 2004. 
  
 2.3. Abandonment of IPO. If, at any time, either the Company or the Sponsors shall determine in its sole and absolute discretion to abandon the IPO, this Agreement shall be immediately terminated and
thereupon each party shall be released from its obligations hereunder and shall have no further liability hereunder. 
  
 ARTICLE III. 
  
 REPRESENTATIONS AND WARRANTIES AMONG THE PARTIES 
  
 3.1. Definitions. As used in this Article III, the following terms shall have the following meanings: 
  
 (i) “Actions” means all actions, litigations, 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. 
  
 (ii) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (iii) “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: (x) 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.), the Emergency Planning and Community Right-to-Know Act of
1986 (42 U.S.C. 11001 et seq.), and (y) applicable state and local statutory and regulatory laws, statutes and regulations pertaining to Hazardous Materials. 
  
 (iv) “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. 
  

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 (v) “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. 
  
 (vi) “Hazardous Material” means any substance which is controlled, regulated or prohibited under any
Environmental Law as in effect or regulated by any Governmental Entity as of the date hereof. 
  
 (vii) “Liens” means any mortgages, pledges, liens, options, charges, security interests, mortgage deed, restrictions, prior assignments, encumbrances, covenants, encroachments, assessments, purchase
rights, rights of others, licenses, easements, voting agreements, liabilities or claims of any kind or nature whatsoever, direct or indirect, including, without limitation, interests in or claims to revenues generated by such property. 

 
 (viii) “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. 
  
 (ix) “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 pursuant and which, if material in amount, are disclosed in the Registration Statement (including, without limitation,
any matters for which a reserve has been established as reflected in the pro forma financial statements contained in the Registration Statement); 
  
 (2) Zoning laws and ordinances applicable to the RAP Properties and RSVP Properties which are not violated by the existing structures or present uses
thereof; 
  
 (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 not more than 60 days past due or which are being
contested in good faith by appropriate proceedings diligently pursued and which, if material in amount, are disclosed in the Registration Statement (including, without limitation, any matters for which a reserve has been established as reflected in
the pro forma financial statements contained in the Registration Statement); 
  
 (4) non-exclusive easements for public utilities that do not have a Material Adverse Effect upon, or interfere with the use of, the RAP Properties and RSVP Properties; 
  

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 (5) leases to student occupants of the RAP Properties and RSVP Properties; and 
  
 (6) any exceptions contained in the existing owner’s or leasehold title
insurance policies with respect to each RAP Property and RSVP Property. 
  
 (x) “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or governmental entity.

  
 (xi) “RAP Properties” means the real
property owned (whether directly or indirectly) by the RAP Student Housing Entities. 
  
 (xii) “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). 
  
 (xiii) “RSVP Properties”
means the real property owned and ground leased (whether directly or indirectly) by the RSVP Student Housing Entities. 
  
 3.2. Representations by RAP-ACP. RAP-ACP represents and warrants to each of the Company Entities, other than with respect to such matters set forth
in the Registration Statement or that are known by the Company, 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 RAP Student Housing Entities shall apply with respect to Titan II (hereinafter defined), as to which no
representations and warranties are being made by RAP-ACP hereunder: 
  
 (a) Organization and Power. RAP-ACP 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 has been duly authorized by RAP-ACP, and this Agreement constitutes the legal, valid and binding obligation of RAP-ACP, enforceable
against it in accordance with this Agreement’s terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 
  
 (b) Capitalization. The interests owned by RAP-ACP directly and
indirectly in the Student Housing Entities listed on Schedule III (the “RAP Student Housing Entities”) (the “RAP Interests”) constitute all of the issued and outstanding interests of the RAP Student
Housing Entities owning (directly or indirectly) the RAP Properties and other assets to be conveyed by RAP-ACP to the Company Entities in accordance with the Formation Transactions listed in Exhibit A. Except as set forth in the Registration
Statement, RAP-ACP is the sole owner of the RAP 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 RAP Interests, free and clear of any Liens, except Permitted Liens and such other Liens that would not have, or 
  

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 reasonably be expected to have, a Material Adverse Effect, and, upon delivery of the Redemption Amount 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. Other than as described in the Registration Statement, there are no rights to purchase, options or similar rights relating to any of the RAP Properties or
the RAP Interests. Except as contemplated in the Formation Transactions or as otherwise disclosed in the Registration Statement, RAP-ACP has no commitment or legal obligation, absolute or contingent, to any other Person other than the Company
Entities to sell, assign, transfer or effect a sale of any right, title or interest in or to any RAP Interests, RAP Properties or other assets to be conveyed to the Company Entities by RAP-ACP in accordance with the Formation Transactions.

  
 (c) No Litigation. To RAP-ACP’s knowledge, except
for Actions covered by existing policies of insurance, there are no Actions pending or threatened, affecting all or any portion of the RAP Interests or the RAP Student Housing Entities’ or RAP-ACP’s ability to consummate the transactions
contemplated hereby or would have a Material Adverse Effect. RAP-ACP has no knowledge of any outstanding order, writ, injunction or decree of any court, Governmental Entity or arbitration against or affecting all or any portion of the RAP Interests
or any RAP Student Housing Entity which in any such case would impair RAP-ACP’s ability to enter into and perform all of its obligations under the Agreement or would have a Material Adverse Effect. 
  
 (d) No Consents. Except as shall have been cured, consented to or
waived in writing by the Company prior to the Closing, 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 RAP-ACP or the RAP Student Housing Entities, (B) any agreement, document or instrument to which RAP-ACP is a party or by which RAP-ACP or any of the RAP Student Housing Entities
are bound or (C) to RAP-ACP’s knowledge, any term or provision of any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with, any person or governmental or regulatory authority or
foreign, federal, state, local or other law binding on RAP-ACP or the RAP Student Housing Entities or by which RAP-ACP, the RAP 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 RAP Interests or any RAP 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 Related Party Transactions. Other than as set forth in the Registration Statement, there are no material contracts, agreements or other transactions between any Company Entity or Student Housing Entity
or any of their respective affiliates, on the one part, and RAP-ACP or any person holding a direct interest in RAP-ACP or any of their respective affiliates, on the other part. 
  

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 (f) No Broker or Finder. Except as disclosed in the Registration Statement, there are no
contracts, agreements or understanding between RAP-ACP, or any person holding a direct or indirect controlling interest in RAP-ACP, or any of their respective affiliates and any other person that would give rise to a valid claim against any Company
Entity or any underwriter under the IPO for a brokerage commission, finder’s fee or other like payment in connection with the IPO or other transactions contemplated by this Agreement. 
  
 (g) Withholding; Non-Foreign Status. RAP-ACP is not subject to any
federal or state withholding provisions in connection with the transactions contemplated hereby, including withholding of sales proceeds to foreign persons. RAP-ACP is a United States person (as defined in Section 7701(a)(30) of the Code). RAP-ACP
is a United States person (as defined in Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign persons, and is not subject to any state withholding
requirements. 
  
 (h) Taxes. To RAP-ACP’s knowledge,
for federal income tax purposes, each RAP Student Housing Entity is, and at all times during its existence has been, a partnership or limited liability company taxable as a partnership (rather than an association or a publicly traded partnership
taxable as a corporation). To the knowledge of RAP-ACP, each RAP Student Housing 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 RAP-ACP’s knowledge, except as may be set forth in the Registration Statement, none of the tax returns filed by any RAP Student Housing Entity is the subject of a pending or ongoing audit, and no federal,
state, local or foreign taxing authority has asserted any tax deficiency or other assessment against a RAP Property or a RAP Student Housing Entity. To RAP-ACP’s knowledge, neither RAP-ACP nor the RAP Student Housing Entities have received any
notification of any material new or increased general or special tax assessments for any of the RAP Properties or the RAP Interests. 
  
 (i) Real Property. 
  
 (i) To RAP-ACP’s knowledge, except as set forth in the Registration Statement, neither RAP-ACP nor any of RAP Student Housing Entities has given or
received any notice of any uncured default with respect to any material agreement affecting the RAP Properties which would have a Material Adverse Effect, and, no event has occurred or is threatened, which through the passage of time or the giving
of notice, or both, would constitute a material default thereunder or would cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any RAP Property, except for Permitted Liens or such Liens that would
not have, or reasonably be expected to have, a Material Adverse Effect. 
  
 (ii) To RAP-ACP’s knowledge each RAP Student Housing Entity identified on Schedule III as owning an underlying Property has insurable fee simple or ground lease title to such Property. 
  
 (iii) To RAP-ACP’s knowledge, there is no existing, 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 RAP Properties in any material respect. 
  

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 (iv) There are no ground leases as to which an RAP Student Housing Entity holds an interest as lessee or
tenant. 
  
 (j) Environmental Compliance. To RAP-ACP’s
knowledge, except as may be disclosed in the Registration Statement or the environmental reports which have been made available by the Sponsors to the Company Entities (the “Environmental Reports”) or would not have a Material
Adverse Effect, the RAP Properties are currently in material compliance with all Environmental Laws and Environmental Permits. To RAP-ACP’s knowledge, RAP-ACP has not 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 RAP Properties. To RAP-ACP’s knowledge, except as may be disclosed in the Registration Statement or the
Environmental Reports, no investigation or litigation with respect to Hazardous Materials located in, on, under or upon any of the RAP Properties is pending or has been overtly threatened in the last twelve months by any Governmental Entity or any
third party. 
  
 (k) Intellectual Property. To
RAP-ACP’s knowledge, except as would not have a Material Adverse Effect there are no Actions involving RAP-ACP, any RAP Student Housing Entities, or the RAP Properties pending or threatened, that concern any copyrights, copyright application,
trademarks, trademark registrations, trade names, service marks, service mark registrations, trade names and trade name registrations or any trade secrets (the “Proprietary Rights”) being transferred to the Company Entities
hereunder by RAP-ACP. Except as would not have a Material Adverse Effect, to RAP-ACP’s knowledge, RAP-ACP has the right and authority to use the Proprietary Rights being transferred to the Company Entities hereunder by RAP-ACP necessary in
connection with the operation of the RAP Properties in the manner in which it is currently used, and to convey such right and authority to the Company Entities at the Closing. 
  
 (l) Existing Loans. The Registration Statement lists all secured loans presently encumbering the RAP Properties or
any direct or indirect interest in any RAP Student Housing Entity, and any unsecured loans made to RAP-ACP or any RAP Student Housing Entity to be assumed by the Company Entities or any subsidiary of the Company Entities at Closing, as of the date
hereof (the “RAP Existing Loans”). To RAP-ACP’s knowledge, the RAP Existing Loans and the documents entered into in connection therewith (collectively, the “RAP Loan Documents”) are in full force and effect as
of the date hereof. To RAP-ACP’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 RAP Loan Documents which
would have a Material Adverse Effect. True and correct copies of the existing RAP Loan Documents have been made available to the Company Entities. 
  
 (m) No Untrue Statement. To the knowledge of RAP-ACP, other than such matters that are known by the Company, the Registration Statement does not,
and on the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, not misleading. 
  

 11 

 (n) For purposes of this Section 3.2, “knowledge” of RAP-ACP shall be limited to the actual
knowledge of Messrs. Scott Rechler, Seth Lipsay, Steven Shepsman and Frank Adipietro. 
  
 3.3. Representations by RSVP. RSVP represents and warrants to each of the Company Entities, other than with respect to such matters set forth in the Registration Statement or that are known by the Company, that
each and every one of the following statements is true, correct, and complete as in all material respects 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 RSVP Student Housing Entities shall apply with respect to Titan II (hereinafter defined), as to which no representations and warranties are being made by RSVP hereunder:

  
 (a) Organization and Power. RSVP 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 has been duly authorized by RSVP, and this Agreement constitutes the legal, valid and binding obligation of RSVP, enforceable against it in accordance with this Agreement’s terms, subject to bankruptcy,
reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 
  
 (b) Capitalization. The interests owned by RSVP Student Housing LLC, an indirectly owned and controlled subsidiary of RSVP
(“RSVP-LLC”), directly and indirectly in the Student Housing Entities listed on Schedule IV (the “RSVP Student Housing Entities”) (the “RSVP Interests”) constitute all of the issued
and outstanding interests of the entities owning (directly or indirectly) the RSVP Properties and other assets to be conveyed by RSVP to the Company Entities in accordance with the Formation Transactions listed in Exhibit A, other than a 0.1%
limited partnership interest in RFG Capital Management Partners, L.P. Except as set forth in the Registration Statement, RSVP-LLC is the sole owner of the RSVP 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 RSVP 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 Redemption Amount 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. Other than
as described in the Registration Statement, there are no rights to purchase, options or similar rights relating to any of the RSVP Properties or the RSVP Interests. Except as contemplated in the Formation Transactions or as otherwise disclosed in
the Registration Statement, neither RSVP nor RSVP-LLC has a 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 
  

 12 

 any RSVP Interests, RSVP Properties or other assets to be conveyed to the Company Entities by RSVP and RSVP-LLC in
accordance with the Formation Transactions. Notwithstanding the above, with respect to the RSVP Student Housing Entities identified with an asterisk (“*”) on Schedule IV attached hereto, the representations made in this Section
3.3(b) shall be limited to the knowledge of RSVP. 
  
 (c) No
Litigation. To RSVP’s knowledge, except for Actions covered by existing policies of insurance, there are no Actions pending or threatened, affecting all or any portion of the RSVP Interests or the RSVP Student Housing Entities’ or
RSVP’s or RSVP-LLC’s ability to consummate the transactions contemplated hereby or would have a Material Adverse Effect. RSVP has no knowledge of any outstanding order, writ, injunction or decree of any court, Governmental Entity or
arbitration against or affecting all or any portion of the RSVP Interests or any RSVP Student Housing Entity which in any such case would impair RSVP’s ability to enter into and perform all of its obligations under the Agreement or would have a
Material Adverse Effect. 
  
 (d) No Consents. Except as
shall have been cured, consented to or waived in writing by the Company prior to the Closing, 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 RSVP, RSVP-LLC or the RSVP Student Housing Entities, (B) any agreement, document or instrument to which RSVP is a party or by which
RSVP, RSVP-LLC or any of the RSVP Student Housing Entities are bound or (C) to RSVP’s knowledge, any term or provision of any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with,
any person or governmental or regulatory authority or foreign, federal, state, local or other law binding on RSVP, RSVP-LLC or the RSVP Student Housing Entities or by which RSVP, RSVP-LLC or the RSVP 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 RSVP Interests
or any RSVP 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 Related Party Transactions. Other than as set forth in the Registration Statement, there are no material contracts, agreements or other
transactions between any Company Entity or Student Housing Entity or any of their respective affiliates, on the one part, and RSVP or any person holding a direct interest in RSVP or any of their respective affiliates, on the other part. 

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

 13 

 (g) Withholding; Non-Foreign Status. RSVP is not subject to any federal or state withholding
provisions in connection with the transactions contemplated hereby, including withholding of sales proceeds to foreign persons. RSVP is a United States person (as defined in Section 7701(a)(30) of the Code). RSVP is a United States person (as
defined in Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign persons, and is not subject to any state withholding requirements. 
  
 (h) Taxes. To RSVP’s knowledge, For federal income tax purposes,
each RSVP Student Housing Entity is, and at all times during its existence has been, a partnership or limited liability company taxable as a partnership (rather than an association or a publicly traded partnership taxable as a corporation), other
than SHP-The Callaway House Manager Corp. To the knowledge of RSVP, each RSVP Student Housing 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 RSVP’s knowledge, except as may be set forth in the Registration Statement, none of the tax returns filed by any RSVP Student Housing Entity is the subject of a pending or ongoing audit,
and no federal, state, local or foreign taxing authority has asserted any tax deficiency or other assessment against a RSVP Property or a RSVP Student Housing Entity. To RSVP’s knowledge, neither RSVP nor the RSVP Student Housing Entities have
received any notification of any material new or increased general or special tax assessments for any of the RSVP Properties or the RSVP Interests. 
  
 (i) Real Property. 
  
 (i) To RSVP’s knowledge, except as set forth in the Registration Statement, neither RSVP nor any of the RSVP Student Housing Entities has given or
received any notice of any uncured default with respect to any material agreement affecting the RSVP Properties which would have a Material Adverse Effect, and, no event has occurred or is threatened, which through the passage of time or the giving
of notice, or both, would constitute a material default thereunder or would cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any RSVP Property, except for Permitted Liens or such Liens that would
not have, or reasonably be expected to have, a Material Adverse Effect. 
  
 (ii) To RSVP’s knowledge each RSVP Student Housing Entity identified on Schedule IV as owning an underlying Property has insurable fee simple or ground lease title to such Property. 
  
 (iii) To RSVP’s knowledge, there is no existing, 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 RSVP Properties in any material respect. 
  
 (iv) The ground leases referenced in the Registration Statement (the “Ground Leases”) are the only ground
leases in which any of the RSVP Student Housing Entities holds an interest as lessee or tenant. To RSVP’s knowledge, such Ground Leases are in full force and effect, except as indicated otherwise in the Registration Statement or in any estoppel
certificate made available or delivered to the Company Entities prior to the Closing. To 
  

 14 

 RSVP’s knowledge, neither RSVP nor the RSVP Student Housing Entities have received any written notice from any
ground lessor under any of the Ground Leases alleging the existence of any default on the part of RSVP or the RSVP Student Housing Entities thereunder. To RSVP’s knowledge, no ground lessor under any of the Ground Leases is in default or is
presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings. To RSVP’s knowledge, neither RSVP nor any of the RSVP Student Housing Entities are in default under any Ground Lease, and 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. 
  
 (j) Environmental Compliance. To RSVP’s knowledge, except as may be disclosed in the Registration Statement or the Environmental Reports or
would not have a Material Adverse Effect, the RSVP Properties are currently in material compliance with all Environmental Laws and Environmental Permits. To RSVP’s knowledge, RSVP has not 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 RSVP Properties. To RSVP’s knowledge,, except as may be disclosed in the
Registration Statement or the Environmental Reports, no investigation or litigation with respect to Hazardous Materials located in, on, under or upon any of the RSVP Properties is pending or has been overtly threatened in the last twelve months by
any Governmental Entity or any third party. 
  
 (k)
Intellectual Property. To RSVP’s knowledge, except as would not have a Material Adverse Effect, there are no Actions involving RSVP, any RSVP Student Housing Entities, or the RSVP Properties pending or threatened that concern any
Proprietary Rights being transferred to the Company Entities hereunder by RSVP. Except as would not have a Material Adverse Effect, to RSVP’s knowledge RSVP has the right and authority to use the Proprietary Rights being transferred to the
Company Entities hereunder by RSVP necessary in connection with the operation of the RSVP Properties in the manner in which it is currently used, and to convey such right and authority to the Company Entities at the Closing. 
  
 (l) Existing Loans. The Registration Statement lists all secured loans
presently encumbering the RSVP Properties or any direct or indirect interest in any RSVP Student Housing Entity, and any unsecured loans made to RSVP or any RSVP Student Housing Entity to be assumed by the Company Entities or any subsidiary of the
Company Entities at Closing, as of the date hereof (the “RSVP Existing Loans”). To RSVP’s knowledge, the RSVP Existing Loans and the documents entered into in connection therewith (collectively, the “RSVP Loan
Documents”) are in full force and effect as of the date hereof. To RSVP’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 RSVP Loan Documents which would have a Material Adverse Effect. True and correct copies of the existing RSVP Loan Documents have been made available to the Company Entities. 
  
 (m) No Untrue Statement. To the knowledge of RSVP, other than such
matters that are known by the Company, the Registration Statement does not, and on the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to
make the statements therein, not misleading. 
  

 15 

 (n) For purposes of this Section 3.3, “knowledge” of RSVP shall be limited to the actual
knowledge of Messrs. Scott Rechler, Seth Lipsay, Steven Shepsman and Frank Adipietro. 
  
 3.4. Representations by the Company and Operating Partnership. Each of the Company Entities represents and warrants to the Sponsors that each and every one of the following statements is true, correct, and
complete in every material respect as of the date of this Agreement and will be true, correct, and complete in every material respect as of the Closing Date: 
  

(a) Organization and Power. Such entity is duly organized, validly existing and in good standing under the laws of the state of its formation
and has full right, power, and authority to enter into this Agreement, and to assume and perform all of its obligations under this Agreement. The execution, delivery and performance of this Agreement have been duly authorized by such entity, and
this Agreement constitutes the legal, valid and binding obligation of such entity, enforceable against such entity in accordance with its terms, subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement of
creditors’ rights generally and to general principles of equity. 
  
 (b) Litigation. There is no action, suit, claim, or proceeding pending or, to such entity’s knowledge, threatened in any court, before any arbitrator, or before or by any governmental body or other regulatory authority naming
any Company Entity as a party that is reasonably likely to materially and adversely affect the ability of the Company Entities to perform their obligations hereunder, otherwise delay the consummation of any of the transactions contemplated hereby
(including, without limitation, the Formation Transactions). No Company Entity is subject to any judgment, decree, injunction, rule, or order of any court relating to the transactions contemplated by this Agreement (including, without limitation,
the Formation Transactions). 
  
 (c) No Consents. No
authorization, consent, approval, permit, or license of, or filing with, any governmental or public body or authority, or any other person or entity is required to authorize, or 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 in the Registration Statement or on Schedule V hereof. 
  
 (d) No Untrue Statement. To the knowledge of such entities, the Registration Statement does not, and on the Closing Date will not, contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, not misleading. 
  
 3.5. Survival. Each of the representations and warranties contained in this Article III shall the survive the Closing
of the IPO for a period of one (1) year. 
  

 16 

 ARTICLE IV. 
  
 COVENANTS 
  
 4.1. From the date hereof through the Closing Date, and except in connection with the Formation Transactions, no Sponsor shall: 
  
 (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 Company 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 Company Entities or any of the Student Housing Entities or any real property owned or ground leased by the
Student Housing Entities; 
  
 (c) Permit the Company Entities or
any of the Student Housing Entities to enter into any material transaction not in the ordinary course of business; 
  
 (d) Permit the Company Entities or any of the Student Housing 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 their representations or warranties as set forth herein untrue in any material respect; 

 
 (f) Materially alter or causing the alteration of the manner of keeping of
the books, accounts or records of the Company Entities or any of the Student Housing Entities, or the accounting practices therein reflected; or 
  
 (g) Allow any of the Company Entities or any of the Student Housing Entities to make or pay any distributions or dividends to any person other than
another Student Housing Entity. 
  
 4.2. From the date hereof and
subsequent to the Closing, each of the Sponsors agrees to provide the Company with such tax information relating to the Company Entities or any of the Student Housing Entities as reasonably requested by the Company and to cooperate with the Company
with respect to the filing of tax returns. 
  
 4.3. On or before
the Closing, the Sponsors shall: 
  
 (a) Cause the Company
Entities and Student Housing Entities (including, without limitation, their respective assets) to be free and clear of any and all obligations, liabilities, liens or encumbrances under that certain loan made to RSVP Holdings, LLC, Reckson Strategic
Venture Partners, LLC, and Reckson Asset Partners, LLC (affiliates of RAP-ACP and the RSVP Entities), by GMAC Commercial Mortgage Corporation pursuant to that certain Credit Agreement dated as of September 18, 2003; 
  

 17 

 (b) Obtain the approval of the United States Bankruptcy Court for the Southern District of New York, with
respect to proceedings under Chapter 11 of the United States Bankruptcy Code concerning FrontLine Capital Group, Inc. (“Frontline”), an affiliate of the RSVP Entities, authorizing Frontline and its subsidiaries to do all things
necessary to close the Formation Transactions and the IPO; 
  
 (c)
Cause RAPSH (as hereinafter defined) to enter into and perform its obligations under the Purchase and Sale Agreement with Titan Investments I, LLC (“Titan I”)and Anthony J. Patinella, Jr. (“Patinella”) in the form
annexed hereto as Exhibit G-1 pursuant to which RAPSH will acquire a ninety-five percent (95%) ownership interest in Titan Investments II, LLC (“Titan II”) on the Closing Date for $5,726,000 (the “Titan/Company
Purchase Agreement”), and cause Titan I and Patinella to perform all of their obligations under the Titan/Company Purchase Agreement; 
  
 (d) Cause RAP-RSVP Titan 5, LLC to enter into and perform its obligations under the Purchase and Sale Agreement with Titan I and Patinella in the form
annexed hereto as Exhibit G-2 pursuant to which RAP-RSVP Titan 5, LLC will acquire a five percent (5%) ownership interest in Titan II on the Closing Date for $1 plus a percentage of amounts paid to NEWCO by the Company pursuant to Section 1.4
hereunder, if any (the “Titan/Sponsors Purchase Agreement”), and cause Titan I and Patinella to perform all of their obligations under the Titan/Sponsors Purchase Agreement; and 
  
 (e) Cause all persons employed by, or otherwise affiliated with, any of the
Sponsors to resign from all positions as a partner, officer or director of any Student Housing Entity, and to exchange mutual releases with such Student Housing Entity for any and all claims with respect to such role. 
  
 4.4. Nomination of Director. The Company shall nominate Mr. Scott
Rechler for re-election as a director at each of the Company’s two annual meetings of shareholders immediately following the Closing. The Company’s obligations under this Section 4.4 shall be conditioned on Mr. Rechler’s being willing
and eligible under all applicable laws and regulations to serve on the Board of Directors. Mr. Rechler shall not receive any compensation for serving on the Board of Directors of the Company until such time as he is first elected to such position by
a vote of the public shareholders of the Company, following which he will be entitled to the same compensation as the independent members of the Board of Directors of the Company. The terms of this Section 4.4 shall survive the Closing but shall
cease to be binding upon the early termination of this Agreement pursuant to the terms hereof. 
  
 4.5. The Village at Riverside. The Company acknowledges and agrees that, following the Closing, notwithstanding the fact that SHP-The Village at Riverside, L.P. (“SHP Riverside”) will no longer
be affiliated with the Company Entities, RAP Student Housing Properties, LLC, a Delaware limited liability company (“RAPSH”) that will become wholly-owned subsidiary of the Operating Partnership as part of the Formation
Transactions, will remain as guarantor of certain obligations and liabilities of SHP Riverside (the “Riverside Guarantee”) under that 
  

 18 

 certain Loan Agreement, dated as of December 29, 2000, between General Electric Capital Corporation and SHP Riverside
(the “Riverside Loan”). Following the closing of the Formation Transactions and the IPO, the Company Entities will cause RAPSH to use commercially reasonable efforts not to violate any of the provisions of the Riverside Guarantee in
a manner that would result in a default by SHP Riverside under the Riverside Loan. In consideration for the above, the Sponsors agree that for long as the Riverside Guarantee is in effect, or any of the Company Entities or RAPSH shall have any
liability thereunder, and such matters are in their control or the control of their affiliates, they shall (i) cause American Campus Management (Texas), Ltd. or another direct or indirect subsidiary of the Company Entities to continue to serve as
the property manager of the property located in Austin, Texas commonly known as “The Village at Riverside” (“Riverside”) under terms no less favorable to the manager than those under that certain Property Management
Agreement For The Village at Riverside, dated as of December     , 2000, between SHP Riverside and American Campus Management (Texas), Ltd. (the “Management Agreement”); (ii) not transfer or permit the
transfer of all or any portion of their direct or indirect ownership interest in Riverside, other than to an affiliate of Sponsors permitted under the current mortgage indebtedness secured by Riverside; (iii) not permit any party, including without
limitation, SHP Riverside, to exercise signatory authority with respect to any bank accounts related to Riverside, including, without limitation, the Operating Account (as such term is defined in the Management Agreement), without first obtaining
the manager’s prior written consent; and (iv) not permit any violation by SHP Riverside or any of their affiliates of any of the terms of the Riverside Loan that would give rise to liability under the Riverside Guarantee and shall indemnify,
defend and hold harmless the Company Entities and their respective affiliates, directors, officers, employees, representatives and agents, including without limitation, RAPSH, from and against all claims, costs, expenses, losses and damages
(including, without limitation, reasonable attorney’s fees and expenses) incurred by such parties under or in connection with the Riverside Guarantee, subject to the limitation contained in Section 5.1(f) hereof. Furthermore, the Sponsors agree
to use commercially reasonable efforts to cause any successor owner of Riverside (including the direct or indirect equity interests in Riverside) to offer to retain an affiliate of the Company Entities as property manager of Riverside under terms no
less favorable to the manager as those under the Management Agreement. The obligations of the Sponsors under this Section 4.5 are joint and several. The terms of this Section 4.5 shall survive the Closing and shall continue for so long as the
Riverside Guarantee is in effect but shall cease to be binding upon the early termination of this Agreement pursuant to the terms hereof. 
  
 4.6. The Company shall: 
  
 (a) At or prior to the Closing, make all filings and otherwise do all things so as to comply with all applicable regulatory requirements of the New York
Stock Exchange and National Association of Securities Dealers in connection with the IPO; 
  
 (b) At or promptly following the Closing, satisfy all Transaction Costs; 
  
 (c) At the Closing, in addition to payment of the Redemption Amount, pay to RAP-ACP in immediately available funds (i) a liquidated working capital
distribution in the amount of $1,500,000 and (ii) budgeted development fees relating to the Construction Properties in the amount of $170,000. 
  

 19 

 The terms of this Section 4.6 shall survive the Closing but shall cease to be binding upon the early termination of this
Agreement pursuant to the terms hereof. 
  
 ARTICLE V.

  
 INDEMNIFICATION 
  
 5.1. Indemnities. 
  
 (a) RAP-ACP and RSVP, jointly and severally, agree to indemnify, defend and
hold harmless the Company Entities and their respective affiliates, directors, officers, employees, representatives and agents, from and against all costs, expenses, losses and damages (including, without limitation, reasonable attorney’s fees
and expenses) (collectively, “Losses”) incurred by such parties resulting from any misrepresentation or breach of representation, warranty or covenants made by RAP-ACP, but only to the extent such Losses in the aggregate
exceed $50,000. The provisions of this Section 5.1(a) shall survive the Closing for a period of one (1) year and shall be subject to the limitations specified in Section 5.1(f) hereof. 
  
 (b) RSVP agrees to indemnify, defend and hold harmless the Company Entities and their respective affiliates, directors,
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 RSVP, but only to the extent such Losses in
the aggregate exceed $50,000. The provisions of this Section 5.1(b) shall survive the Closing for a period of one (1) year and shall be subject to the limitations specified in Section 5.1(f) hereof. 
  
 (c) The Company agrees to indemnify, defend and hold harmless the Sponsors
and their respective affiliates, directors, 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 $50,000. The provisions of this Section 5.1(c) shall survive the Closing for a period of one (1) year. The Company’s obligations under this Section 5.1(c) shall
not apply to any shareholder, officer, director, employee or representative of the Company. 
  
 (d) 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. 
  

 20 

 (e) The obligations of RAP-ACP and RSVP under Sections 4.5, 5.1(a), 5.1(b), 6.1 and 6.2 hereunder shall
not apply to any partner, member (except RSVP’s interest in RAP-ACP), shareholder, managing member (except RSVP’s interest in RAP-ACP), officer, director, employee or representative of RAP-ACP or RSVP. 
  
 (f) In no event shall the amounts paid or payable by RAP-ACP and RSVP, taken
together, in respect of the obligations of RSVP and RAP-ACP under Sections 4.5, 5.1(a), 5.1(b), 6.1 and 6.2 exceed $20,000,000 in the aggregate. 
  
 ARTICLE VI. 
  
 REPRESENTATIONS, WARRANTIES AND INDEMNITIES OF SPONSOR IN FAVOR 
 OF
UNDERWRITERS 
  
 6.1. Representations and Warranties by
RSVP and RAP-ACP. RSVP and RAP-ACP, jointly and severally, represent and warrant to, and agree with, each of Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives (the “Representatives”) of the
several underwriters to be named in an underwriting agreement to be entered into by the underwriters and the Company, as set forth below in this Section 6.1 as of the Closing Date, as follows: 
  
 (a) Entity Power. Each of RSVP and RAP-ACP has all requisite power to
enter into this Agreement and consummate the transactions contemplated hereby. 
  
 (b) Accurate Disclosure. RSVP and RAP-ACP are familiar with the Registration Statement, the prospectus forming a part thereof (the “Prospectus”) and each amendment or supplement; the
information with respect to Reckson, Frontline, RSVP, RAP-ACP, RAPSH, RAP, RSVP-ACP and ACCL (in each case as defined in the Registration Statement; each individually, a “Sponsor Related Entity”, and collectively the
“Sponsor Related Entities”) as indicated on the pages attached hereto as Exhibit E from the Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; RSVP and RAP-ACP have no knowledge of any material fact, condition or information, in each case relating solely to the Sponsor Related Entities, not disclosed in the
Registration Statement or the Prospectus that has materially adversely affected or will materially adversely affect the business of the Company Entities and their subsidiaries taken as a whole. 
  
 (c) Authorization and Enforceability of this Agreement. This Agreement
has been duly authorized, executed and delivered by or on behalf of each of RSVP and RAP-ACP and, assuming due authorization, execution and delivery by the other parties hereto (including the Representatives), is a valid and binding agreement of
each of RSVP and RAP-ACP, as applicable, enforceable against RSVP and RAP-ACP in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
relating to or affecting creditors’ rights and general principles of equity and except as rights to indemnify and contribution thereunder may be limited by applicable law or policies underlying such law. 
  

 21 

 (d) Absence of Proceedings. To the knowledge of RSVP or RAP-ACP, there is not pending or
threatened against any RSVP or RAP-ACP any action, suit or proceeding at law or in equity or before any court, tribunal, government body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against
RSVP or RAP-ACP of this Agreement or the ability of RSVP or RAP-ACP to perform its obligations hereunder. 
  
 (e) Knowledge. For purposes of Section 6.1, the “knowledge” of RSVP and/or RAP-ACP shall be limited to the knowledge of Messrs. Scott
Rechler, Seth Lipsay, Steven Shepsman and Frank Adipietro. 
  
 6.2. Indemnification and Contribution. 
  
 (a)
RSVP and RAP-ACP agree, jointly and severally, to indemnify and hold harmless each of the Representatives, the directors, officers, employees and agents of each Representative and each person who controls any of the Representatives within the
meaning of either the Securities Act of 1933, as amended (the “Act”) or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against any and all losses, claims, damages or liabilities, joint or
several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the disclosure with respect to the Sponsor Related Entities attached hereto as Exhibit E, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. The obligations of RSVP and RAP-ACP under this Section 6.2 shall be subject to the limitation specified in Section
5.1(f). This indemnity agreement will be in addition to any liability which any Sponsor Related Entities may otherwise have, but in all cases will be subject to the limitation specified in Section 5.1(f). 
  
 (b) Promptly after receipt by an indemnified party under this Section 6.2 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6.2, notify the indemnifying party in writing of the commencement thereof; but the
failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of
substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) above. The indemnifying party shall be
entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the 
  

 22 

 indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict
of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses
available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action and the intent to employ counsel hereunder or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of
the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, which consent shall not be unreasonably withheld, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 
  
 (c) In the event that the indemnity provided in paragraph (a) of this Section 6.2 is unavailable to or insufficient to hold
harmless an indemnified party for any reason, RSVP and RAP-ACP, jointly and severally, and the Representatives severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively “Section 6.2 Losses”) to which RSVP and RAP-ACP, and one or more of the Representatives may be subject in such proportion as is appropriate to reflect the
relative benefits received by the Company Entities and RSVP and RAP-ACP on the one hand and by the Representatives on the other from the IPO; provided, however, that in no case shall any Representatives (except as may be provided in
any agreement among underwriters relating to the IPO) be responsible for any amount in excess of the underwriting discount or commission applicable to the shares of common stock of the Company purchased by the underwriters in the IPO and in no case
shall RSVP and RAP-ACP be responsible for any amount in excess of the limitation specified in Section 5.1(f). If the allocation provided by the immediately preceding sentence is unavailable for any reason, RSVP, RAP-ACP and the Representatives
severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits, but also the relative fault of the Company Entities and RSVP and RAP-ACP on the one hand and of the Representatives on the other in
connection with the statements or omissions which resulted in such Section 6.2 Losses as well as any other relevant equitable considerations. Benefits received by the Company Entities shall be deemed to be equal to the total net proceeds from the
IPO (before deducting expenses) received by it; benefits received by RSVP and RAP-ACP shall be deemed to be equal to the Redemption Amount received by RAP-ACP, as adjusted in accordance with Section 4.6(c) of this Agreement; and benefits received by
the Representatives shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Prospectus. Relative fault shall be determined by reference to, among other things, whether any
untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company Entities and RSVP and 
  

 23 

 RAP-ACP on the one hand or the Representatives on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. RSVP, RAP-ACP and the Representatives agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other
method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph 6.2(c), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6.2, each person who controls a Representative within the meaning of either the Act or the Exchange Act and
each director, officer, employee and agent of a Representative shall have the same rights to contribution as such Representative, and each person who controls RSVP and RAP-ACP within the meaning of either the Act or the Exchange Act shall have the
same rights to contribution as RSVP and RAP-ACP subject in each case to the applicable terms and conditions of this Section 6.2(c). 
  
 (d) The respective agreements, representations and indemnities of RSVP and RAP-ACP set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by or on behalf of any Representative or any of their respective officers, directors, employees, agents or controlling persons referred to in this Section 6.2 hereof, and will survive the
consummation of the transactions anticipated in this Agreement. The provisions of Sections 6.1 and 6.2 shall survive the termination or cancellation of this Agreement. 
  
 ARTICLE VII. 
  
 CONSOLIDATED NET WORTH REQUIREMENT 
  
 7.1. Definitions. 
  
 (a) “Acceptable Appraisal” means any appraisal, in form, content and methodology reasonably acceptable to the Representatives prepared by
any independent appraiser which is a member of the Appraisal Institute with a national practice and who has at least 10 years experience with real estate or the same type and in the same geographic area as the property or other asset to be
appraised. 
  
 (b) “Consolidated Net Worth” of
any person at any time means the Consolidated Total Asset Value of such person at such time minus the Consolidated Total Indebtedness of such person at such time. 
  
 (c) “Consolidated Total Asset Value” of any person at any time means the sum of the following amounts of
such person and its consolidated entities at such time: (i) unrestricted cash and cash equivalents, (ii) the undepreciated book value of (a) all real estate assets owned or in operation, (b) unimproved land, and (c) development assets, (iii) the
depreciated book value of physical assets other than assets referred to in clause (ii) above, (iv) other items considered as assets within the meaning of generally accepted accounting principles other than goodwill and similar non-tangible assets
and (v) such persons pro rata share of any of the foregoing items that are attributable to any unconsolidated entity at such time; provided, however, that the value reflected in an Acceptable Appraisal for of any asset shall be deemed to be the
value of such asset for purposes of calculating Consolidated Total Asset Value. 
  

 24 

 (d) “Consolidated Total Indebtedness” of any person at any time means the sum of,
without duplication, the following amounts of such person and its consolidated entities at such time: (i) the principal amount of all borrowed money indebtedness plus accrued but unpaid indebtedness thereon, (ii) all obligations of such person for
the deferred purchase price of property or services (other than ordinary course trade payables not overdue by more than 60 days), (iii) the principal amount of all obligations under capital leases plus accrued but unpaid indebtedness thereon, (iv)
all obligations under letters of credit or similar facilities, (v) all obligations under hedge agreements, (vi) all amounts of guaranties, indemnities for borrowed money, stop-loss agreements, take-or-pay agreements and the like provided by such
person or any of its consolidated entities, (vii) all amounts of bonds posted by such person or any of its consolidated entities guaranties performance or payment obligations and (viii) such person’s pro rata share of any of the foregoing items
that are attributable to any unconsolidated entity at such time. 
  
 7.2. Consolidated Net Worth Requirement. RSVP hereby agrees and covenants that RSVP shall maintain a Consolidated Net Worth of not less than $20,000,000 less any amounts paid by RSVP or RAP-ACP under Sections 4.5, 5.1(a), 5.1(b) or
6.2 of this Agreement (the “Net Worth Requirement”) until the later of (a) the first anniversary of the Closing Date and (b) the settlement of any and all claims under Sections 4.5, 5.1(a), 5.1(b) or 6.2 arising prior to the first
anniversary of the Closing Date (collectively, the “Net Worth Expiration Date”). In addition, RSVP hereby agrees and covenants that RSVP shall not make any distribution of cash subsequent to the date hereof and through the Net Worth
Expiration Date, other than the distribution of the Redemption Amount and amounts delivered to Sponsors pursuant to Section 4.6(c) hereunder unless RSVP meets the Net Worth Requirement prior to and immediately subsequent to such distribution.

  
 ARTICLE VIII. 
  
 MISCELLANEOUS 
  
 8.1. Entire Agreement; Modifications and Waivers; Cumulative Remedies.
This Agreement supersedes any existing letter of intent between the parties, constitutes the entire agreement among the parties hereto and may not be modified or amended except by instrument in writing signed by the parties hereto, and no provisions
or conditions may be waived other than by a writing signed by the party waiving such provisions or conditions. No delay or omission in the exercise of any right or remedy accruing to a Company Entity or a Sponsor upon any breach under this Agreement
shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by a Company Entity or a Sponsor of any breach of any term, covenant, or condition herein stated shall not be deemed to
be a waiver of any other breach, or of a subsequent breach of the same or any other term, covenant, or condition herein contained. All rights, powers, options, or remedies afforded to a Company Entity or a Sponsor 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. 
  

 25 

 8.2. 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 (including by confirmed facsimile transmission) 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: 
  
 American Campus
Communities, Inc. 
 805 Las Cimas Parkway 
 Suite 400 
 Austin, TX 78746 
 Attn: President 
 Fax: (512) 732-2450 
  
 with a copy to: 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh
Avenue 
 New York, NY 10019 
 Fax: (212) 728-8111 
 Attn: Yaacov M. Gross 
  

The address of the Sponsors for all purposes under this Agreement shall be as follows: 
  
 Reckson Strategic Venture Partners 
 c/o New World Realty 
 60 Cutter Mill Road 
 Great Neck, NY 11021 
 Fax: (516) 465-2801

  
 with a copy to: 
  
 Herrick, Feinstein LLP 
 2 Park Avenue 
 New York, NY 10016 

Fax: (212) 592-1500 
 Attn: Irwin A.
Kishner 
  
 The address of the Representatives for all purposes under this
Agreement shall be as follows: 
  
 Citigroup Global Markets Inc.

 Deutche Bank Securities Inc. 
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, NY 10013 
 Fax: (212) 816-7912

 Attn: General Counsel 
  

 26 

 with a copy to: 
  

Sidley Austin Brown & Wood LLP 
 787
Seventh Avenue 
 New York, NY 10019 
 Fax: (212) 839-5599 
 Attn: J. Gerard Cummins 
  
 Any address or name specified above may be changed by a notice given by the addressee to the other parties. Any notice,
demand or other communication shall be deemed given and effective as of the date of delivery in person or receipt set forth on the return receipt. The inability to deliver because of changed address of which no notice was given, or rejection or
other refusal to accept any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or other communication as of the date of such attempt to deliver or rejection or refusal to accept. 
  
 8.3. Exhibits. All exhibits and schedules referred to in this
Agreement and attached hereto are hereby incorporated in this Agreement by reference. 
  
 8.4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws principles. 
  
 8.5. 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. 
  
 8.6. Successors and Assigns. This Agreement may not be assigned by any Company Entity or any Sponsor without the prior approval of each Company Entity or Sponsor, as applicable; provided, however, that each
Company Entity may assign its rights under this Agreement (but not its obligations) to a direct or indirect wholly-owned subsidiary of the Company without the prior approval of the Sponsors. This Agreement shall be binding upon, and inure to the
benefit of, each Company Entity, each of the Sponsors, and their respective legal representatives, successors, and permitted assigns. 
  
 8.7. 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. 
  
 8.8. 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. 
  
 8.9. 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 
  

 27 

 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. 
  
 8.10. 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 New York (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. 
  
 8.11. Additional Parties. Each Sponsor and Company Entity acknowledges that the Representatives are additional parties to this Agreement with
respect to Sections 5.1(f), 6.1, 6.2, 7.1 and 7.2 hereof. 
  
 [Signature pages follow] 
  

 28 

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

  

							
	Company Entities:
	
	American Campus Communities, Inc.
		
	By:	 	 /s/ Mark J. Hager

	Name:	 	Mark J. Hager
	Title:	 	Chief Financial Officer
	
	 American Campus Communities Operating
 Partnership LP

		
	By:	 	 American Campus Communities Holdings
 LLC,
its general partner

			
	 	 	By:	 	 /s/ Mark J. Hager

	 	 	Name:	 	Mark J. Hager	 	 
	 	 	Title:	 	Treasurer	 	 

  

 29 

							
	Sponsors:
	
	RAP-ACP LLC
		
	By:	 	 RAPSH Holdings LLC,
 its managing
member

			
	 	 	By:	 	 Reckson Asset Partners LLC,
 its sole
member

				
	 	 	 	 	By:	 	 /s/ Scott Rechler

	 	 	 	 	 	 	Authorized Signatory
	
	 Reckson Strategic Venture Partners, LLC, its Sole
 Member

		
	By:	 	 RSVP Holdings LLC,
 its Sole
Member

			
	 	 	By:	 	RSI Fund Management
	 	 	 	 	LLC, its Managing Member
				
	 	 	 	 	By:	 	 /s/ Scott Rechler

	 	 	 	 	 	 	Authorized Signatory

  

 30 

 As of the date first above written, the undersigned confirm and accept the above Agreement, but only with
respect to Sections 5.1(f), 6.1, 6.2, 7.1 and 7.2. 
  

			
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Paul J. Ingrassia

	Name:	 	Paul J. Ingrassia
	Title:	 	Managing Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ Geoffrey S. Bedrosian

	Name:	 	Geoffrey S. Bedrosian
	Title:	 	Director
		
	By:	 	 /s/ Robert Blumenthal

	Name:	 	Robert Blumenthal
	Title:	 	Managing Director

  

 31 

 Schedule I 
  

Student Housing Entities 
  

			
	 Subsidiary

	  	 State
 of
Incorporation

	 General Entities:
	  	 
	 American Campus Communities, L.L.C.
	  	DE
	 American Campus Charities Foundation
	  	TX
	 American Campus Properties Student Housing Financing, Ltd.
	  	TX
	 SPE Texas Campus, L.L.C.
	  	TX
	 RFG Capital Group, LLC
	  	NY
	 RFG Capital Management Partners, L.P.
	  	DE
	 RAP Student Housing Properties, LLC
	  	DE
		
	 Development Entities
	  	 
	 American Campus Developers, L.L.C.
	  	DE
	 American Campus Development (ASU), Ltd.
	  	TX
	 American Campus Development (ASU) GP, LLC
	  	TX
	 American Campus Development (Bayou Oaks), Ltd.
	  	TX
	 American Campus Development (Bayou Oaks) GP, LLC
	  	TX
	 American Campus Development (CU), LLC
	  	DE
	 American Campus Development (IPFW), LLC
	  	DE
	 American Campus Developers (Lamar II), Ltd.
	  	TX
	 American Campus Development (Lamar III), Ltd.
	  	TX
	 American Campus Development (Lamar III) GP, LLC
	  	TX
	 American Campus Development (PUC), LLC
	  	DE
	 American Campus Development (Saint Leo), LLC
	  	DE
	 American Campus Development (SHSU), Ltd.
	  	TX
	 American Campus Development (SHSU) GP, LLC
	  	TX
	 American Campus Development (SWT), Ltd.
	  	TX
	 American Campus (SWT II) GP, LLC
	  	TX
	 American Campus (SWT II), Ltd.
	  	TX
	 American Campus Development (Towson S.P.), LLC
	  	MD
	 American Campus Development (UCI), LLC
	  	DE
	 American Campus (Weatherford), Ltd.
	  	TX
	 American Campus (Weatherford) GP, LLC
	  	TX
	 American Campus Development (Weatherford), Ltd.
	  	TX
	 American Campus Development (Weatherford) GP, LLC
	  	TX
	 American Campus Development (WSSU), LLC
	  	NC

			
	 Property Management Entities
	  	 
	 ACC OP Management GP LLC
	  	DE
	 ACC OP Management LLC
	  	DE
	 ACC OP Management L.P.
	  	DE
	 American Campus Lifestyles Management LLC
	  	DE
	 American Campus Management (ASU), Ltd.
	  	DE
	 American Campus Management (ASU) GP, LLC
	  	DE
	 American Campus Management (Bayou Oaks), Ltd.
	  	TX
	 American Campus Management (Bayou Oaks) GP, LLC
	  	TX
	 American Campus Management (California), LLC
	  	DE
	 American Campus Management (CU), LLC
	  	DE
	 American Campus Management (CSU), LLC
	  	DE
	 American Campus Management (Colorado), LLC
	  	DE
	 American Campus Management (Florida), LLC
	  	FL
	 American Campus Management (Fresno), LLC
	  	DE
	 American Campus Management (IPFW), LLC
	  	DE
	 American Campus Management (Maryland), LLC
	  	MD
	 American Campus Management (Michigan), Ltd.
	  	MI
	 American Campus Management (Michigan) GP, LLC
	  	MI
	 American Campus Management (North Carolina), LLC
	  	NC
	 American Campus Management (San Bernardino), LLC
	  	DE
	 American Campus Management (SWT-BV), Ltd.
	  	TX
	 American Campus Management (SWT-BV) GP, LLC
	  	TX
	 American Campus Management (Temple), LP
	  	DE
	 American Campus Management (Temple) GP, LLC
	  	DE
	 American Campus Management (Texas), Ltd.
	  	TX
	 American Campus Management (Texas) GP, LLC
	  	TX
	 American Campus Management (Virginia), LLC
	  	VA
	 American Campus Management (Weatherford), Ltd.
	  	TX
	 American Campus Management (Weatherford) GP, LLC
	  	TX
	 Arizona Campus Management (Commons on Apache), L.L.C.
	  	AZ
	 Arizona Campus Management (The Village on University), L.L.C.
	  	AZ
	 Georgia Campus Management (Riverwalk/Riverclub), LLC
	  	GA
	 Georgia Campus Management (Savannah State), LLC
	  	GA
	 Texas Campus Lifestyles Management (Dobie Center), L.C.
	  	TX
	 Texas Campus Lifestyles Management (Laredo), L.C.
	  	TX
	 Texas Campus Lifestyles Management (PVAMU), L.C.
	  	TX
		
	 TITAN
	  	 
	 American Campus-Titan LLC
	  	DE
	 American Campus-Titan II LLC
	  	DE
	 SHP-ACT, LLC
	  	DE

  

 I-2 

			
	 Titan Management I, LLC
	  	DE
	 RFG CMP ACT LLC
	  	DE
	 RSVP-ACT, LLC
	  	DE
		
	 UNIVERSITY VILLAGE AT BOULDER CREEK
	  	 
	 ACT-University Village at Boulder Creek LLC (Property Owning Entity)
	  	DE
	 ACT-University Village at Boulder Creek Manager LLC
	  	DE
		
	 VILLAGE AT FRESNO STATE
	  	 
	 ACT-Village at Fresno State, LLC (Property Owning Entity)
	  	DE
		
	 VILLAGE AT CSU
	  	 
	 ACT-Village at CSU LLC (Property Owning Entity)
	  	DE
		
	 TEMPLE
	  	 
	 ACT-Village at Temple, LLC (Ground Lessee Entity)
	  	DE
		
	 ON-CAMPUS PARTICIPATING PROPERTIES
	  	 
		
	 UNIVERSITY VILLAGE AT PRAIRIE VIEW
	  	 
	 American Campus (PVAMU) Ltd. (Ground Lessee Entity)
	  	TX
	 SPE (PVAMU), L.L.C.
	  	TX
		
	 UNIVERSITY COLLEGE
	  	 
	 American Campus (PVAMU IV) Ltd. (Ground Lessee Entity)
	  	TX
	 SPE (PVAMU IV), L.L.C.
	  	TX
		
	 UNIVERSITY VILLAGE AT LAREDO
	  	 
	 American Campus (LAREDO) Ltd. (Ground Lessee Entity)
	  	TX
	 SPE (LAREDO), L.L.C.
	  	TX
		
	 CULLEN OAKS
	  	 
	 American Campus (U of H), Ltd. (Ground Lessee Entity)
	  	TX
	 American Campus (U of H) GP, LLC
	  	TX
		
	 SHP ENTITIES
	  	 
		
	 RIVER CLUB
	  	 
	 SHP-Riverclub LLC (Property Owning Entity)
	  	DE
	 RFG-CMP Riverclub LLC
	  	DE

  

 I-3 

			
	 RIVER WALK
	  	 
	 SHP-Riverwalk LLC (Property Owning Entity)
	  	DE
	 RFG-CMP Riverwalk LLC
	  	DE
		
	 VILLAGE AT ALAFAYA CLUB
	  	 
	 SHP-The Village at Alafaya Club LLC (Property Owning Entity)
	  	DE
	 RFG-CMP The Village at Alafaya Club, LLC
	  	DE
		
	 THE VILLAGE AT SCIENCE DRIVE
	  	 
	 SHP-The Village at Science Drive, LLC (Property Owning Entity)
	  	DE
	 RFG-CMP Village at Science Drive, LLC
	  	DE
		
	 VILLAGE AT BLACKSBURG
	  	 
	 SHP-The Village at Blacksburg, LLC (Property Owning Entity)
	  	DE
	 RFG-CMP The Village at Blacksburg, LLC
	  	DE
		
	 COMMONS ON APACHE
	  	 
	 SHP-Commons on Apache LLC (Property Owning Entity)
	  	DE
	 RFG-CMP Commons on Apache LLC
	  	DE
		
	 THE VILLAGE ON UNIVERSITY
	  	 
	 SHP-The Village on University LLC (Property Owning Entity)
	  	DE
	 RFG-CMP The Village on University LLC
	  	DE
		
	 THE CALLAWAY HOUSE
	  	 
	 SHP-The Callaway House L.P. (Property Owning Entity)
	  	DE
	 SHP-The Callaway House GP, LLC
	  	DE
	 SHP-The Callaway House Manager Corp.
	  	DE
	 RFG-CMP The Callaway House, LLC
	  	DE
		
	 CALLAWAY LAND
	  	 
	 SHP-Callaway Land, L.P. (Property Owning Entity)
	  	DE
	 SHP-Callaway Land GP, LLC
	  	DE
	 RFG-CMP Callaway Land, LLC
	  	DE

  

 I-4 

 Schedule II 
  
 INTENTIONALLY OMITTED 

 Schedule III 
  
 RAP Student Housing Entities and RAP Interests 
  

			
	 Entity

	  	 RAP-ACP
 Ownership
 Interests in
 Entity

	 General Entities:
	  	 
	 RAP Student Housing Properties, LLC
	  	 100% RAP-ACP, LLC

		
	 Property Management Entities
	  	 
	 ACC OP Management GP LLC
	  	100% RAP Student Housing Properties, LLC
		
	 ACC OP Management LLC
	  	100% RAP Student Housing Properties, LLC
		
	 ACC OP Management L.P.
	  	99% RAP Student Housing Properties, LLC; 1% ACC Management OP GP LLC
		
	 TITAN
	  	 
	 American Campus-Titan LLC
	  	95% SHP-ACT, LLC
		
	 SHP-ACT, LLC
	  	99% RAP Student Housing Properties, LLC
		
	 Titan Management I, LLC
	  	100% American Campus-Titan LLC
		
	 UNIVERSITY VILLAGE AT BOULDER CREEK
	  	 
	 ACT-University Village at Boulder Creek LLC (Property Owning Entity)
	  	99% American Campus-Titan LLC; 1% ACT-University Village at Boulder Creek Manager LLC

			
	 Entity

	  	 RAP-ACP
 Ownership
 Interests in
 Entity

	 ACT-University Village at Boulder Creek Manager LLC
	  	100% American
Campus-Titan
LLC
		
	 VILLAGE AT FRESNO STATE
	  	 
	 ACT-Village at Fresno State, LLC (Property Owning Entity)
	  	100% American
Campus-Titan
LLC
		
	 VILLAGE AT CSU
	  	 
	 ACT-Village at CSU LLC (Property Owning Entity)
	  	100% American
Campus-Titan
LLC
		
	 SHP ENTITIES
	  	 
		
	 RIVER CLUB
	  	 
	 SHP-Riverclub LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 RIVER WALK
	  	 
	 SHP-Riverwalk LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 VILLAGE AT ALAFAYA CLUB
	  	 
	 SHP-The Village at Alafaya Club LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 THE VILLAGE AT SCIENCE DRIVE
	  	 
	 SHP-The Village at Science Drive, LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC

  

 I-2 

			
	 Entity

	  	 RAP-ACP
 Ownership
 Interests in
 Entity

	 VILLAGE AT BLACKSBURG
	  	 
	 SHP-The Village at Blacksburg, LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 COMMONS ON APACHE
	  	 
	 SHP-Commons on Apache LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 THE VILLAGE ON UNIVERSITY
	  	 
	 SHP-The Village on University LLC (Property Owning Entity)
	  	99% RAP Student
Housing
Properties, LLC
		
	 THE CALLAWAY HOUSE
	  	 
	 SHP-The Callaway House L.P. (Property Owning Entity)
	  	78% RAP Student
Housing
Properties, LLC;
1% SHP-The
Callaway House
GP, LLC
		
	 SHP-The Callaway House GP, LLC
	  	100% RAP Student
Housing
Properties, LLC
		
	 CALLAWAY LAND
	  	 
	 SHP-Callaway Land, L.P. (Property Owning Entity)
	  	78% RAP Student
Housing
Properties, LLC;
1% SHP-Callaway
Land GP, LLC
		
	 SHP-Callaway Land GP, LLC
	  	100% RAP Student
Housing
Properties, LLC

  

 I-3 

 Schedule IV 
  
 RSVP Student Housing Entities and RSVP Interests 
  

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 General Entities:
	  	 
	 American Campus Communities, L.L.C.
	  	82.35% RFG Capital Management Partners, LP; 17.65% RSVP SH Acquisition, LLC
		
	 American Campus Charities Foundation*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Properties Student Housing Financing, Ltd.*
	  	99% American Campus Communities, L.L.C.; 1% SPE Texas Campus, L.L.C.
		
	 SPE Texas Campus, L.L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 RFG Capital Group, LLC
	  	100% RSVP Student Housing, LLC
		
	 RFG Capital Management Partners, L.P.
	  	99.9% RFG Capital Group, LLC
		
	 Development Entities
	  	 
	 American Campus Developers, L.L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Development (ASU), Ltd. *
	  	99% American Campus Communities, L.L.C.; 1% American Campus Development (ASU) GP, LLC
		
	 American Campus Development (ASU) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Development (Bayou Oaks), Ltd. *
	  	99% American Campus Communities, L.L.C.; 1% American Campus Development (Bayou Oaks) GP, LLC

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 American Campus Development (Bayou Oaks) GP, LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (CU), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (IPFW), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Developers (Lamar II), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Developers, L.L.C.
		
	 American Campus Development (Lamar III), Ltd*.
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Development (Lamar
III) GP, LLC
		
	 American Campus Development (Lamar III) GP, LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (PUC), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (Saint Leo), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (SHSU), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Development (SHSU)
GP, LLC
		
	 American Campus Development (SHSU) GP, LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (SWT), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Developers, L.L.C.

  

 I-2 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 American Campus (SWT II) GP, LLC*
	  	100% American
Campus Communities,
L.L.C.
		
	 American Campus (SWT II), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
(SWT II) GP, LLC
		
	 American Campus Development (Towson S.P.), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (UCI), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus (Weatherford), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
(Weatherford) GP, LLC
		
	 American Campus (Weatherford) GP, LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (Weatherford), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Development (Weatherford)
GP, LLC
		
	 American Campus Development (Weatherford) GP, LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Development (WSSU), LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 Property Management Entities
	  	 
	 American Campus Lifestyles Management LLC*
	  	100% American Campus
Communities,
L.L.C.
		
	 American Campus Management (ASU), Ltd. *
	  	99% American Campus
Communities, L.L.C.;
1% American Campus
Management (ASU)
GP, LLC

  

 I-3 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 American Campus Management (ASU) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Bayou Oaks), Ltd. *
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (Bayou Oaks) GP, LLC
		
	 American Campus Management (Bayou Oaks) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (California), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (CU), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (CSU), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Colorado), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Florida), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Fresno), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (IPFW), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Maryland), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Michigan), Ltd. *
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (Michigan) GP, LLC

  

 I-4 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 American Campus Management (Michigan) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (North Carolina), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (San Bernardino), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (SWT-BV), Ltd.*
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (SWT-BV) GP, LLC
		
	 American Campus Management (SWT-BV) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Temple), LP*
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (Temple) GP, LLC
		
	 American Campus Management (Temple) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Texas), Ltd. *
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (Texas) GP, LLC
		
	 American Campus Management (Texas) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Virginia), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 American Campus Management (Weatherford), Ltd.*
	  	99% American Campus Communities, L.L.C.; 1% American Campus Management (Weatherford) GP, LLC

  

 I-5 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 American Campus Management (Weatherford) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 Arizona Campus Management (Commons on Apache), L.L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 Arizona Campus Management (The Village on University), L.L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 Georgia Campus Management (Riverwalk/Riverclub), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 Georgia Campus Management (Savannah State), LLC*
	  	100% American Campus Communities, L.L.C.
		
	 Texas Campus Lifestyles Management (Dobie Center), L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 Texas Campus Lifestyles Management (Laredo), L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 Texas Campus Lifestyles Management (PVAMU), L.C.*
	  	100% American Campus Communities, L.L.C.
		
	 TITAN
	  	 
		
	 American Campus-Titan LLC
	  	95% SHP-ACT, LLC
		
	 American Campus-Titan II LLC
	  	95% RSVP-ACT, LLC
		
	 SHP-ACT, LLC
	  	1% RFG CMP ACT LLC
		
	 RFG CMP ACT LLC
	  	100% RFG Capital Management Partners, LP
		
	 RSVP-ACT, LLC
	  	100% RSVP Student Housing, LLC
		
	 Titan Management I, LLC*
	  	100% American Campus-Titan LLC

  

 I-6 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 UNIVERSITY VILLAGE AT BOULDER CREEK
	  	 
		
	 ACT-University Village at Boulder Creek LLC (Property Owning Entity)
	  	 99% American
 Campus-Titan LLC; 1% ACT-University Village at Boulder Creek Manager LLC

		
	 ACT-University Village at Boulder Creek Manager LLC
	  	100% American Campus-Titan LLC
		
	 VILLAGE AT FRESNO STATE
	  	 
		
	 ACT-Village at Fresno State, LLC (Property Owning Entity)
	  	100% American Campus-Titan LLC
		
	 VILLAGE AT CSU
	  	 
		
	 ACT-Village at CSU LLC (Property Owning Entity)
	  	100% American Campus-Titan LLC
		
	 TEMPLE
	  	 
		
	 ACT-Village at Temple, LLC (Ground Lessee Entity)
	  	100% American Campus-Titan II, LLC
		
	 ON-CAMPUS PARTICIPATING PROPERTIES
	  	 
		
	 UNIVERSITY VILLAGE AT PRAIRIE VIEW
	  	 
		
	 American Campus (PVAMU) Ltd. (Ground Lessee Entity) *
	  	99% American Campus Communities, L.L.C.; 1% SPE (PVAMU), L.L.C.
		
	 SPE (PVAMU), L.L.C. *
	  	100% American Campus Communities, L.L.C.
		
	 UNIVERSITY COLLEGE
	  	 
		
	 American Campus (PVAMU IV) Ltd. (Ground Lessee Entity) *
	  	99% American Campus Communities, L.L.C.; 1% SPE (PVAMU IV), L.L.C.
		
	 SPE (PVAMU IV), L.L.C. *
	  	100% American Campus Communities, L.L.C.

  

 I-7 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 UNIVERSITY VILLAGE AT LAREDO
	  	 
	 American Campus (LAREDO) Ltd. (Ground Lessee Entity) *
	  	99% American Campus Communities, L.L.C.; 1% SPE (Laredo), L.L.C.
		
	 SPE (LAREDO), L.L.C. *
	  	100% American Campus Communities, L.L.C.
		
	 CULLEN OAKS
	  	 
	 American Campus (U of H), Ltd. (Ground Lessee Entity) *
	  	99% American Campus Communities, L.L.C.; 1% American Campus (U of H) GP, LLC
		
	 American Campus (U of H) GP, LLC*
	  	100% American Campus Communities, L.L.C.
		
	 SHP ENTITIES
	  	 
		
	 RIVER CLUB
	  	 
	 SHP-Riverclub LLC (Property Owning Entity)
	  	1% RFG-CMP Riverclub LLC
		
	 RFG-CMP Riverclub LLC
	  	100% RFG Capital Management Partners, LP
		
	 RIVER WALK
	  	 
	 SHP-Riverwalk LLC (Property Owning Entity)
	  	1% RFG-CMP Riverwalk LLC
		
	 RFG-CMP Riverwalk LLC
	  	100% RFG Capital Management Partners, LP
		
	 VILLAGE AT ALAFAYA CLUB
	  	 
	 SHP-The Village at Alafaya Club LLC (Property Owning Entity)
	  	1% RFG-CMP The Village at Alafaya Club, LLC

  

 I-8 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 RFG-CMP The Village at Alafaya Club, LLC
	  	100% RFG Capital Management Partners, LP
		
	 THE VILLAGE AT SCIENCE DRIVE
	  	 
	 SHP-The Village at Science Drive, LLC (Property Owning Entity)
	  	1% RFG-CMP Village at Science Drive, LLC
		
	 RFG-CMP Village at Science Drive, LLC
	  	100% RFG Capital Management Partners, LP
		
	 VILLAGE AT BLACKSBURG
	  	 
	 SHP-The Village at Blacksburg, LLC (Property Owning Entity)
	  	1% RFG-CMP The Village at Blacksburg, LLC
		
	 RFG-CMP The Village at Blacksburg, LLC
	  	100% RFG Capital Management Partners, LP
		
	 COMMONS ON APACHE
	  	 
	 SHP-Commons on Apache LLC (Property Owning Entity)
	  	1% RFG-CMP Commons on Apache LLC
		
	 RFG-CMP Commons on Apache LLC
	  	100% RFG Capital Management Partners, LP
		
	 THE VILLAGE ON UNIVERSITY
	  	 
	 SHP-The Village on University LLC (Property Owning Entity)
	  	1% RFG-CMP The Village on University LLC
		
	 RFG-CMP The Village on University LLC
	  	100% RFG Capital Management Partners, LP
		
	 THE CALLAWAY HOUSE
	  	 
		
	 SHP-The Callaway House L.P. (Property Owning Entity)
	  	1% RFG-CMP The Callaway House, LLC; 1% SHP-The Callaway House GP, LLC

  

 I-9 

			
	 Entity

	  	 RSVP Ownership
 Interest in Entity

	 SHP-The Callaway House GP, LLC
	  	1% SHP-The Callaway House Manager Corp.
		
	 SHP-The Callaway House Manager Corp.
	  	100% RFG Capital Management Partners, LP
		
	 RFG-CMP The Callaway House, LLC
	  	100% RFG Capital Management Partners, LP
		
	 CALLAWAY LAND
	  	 
	 SHP-Callaway Land, L.P. (Property Owning Entity)
	  	1% RFG-CMP Callaway Land, LLC
		
	 RFG-CMP Callaway Land, LLC
	  	100% RFG Capital Management Partners, LP

  

 I-10 

 Schedule V 
  

Consents 
  
 1. Consent of Bank of America with respect to The Callaway House 
  
 2. Consent of Temple University with respect to University Village at TU 
  
 3. Consent of Compass Bank with respect to Cullen Oaks 
  
 4. Consent of Wachovia Bank with respect to The Village at Alafaya Club 

 EXHIBIT A 
  

The Formation Transactions 
  
 Following are the principal steps in the Formation Transactions, the same of which shall occur in the chronological order listed below: 
  
 One day prior to the Closing Date: 
  
 (a) Each of Arizona Campus Management (Commons on Apache), L.L.C.; Georgia
Campus Management (Riverwalk/Riverclub), LLC; American Campus Management (Virginia), LLC; Arizona Campus Management (The Village on University), L.L.C.; American Campus Management (Colorado), LLC; American Campus Management (San Bernardino), LLC;
American Campus Management (Fresno), LLC; and American Campus Management (Florida), LLC shall assign its interest in and to the property management agreement or agreements to which such entity is a party to ACC OP Management LLC; 

 
 (b) American Campus Management (Temple), LP shall assign its interest in
and to the property management agreement to which such entity is a party to ACC OP Management L.P.; 
  
 (c) American Campus Management (Texas), Ltd. shall assign its interest in and to the property management agreement for The Callaway House to ACC
Management OP L.P.; and 
  
 (d) Mr. Scott Rechler shall
transfer his 0.1% interest in RFG Capital Management Partners, LP to RSVP Student Housing, LLC for total consideration of $1.00, so that the sole limited partner of RFG Capital Management Partners, LP will be RSVP Student Housing, LLC.

  
 On the Closing Date 
  
 (a) American Campus—Titan, LLC will transfer its 100% interest in
ACT—Village at Boulder Creek, LLC to RAP-Titan Holdings LLC, and ACT—Village at CSU, LLC shall deliver a quitclaim deed transferring title to that certain approximately 2.2389 acre parcel of land, a description of which is attached hereto
as Exhibit H, to RAP-Titan Holdings LLC; 
  
 (b) RAPSH will
transfer each of its 98% interest in SHP Riverside and 100% interest in SHP-The Village at Riverside GP, LLC, to RAP-ACP, and RFG Capital Management Partners, LP will transfer its 100% interests in RFG CMP The Village at Riverside, LLC to RSVP
Student Housing, LLC; 

 (c) Each of RAP-ACP and RSVP Student Housing, LLC shall grant the Company an option to purchase their
respective indirect and/or direct interests in SHP Riverside, SHP-The Village at Riverside GP, LLC and RFG CMP The Village at Riverside, LLC pursuant to an Option Agreement substantially in the form attached hereto as Exhibit I; 

 
 (d) RSVP Student Housing, LLC will grant the Company an option to
purchase its 33.3% interests in each of ROPartners Management, LLC and ROP Holdings, LLC pursuant to an Option Agreement substantially in the form attached hereto as Exhibit J; 
  
 (e) RSVP SH Acquisition, LLC will transfer its 17.65% interest in American Campus Communities, L.L.C. to RFG Capital
Management Partners, LP, so that the sole general partner of RFG Capital Management Partners, LP will be RFG Capital Group, LLC; 
  
 (f) RSVP Student Housing, LLC will contribute its 100% interest in each of RFG Capital Group, LLC and RSVP-ACT, LLC, its 0.1% interest in RFG Capital
Management Partners, LP, to RAP-ACP, LLC for an approximately 22% interest therein, and RAP-ACP, LLC will transfer such interests in RFG Capital Group, LLC, RSVP-ACT, LLC and RFG Capital Management Partners, LP to RAPSH, all pursuant to the form of
Contribution and Assumption Agreement attached hereto as Exhibit K, so that RAPSH will be the sole member of RFG Capital Group, LLC and RSVP-ACT, LLC and the sole limited partner of RFG Capital Management Partners, LP; 
  
 (g) RAP-RSVP Titan 5 LLC will transfer its 5% interest in Titan Investments
II, LLC to RAPSH and RAP-RSVP Titan 5 LLC shall assign its rights with respect to the representations, warranties and indemnities made by the Sellers and Guarantor under the Titan/Sponsors Purchase Agreement to RAPSH; 
  
 (h) The Company will issue shares of its Common Stock pursuant to the terms
of the Registration Statement, will redeem at par value any outstanding Common Stock of the Company then owned by RSVP, and will contribute the Redemption Amount to the Operating Partnership; 
  
 (i) The Operating Partnership will contribute the Redemption Amount to RAPSH
for a 50% interest therein; and 
  
 (j) RAPSH will redeem for the
Redemption Amount RAP-ACP, LLC’s interest in RAPSH, so that the sole member of RAPSH will be the Operating Partnership.Purchase & Sale Agreement dated July 27, 2004

 Exhibit 10.15 
  
 PURCHASE AND SALE AGREEMENT 
  

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) made by and between TITAN INVESTMENTS I, LLC, a Delaware limited liability company
(“Titan I”) and ANTHONY J. PATINELLA, JR. (“Patinella”, with Titan I and Patinella being collectively referred to herein as “Sellers”) and RAP STUDENT HOUSING PROPERTIES, LLC, a Delaware limited
liability company (“Purchaser”). 
  
 W I T N E S S
E T H : 
  
 WHEREAS, Titan I is the owner of a ninety-nine
percent (99%) ownership interest (the “Titan I Ownership Interest”) in Titan Investments II, LLC, a Delaware limited liability company (the “Company”), created pursuant to that certain Amended and Restated Limited
Liability Company Agreement of Titan Investments II, LLC dated April 12, 2004 executed by Titan I and Patinella (the “LLC Agreement”), and Patinella is the owner of a one percent (1%) ownership interest (the “Patinella
Ownership Interest”) in the Company, created pursuant to the LLC Agreement; and 
  
 WHEREAS, the Company is a Member in American Campus-Titan, LLC, a Delaware limited liability company (“ACT I”) and a Member in American Campus-Titan II, LLC, a Delaware limited liability company
(“ACT II”); and 
  
 WHEREAS, ACT I is the sole
member in the limited liability companies (the “ACT I Subsidiaries”) described on Exhibit “A” attached hereto, which ACT I Subsidiaries are the owners (directly or indirectly) of those certain real estate projects
described on Exhibit “A” attached hereto (the “ACT I Projects”); and 
  
 WHEREAS, ACT II is the sole member in the limited liability company (the “ACT II Subsidiary”) described on Exhibit “B”
attached hereto, which ACT II Subsidiary is the ground lessee of that certain real estate project described on Exhibit “B” attached hereto (the “ACT II Project”); and 
  
 WHEREAS, Purchaser desires to purchase the Interests (hereinafter defined)
from Sellers and Sellers desire to sell the Interests to Purchaser, upon and subject to the terms and conditions set forth in this Agreement; 
  
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants, representations and warranties set forth herein, Sellers and Purchaser do
hereby agree as follows: 

 ARTICLE I 
 DEFINITIONS 
  
 For
purposes of this Agreement, the following terms shall have the meanings indicated: 
  
 Section 1.1 “ACT I Contracts” means the construction contracts, architect agreements, engineering agreements, service contracts, maintenance contracts, employment agreements, debt instruments, and
other contracts or agreements binding upon ACT I, the ACT I Subsidiaries or the ACT I Projects, and all amendments or modifications thereof. 
  
 Section 1.2 “ACT II Contracts” means the construction contracts, architect agreements, engineering agreements, service contracts,
maintenance contracts, employment agreements, debt instruments and other contracts or agreements binding upon ACT II, the ACT II Subsidiary or the ACT II Project, and all amendments or modifications thereof. 
  
 Section 1.3 “Affiliate” means, with respect to a Person,
another Person that directly or indirectly controls, is controlled by or is under common control with such first Person, and shall be deemed to include a spouse, parent or child of such first Person, and a director, manager or executive officer of
such first Person. 
  
 Section 1.4 “Business Day”
means any day other than a Saturday, Sunday or day on which the banks in New York are authorized or obligated by law to be closed. 
  
 Section 1.5 “Company Contracts” means the contracts or agreements affecting or binding upon the Company which are described on Exhibit
“C” attached hereto, as amended as provided on Exhibit “C”. 
  
 Section 1.6 “Effective Date” means the date on which this Agreement is executed by the last to execute of Sellers and Purchaser. 
  
 Section 1.7 “Interests” means, collectively, ninety-five percent (95%) of the Titan I Ownership Interest
and ninety-five percent (95%) of the Patinella Ownership Interest, and ninety-five percent (95%) of all other right, title and interest of any kind or nature of Sellers, or either of them, in, to and under the LLC Agreement and in and to the
Company. 
  
 Section 1.8 “Land” means the parcel
or parcels of land which comprise the Projects which are owned or ground leased, as the case may be, by the Subsidiaries. 
  
 Section 1.9 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, business trust, government or agency or political subdivision, unincorporated organization or other entity of whatever nature. 
  
 Section 1.10 “Personal Property” means all equipment, furniture, fittings, fixtures and articles of personal property affixed or attached
to, installed or placed in or upon the Projects and used for or useable in any present or future enjoyment, occupancy or operation of the Projects which is owned by the Subsidiaries. 
  

 2 

 Section 1.11 “Projects” means, collectively, the ACT I Projects and the ACT II Project.

  
 Section 1.12 “Properties” means the following
as to each Project: 
  
 (a) the Land, and all easements, rights
and appurtenances therein or thereto; 
  
 (b) any improvements,
buildings, structures and fixtures located on the Land; and 
  
 (c) the Personal Property. 
  
 Section 1.13
“Subsidiaries” means, collectively, the ACT I Subsidiaries and the ACT II Subsidiary. 
  
 Section 1.14 “To Seller’s Knowledge” or any similar term means the actual knowledge, without inquiry, at the time at which a
representation or warranty is made, of Stuart R. Davis and/or Anthony J. Patinella, Jr. 
  
 ARTICLE II 
 SALE AND PURCHASE/PURCHASE PRICE 
  
 Section 2.1 Sale and Purchase of Interests. Sellers agree to
sell and convey, and Purchaser agrees to purchase, the Interests, subject to the terms and conditions of this Agreement. 
  
 Section 2.2 Purchase Price/Payment. The total purchase price (the “Purchase Price”) for the Interests shall be Five Million Seven
Hundred Twenty-Six Thousand Three Hundred Sixty-Seven and No/100 Dollars ($5,726,367.00). The Purchase Price shall be payable by Purchaser at Closing by wire transfer of immediately available federal funds for credit on the day of Closing in the
account identified on Exhibit “D” attached hereto or any replacement account hereafter designated by Sellers by written notice to Purchaser identifying the replacement bank account and the wiring instructions therefor. 

 

 3 

 ARTICLE III 
 INSPECTION 
  
 Section 3.1
Sellers’ Deliveries. Prior to or concurrently with the execution hereof, Sellers shall deliver to Purchasers true, accurate and complete copies of the following (collectively, the “Submission Materials”): 
  
 (a) The Articles of Organization of the Company, each Certification of
Qualification of the Company, the LLC Agreement, and any and all amendments thereof. 
  
 (b) Unaudited financial statements (to include income statements and balance sheets) for the Company for the years 2002, 2003 and 2004 (as of June 30, 2004). 
  
 (c) Intentionally omitted. 
  
 (d) Tax Returns (federal and state) for the Company for the year 2003.

  
 (e) Any and all ACT I Contracts and ACT II Contracts which
were signed by Sellers, or either of them, or any Affiliate of them, or Stuart R. Davis, on behalf of ACT I, ACT II or any of the Subsidiaries that Purchaser specifically requests (orally or in writing) that Seller deliver to Purchaser (which ACT I
Contracts or ACT II Contracts shall be delivered within two Business Days after such request). 
  
 (f) Any and all Company Contracts (other than those referred to in Paragraph 1 of Exhibit “C”). 
  
 (g) Any and all organizational minutes, minutes, resolutions or approvals of the Company or its Members or Managers. 
  
 (h) A complete schedule of any and all property and other assets owned by the
Company, other than its membership interests in ACT I and ACT II. 
  
 Purchaser
agrees that Purchaser will, upon request therefor by Sellers, acknowledge in writing its receipt of Submission Materials as and when received by Purchaser. 
  
 ARTICLE IV 
 CLOSING  
  
 Section 4.1 Closing Date. The closing of the transactions contemplated
by this Agreement (the “Closing”) shall be conducted through an escrow with LandAmerica Title Company, 655 Third Ave., New York, New York 10017, Attention: Brian Henry (the “Escrow Agent”) on that date (the
“Closing Date”) which is the date of the closing of the initial public offering of American Campus Communities, Inc. (the “IPO Closing”). Purchaser shall give Sellers written notice of the date on which the IPO
Closing will occur not less than three (3) Business Days prior to such date but not more than ten (10) Business Days prior to such date. In the event that the Closing has not occurred on or before the date set forth in Section 2.1(c) of the
Contribution Agreement (hereinafter defined), then this Agreement shall thereupon automatically terminate and neither Sellers nor Purchaser shall have any further duties or obligations hereunder, except as otherwise expressly set forth herein. On or
before the Closing Date, Sellers shall deposit with the Escrow Agent the 
  

 4 

 Assignment and all of the other documents that Sellers are required to deliver to Purchaser at the time of the Closing,
together with instructions consistent with this Agreement. 
  
 Section 4.2 Documents and Payment to be Delivered at the Closing. At the Closing: 
  
 (a) Purchaser shall pay the Purchase Price to Sellers in the manner required by Section 2.2. 
  
 (b) Each Seller shall execute, acknowledge and deliver to Purchaser an Assignment of Interest (“the
“Assignment”) in the form attached hereto as Exhibit “E” attached hereto. 
  
 (c) Each Seller shall execute and deliver to Purchaser a certification of non-foreign status, in form required by the Internal Revenue Code Section 1445
and the regulations issued thereunder. Sellers understand that such certifications will be retained by Purchaser and will be made available to the Internal Revenue Service on request. 
  
 (d) Sellers shall cause Stuart R. Davis, Anthony J. Patinella, Jr. and any other Affiliates of Sellers, or either of them,
who hold any of such positions with the Company, ACT I, ACT II or any Subsidiary to execute immediate resignations from all committees, boards, offices and other positions of the Company, ACT I, ACT II and the Subsidiaries, in form and substance
satisfactory to Purchaser. Sellers shall, to the extent that Purchaser specifically notifies Sellers in writing that it is necessary, notify any applicable third parties to the ACT I Contracts, ACT II Contracts or Company Contracts that Sellers and
Stuart R. Davis are no longer designated representative of ACT I, ACT II, the Company, the Subsidiaries or the Properties. 
  
 (e) Intentionally Omitted. 
  
 (f) Sellers shall execute and/or deliver such other instruments or documents which by the terms of this Agreement are to be delivered by Sellers at
Closing and any other documents reasonably requested by Purchaser and that are consistent with the terms hereof. 
  
 (g) Purchaser shall execute and/or deliver such other instruments or documents which by the terms of this Agreement are to be delivered by Purchaser at
Closing and any other documents reasonably requested by Sellers and that are consistent with the terms hereof. 
  
 (h) Titan I shall deliver to Purchaser a certified copy of such entity documents of Titan I and resolutions and/or consents of Titan I’s members
and/or managers as are reasonably necessary to demonstrate that the transactions contemplated hereby have been authorized by all necessary entity action of Titan I. 
  

 5 

 (i) Each Seller shall, and Sellers shall cause Stuart R. Davis to, execute and deliver, and Purchaser
shall and Purchaser shall cause each of ACT I, ACT II, the Company and the Subsidiaries to execute and deliver, the Mutual Waiver and Release of Claims in form and substance as set forth on Exhibit “F” attached hereto. 

 
 (j) Concurrently with (but effective immediately prior to) the Closing,
the limited liability company agreements of ACT I and ACT II will be modified by the current members thereof to eliminate or reduce the promoted interests of the Company thereunder. 
  
 (k) Sellers and Purchaser, as applicable, shall execute and file any required transfer tax declarations or forms relative to
the assignment and transfer of the Interests. Purchaser shall pay any transfer taxes required to be paid in connection with this Agreement and the Other Agreement, and, subject to Section 4.3 hereof, Purchaser shall indemnify Sellers against all
claims arising from any failure to pay any applicable transfer taxes. 
  
 (l) If not previously so assigned, the office lease referenced in Paragraph 3 of Exhibit “C” shall be assigned to an Affiliate of Sellers, and Sellers will deliver to Purchaser an original of the unconditional release of the
Company from all debts, duties, liabilities and obligations under, the office lease referenced in Paragraph 3 of Exhibit “C” attached hereto, duly executed and acknowledged by the landlord and its lender; provided that, if such release is
not obtained by the Closing, Sellers shall indemnify and hold harmless Purchaser and the Company against all claims, liabilities and obligations arising under such lease after the Closing, and shall cause this indemnity obligation to be guaranteed
by Stuart R. Davis. 
  
 (m) At or prior to Closing, Sellers shall
cause Titan Management I, LLC to terminate any and all employees of Titan Management I, LLC. In addition, Sellers shall cause Titan Management I, LLC to transfer its responsibilities as plan administrator and/or sponsor of any 401k Plan or similar
plan, and to resign as plan administrator and/or sponsor and shall cause the transferee plan administrator or sponsor to accept such position, and Sellers shall, at the Closing, deliver to Purchaser copies of the member resolutions of Titan
Management I, LLC and such transferee plan administrator and/or sponsor authorizing such transfer. 
  
 Any of the foregoing obligations not performed at or through the Closing shall survive the Closing. 
  

 6 

 Section 4.3 Indemnification Obligations. If the Closing occurs, then the parties shall have the
following respective indemnification obligations, which shall survive the Closing: 
  
 (a) Indemnification by Sellers. Sellers shall protect, defend, indemnify and hold Purchaser harmless from and against: (i) any “Claim”, as hereinafter defined, in any way related to the Interests or
the Company and arising or accruing prior to the Closing, except only (y) claims imputed to the Company solely because the Company is a member in ACT I or ACT II or because the Company has taken action on behalf of ACT I, ACT II or any Subsidiary
which is either (A) contemplated by an approved construction budget for a Project or (B) taken on behalf of ACT I, ACT II or any Subsidiary in the ordinary or normal course of business of such entity and which does not cause any such construction
budget to be exceeded and (z) claims by any member of ACT I or ACT II other than the Company pursuant to any agreement referenced in Paragraph 1 of Exhibit “C” attached hereto and (ii) any Claim that results from any breach or
default by Sellers, or either of them, of any obligation under this Agreement that survives the Closing, including without limitation any breach of any warranty or representation made under Section 6.1 or Section 6.2 that survives the Closing, or
any agreement executed by Sellers at or after the Closing pursuant hereto; 
  
 (b) Indemnification by Purchaser. Purchaser shall protect, defend, indemnify and hold Sellers harmless from and against: (i) any Claim in any way related to the Interests or the Company and arising or accruing
after the Closing Date and during Purchaser’s ownership thereof and (ii) any Claim that results from any breach or default by Purchaser under this Agreement or any agreement executed by Purchaser pursuant hereto. 
  
 (c) Notwithstanding any other provisions of this Section 4.3, any Claim under
this Section 4.3 shall be subject to the provisions of Section 8.3 and the limitations set forth therein. 
  
 (d) Generally. The foregoing indemnification obligations under this Agreement shall be subject to the following provisions: 
  
 (i) The party seeking indemnification (“Indemnitee”) shall notify
the other party (“Indemnitor”) of any Claim against Indemnitee within thirty (30) days after it has notice of such Claim, but failure to notify Indemnitor shall in no case prejudice the rights of Indemnitee under this Agreement unless
Indemnitor shall be prejudiced by such failure and then only to the extent of such prejudice. Should Indemnitor fail to either discharge or undertake to defend Indemnitee against such liability within thirty (30) days after Indemnitee gives
Indemnitor written notice of the same or shall fail thereafter to use reasonable diligence to defend Indemnitee against such Claim, then Indemnitee may itself defend such Claim and/or settle such Claim, and Indemnitor’s liability to Indemnitee
shall be established by such settlement, the amount of such liability to include both the settlement consideration and the reasonable costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee in defending itself and
effecting such settlement. Indemnitee shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless: (a) the employment of such counsel shall have been
authorized in writing by Indemnitor in connection with the defense of such action, (b) Indemnitor shall not have employed qualified counsel to conduct the defense of such action or shall have 
  

 7 

 failed to use reasonable diligence in such defense, or (c) Indemnitee shall have reasonably concluded that there may be
defenses available to it which are different from or additional to those available to Indemnitor (in which case Indemnitor shall not have the right to direct the defense of such action or of Indemnitee), in any of which events such fees and expenses
shall be borne by Indemnitor. 
  
 (ii) As used herein,
“Claim” means any obligation, liability, claim (including any claim for damage to property or injury to or death of any persons), lien or encumbrance, loss, damage, cost or expense (including any judgment, award, settlement, reasonable
attorneys’ fees and other costs and expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim [including appellate proceedings], and any collection costs or enforcement costs). 
  
 Section 4.4 Sellers’ Post-Closing Obligations. Following the
Closing, (a) Sellers shall promptly forward to Purchaser any correspondence, materials documents, notices, demands or other materials received by Sellers, or either of them, or their Affiliates, in connection with or relating to the liabilities,
obligations, business, assets, debts, records or affairs of the Company, ACT I, ACT II, the Subsidiaries or the Properties, and (b) Sellers shall not, and shall not permit their Affiliates to, hold themselves out as representing or acting on behalf
of the Company, ACT I, ACT II, the Subsidiaries or the Properties. The obligations of Sellers and Purchaser under this Section 4.4 shall survive the Closing. 
  
 Section 4.5 Sequence of Events. Sellers and Purchaser agree that the distribution of assets provided for in Paragraph (a) under the heading “On the
Closing Date” on Exhibit A to the Contribution Agreement (herein so called) of even date herewith between American Campus Communities, Inc., and American Campus Communities Operating Partnership LP, on the one hand, and Reckson Strategic
Venture Partners, LLC and RAP-ACP, LLC on the other hand, will occur concurrently with (but be effective prior to) the Closing under this Agreement. 
  
 ARTICLE V 
 CONDITIONS TO CLOSING

  
 Section 5.1 Conditions to Purchaser’s Obligation to
Close. Purchaser’s obligation to purchase the Interests is subject to the satisfaction of the following conditions precedent, any or all of which may be only waived by Purchaser in writing: 
  
 (a) Sellers’ representations and warranties set forth
in Section 6.1 and Section 6.2, and Guarantor’s (hereinafter defined) representations and warranties under the Guaranty (hereinafter defined) shall be true and correct in all material respects, and Sellers shall not be in default hereunder; and

  
 (b) All consents required for the IPO Closing
shall have been received, and the IPO Closing shall actually occur and be consummated. 
  

 8 

 Section 5.2 Conditions to Sellers’ Obligation to Close. Sellers’ obligations to close
the sale of the Interests is subject to the satisfaction of the following conditions precedent, any or all of which may be only waived by Titan I in writing: 
  

(a) The simultaneous occurrence of the closing under the Purchase and Sale Agreement of even date between the Sellers and RAP-RSVP Titan 5 LLC
providing for the sale of five percent (5%) interests in the Titan I Ownership Interest and the Patinella Ownership Interest. 
  
 ARTICLE VI 
 REPRESENTATIONS, WARRANTIES AND
COVENANTS 
  
 Section 6.1 Representations and Warranties by
Sellers Regarding Sellers and the Company. Sellers hereby jointly and severally represent and warrant to Purchaser that, as of the date hereof and (except as otherwise limited hereinbelow) at Closing (and wherever any such representations or
warranties are limited to “as of the date hereof”, such representations and warranties will be deemed remade by Sellers as of the Closing Date unless and to the extent that, prior to Closing Sellers notify Purchaser in writing of any
modification to such representation reflecting current facts not existing as of the date hereof): 
  
 (a) Authority; Binding on Seller; Enforceability. Titan I and the Company are duly organized, validly existing and in good standing in their
jurisdictions of formation, and the Company is qualified to do business in each jurisdiction where it is required to be qualified under applicable law. Sellers have full legal power and authority to execute, deliver and perform this Agreement.
Sellers have obtained any consents and/or waivers required (other than any consents or waivers required under any agreements between the Company and other members of ACT I and ACT II, including the operating agreements of ACT I and ACT II, and other
than any consents and waivers required from any lender to any of the Subsidiaries or any lender to the other members of ACT I or ACT II or any Affiliates of such members), have received any approvals required from governmental agencies, and have
taken any other action required for Sellers to execute, deliver and perform this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement do not violate any provisions of the
Articles of Organization of the Company or Titan I, the LLC Agreement or the operating agreement or limited liability company agreement of Titan I. The provisions of this Agreement are the valid and enforceable obligations of Sellers. This Agreement
has been executed by a duly authorized representative of Titan I. The Titan Ownership Interest and the Patinella Ownership Interest together constitute 100% of the interests in the Company. 
  
 (b) Conflict with Existing Laws or Contracts. The execution and
delivery of this Agreement and any documents to be executed by Sellers (or either of 
  

 9 

 them) hereunder and the performance by Sellers of their obligations hereunder and thereunder do not (i) conflict with any
provision of any law or regulation applicable to Sellers or the Company; (ii) conflict with or result in a breach of or constitute a default under any of the terms, conditions or provisions of any agreement or instrument to which Sellers or the
Company is a party or by which Sellers or the Company is bound (other than any agreements between the Company and other members of ACT I and ACT II, including the operating agreements of ACT I and ACT II, and other than any document evidencing or
securing a loan to any of the Subsidiaries or any other members of ACT I or ACT II or any Affiliates of such members) or any order or decree applicable to Sellers or the Company; or (iii) result in the creation or imposition of any lien on the
Interests. No consents, approvals, authorizations or orders of any court or governmental agency or body are required for the execution, delivery and performance by Sellers of this Agreement. 
  
 (c) Legal Action. As of the date hereof, there is no decree, judgment,
action, suit or proceeding pending, or to Sellers’ Knowledge, threatened against Sellers or the Company in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the ability of
Sellers to perform its obligations under this Agreement or materially and adversely affect the ability of Sellers to sell the Interests. As of the date hereof, there are no actions, suits or proceedings pending, or any order, injunction or decree
outstanding or existing that relates to, or has been brought against any Seller, the Company or the Interests. 
  
 (d) Bankruptcy. Neither Sellers nor the Company has filed any petition seeking or acquiescing in any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any law relating to bankruptcy or insolvency, nor, as of the date hereof, has any such petition been filed against Sellers or the Company. 
  
 (e) No Transfer, Lien or Encumbrance. Sellers are the sole and only
owners and holders of the Interests and all components thereof. The Interests are free and clear of any lien, security interest, pledge, assignment, mortgage or encumbrance. Sellers have not sold, mortgaged, transferred, pledged, granted,
hypothecated or assigned the Interests, or any portion thereof, or any interest therein. 
  
 (f) Debts, Liabilities and Obligations. The Company has no debts, liabilities or obligations (contingent or otherwise) which are not embodied within the Company Contracts or reflected on the financial
statements of the Company delivered to Purchaser pursuant to Section 3.1(c) hereinabove. For purposes hereof, the Company shall not be deemed to have debts, liabilities or obligations to the extent such debts, liabilities or obligations are not
those of the Company, but merely might be legally imputed to Company solely as a result of its being a member in ACT I or ACT II (nothing herein shall be deemed to imply or admit that any such debts, liabilities or obligations are or may be so
imputed to the members of ACT I or ACT II) or because the Company has taken action on behalf of ACT I, ACT II or any Subsidiary which is either (A) contemplated by an approved construction budget for a Project or (B) taken on behalf of ACT I, ACT II
or any Subsidiary in the ordinary or normal course of business of such entity and which does not cause any such construction budget to be exceeded. 
  

 10 

 (g) Tax Returns. The Company has filed all tax returns (federal, state and local) required to be
filed by the Company, and the copies of such tax returns delivered to Purchaser pursuant to Section 3.1(d) hereinabove are true and correct copies of those actually filed. The Company was not required to file, and did not file, tax returns for any
year prior to 2003. 
  
 (h) Contracts. 
  
 (i) There are no contracts or agreements to which the
Company is a party or by which the Company is bound, except for the Company Contracts listed on Exhibit “C” attached hereto (other than any ACT I Contracts or ACT II Contracts to which the Company may be bound solely as a result of
the Company being a member in ACT I or ACT II or having entered into contracts or taken other action on behalf of ACT I, ACT II or any Subsidiary which are either (A) contemplated by an approved construction budget for a Project or (B) executed on
behalf of ACT I, ACT II or any Subsidiary in the ordinary or normal course of business of such entity and which do not cause any such construction budget to be exceeded). 
  
 (ii) The Company Contracts referenced in Exhibit “C” (other than those referred to in Paragraph 1
of Exhibit “C”) have not been modified or amended, except as set forth on Exhibit “C” attached hereto, except as contemplated in Section 4.2(l). 
  
 (iii) To the Sellers Knowledge, neither the Company nor any other party to any Company Contract is in
default under any such contract referenced in Paragraphs 2, 3 and 4 of Exhibit “C”, and no event or condition has occurred which, with the giving of notice and/or lapse of time, would constitute such a default. No written notice of default
on the part of any party to any Company Contract has been sent by or received by Sellers or the Company. 
  
 (i) Information. All of the Submission Materials delivered to Purchaser pursuant to Sections 3.1(a), (e), (f) and (g) hereinabove are true,
correct and complete copies of the same that the Company has in its files, including any supplement, update, modification or amendment thereto. All of the Submission Materials delivered to Purchaser pursuant to Sections 3.1(b), (d) and (h)
hereinabove are true, correct and complete and have not been supplemented, updated, modified or amended. To Seller’s Knowledge, no facts, documents or instruments exist which have not been disclosed, provided to or made available to Purchaser
which would cause any information delivered by Sellers to Purchaser hereunder to materially adversely misrepresent the Company or the Interests. 
  

 11 

 (j) Titan Representatives. Stuart R. Davis and Anthony J. Patinella, Jr. are the representatives
of Titan I who are familiar with and responsible for the business and operations of Titan I. 
  
 (k) Company Assets. Sellers have no right, title or interest in or to the assets, books and records of the Company, except for any indirect interest therein derived through (and constituting a part of) the
Titan I Ownership Interest and/or the Patinella Ownership Interest. 
  
 Section 6.2 Representations and Warranties by Sellers Regarding ACT I, ACT II, the Subsidiaries and the Properties. Sellers hereby jointly and severally represent and warrant to Purchaser that, as of the date hereof and (except as
otherwise limited hereinbelow) at Closing (and wherever any such representations or warranties are limited to “as of the date hereof”, such representations and warranties will be deemed remade by Sellers as of the Closing Date unless and
to the extent that, prior to Closing Sellers notify Purchaser in writing of any modification to such representation reflecting current facts not existing as of the date hereof): 
  
 (a) Legal Action. To Seller’s Knowledge, as of the date hereof there is no decree, judgment, action, suit or
proceeding pending or threatened against ACT I, ACT II, the Subsidiaries or the Properties in any court or by or before any other governmental agency or instrumentality, other than as set forth and described on Exhibit “I” attached
hereto. 
  
 (b) Debts, Liabilities and Obligations. Neither
ACT I, ACT II nor any Subsidiary has any debts or obligations which were entered into or incurred by the Company, Sellers (or either of them), any Affiliate of Sellers, or Stuart R. Davis, on behalf of ACT I, ACT II or any Subsidiary which are not
embodied within the contracts set forth on Exhibits “G” and “H” attached hereto. To Seller’s Knowledge, as of the date hereof, no claims have been made or threatened against ACT I, ACT II or any of the
Subsidiaries for any liability that is not embodied in or does not arise from the ACT I Contracts or the ACT II Contracts, except as identified on Exhibit “I” attached hereto. 
  
 (c) Contracts. 
  
 (i) There are no service contracts, construction contracts,
architect agreements, maintenance contracts, brokerage agreements, management contracts, agency agreements, employment agreements, debt instruments or any other contracts or agreements to which ACT I, the ACT I Subsidiaries or the ACT I Projects are
a party or by which ACT I, the ACT I Subsidiaries or the ACT I Projects are bound and which were 
  

 12 

 entered into by the Company, Sellers (or either of them), any Affiliate of Sellers, or Stuart R. Davis on
behalf of ACT I, or any ACT I Subsidiary, except for the ACT I Contracts listed on Exhibit “G” attached hereto. 
  
 (ii) There are no service contracts, construction contracts, architect agreements, maintenance contracts, brokerage agreements, management
contracts, agency agreements, employment agreements, debt instruments or any other contracts or agreements to which ACT II, the ACT II Subsidiary or the ACT II Project are a party or by which ACT II, the ACT II Subsidiary or the ACT II Project are
bound and which were entered into by the Company, Sellers (or either of them), any Affiliate of Sellers, or Stuart R. Davis on behalf of ACT II or the ACT II Subsidiary, except for the ACT II Contracts listed on Exhibit “H” attached
hereto. 
  
 (iii) To Seller’s Knowledge, the
ACT I Contracts and ACT II Contracts described on Exhibits “G” or “H” have not been modified or amended, except for waivers and amendments that are not material and that arise through course of conduct, except as
set forth on such exhibits. 
  
 (iv) To
Seller’s Knowledge, as of the date hereof, neither ACT I, ACT II or any Subsidiary or any other party to any material ACT I Contract or ACT II Contract is in material default under any such contract, and no event or condition has occurred
which, with the giving of notice and/or lapse of time, would constitute such a material default. No written notice of any material default on the part of any party to any of such contracts has been sent by or, as of the date hereof, received by
Sellers or the Company, or, to Seller’s Knowledge, by ACT I, ACT II or the Subsidiaries. 
  
 (d) Condemnation. To Seller’s Knowledge, as of the date hereof, there is no pending or threatened condemnation or eminent domain proceedings that would affect any part of the Properties, other than the
condemnation proceeding set forth and described on Exhibit “J” attached hereto. 
  
 (e) Compliance with Laws; Permits. As of the date hereof, no notice has been received by Sellers or the Company from any governmental authority
which has not been withdrawn, lapsed or cured to the effect that (i) any zoning law, ordinance or regulation has been violated by the current operation, occupancy or use of any of the Properties, (ii) any federal, state or municipal law, ordinance
or regulation has been violated by the current operation, occupancy or use of any of the Properties or (iii) any currently required permits (or any permits which Sellers know will be required in the future) have not been issued and paid for or are
not in full force and effect, in each case. 
  
 (f)
Environmental Matters. Except as set forth in any environmental report obtained by ACT I, ACT II or any Subsidiary which has been delivered to Purchaser, any of the other members in ACT I or ACT II, or any Affiliates of 
  

 13 

 Purchaser or the other members in ACT I or ACT II, to Seller’s Knowledge, no hazardous substances have been
released, disposed of, or identified on, under or at, any of the Properties in violation of any applicable federal, state or municipal law, ordinance or regulation. As of the date hereof, Sellers have not received any currently effective written
notice from any governmental authority that any of the Properties is in violation of any applicable federal, state or municipal law, ordinance or regulation regarding hazardous substances. To Seller’s Knowledge, the Properties are not in
violation of any applicable federal, state or municipal law, ordinance or regulation regarding hazardous substances. 
  
 Section 6.3 Purchaser’s Warranties and Representations. Purchaser does hereby warrant and represent to Seller that: 
  
 (a) Organization and Existence. Purchaser is duly organized, validly
existing, and in good standing under the laws of the State of Delaware. 
  
 (b) Power and Authority. Purchaser has the requisite power and authority to execute and deliver this Agreement and all agreements and other documents provided for herein or contemplated hereby and to perform and discharge all of
Purchaser’s obligations hereunder and thereunder. All requisite limited liability company actions necessary to authorize Purchaser to execute and deliver this Agreement and all agreements and other documents provided for herein or contemplated
hereby and to perform and discharge all of Purchaser’s obligations hereunder and thereunder have been taken. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement in accordance with
its terms will not violate any provision of Purchaser’s organization documents. The persons executing this Agreement on behalf of Purchaser have the power to act on behalf of Purchaser and the execution of this Agreement by such persons has
been duly authorized. 
  
 (c) Valid and Binding. This
Agreement is and, when executed and delivered in accordance herewith, all documents to be executed and delivered by Purchaser as required or contemplated hereby will be the valid and binding obligations of Purchaser. 
  
 (d) No Conflict. Neither the execution nor delivery of this Agreement
or the other agreements and documents to be executed by Purchaser as provided for herein or contemplated hereby conflicts with any contract, agreement, order, decree, law, regulation, or other matter or obligation to which Purchaser is a party or
otherwise bound. 
  
 (e) Consents Obtained. Any consents
required for the execution and delivery of this Agreement by Purchaser or the performance by Purchaser hereunder have been or will be obtained by Purchaser prior to Closing. 
  

 14 

 Section 6.4 Survival of Representation and Warranties. The warranties and representations made in
Sections 6.1, 6.2 and 6.3, shall survive the Closing for one (1) year after the Closing. Any action based on the warranties and representations made in Sections 6.1, 6.2 and 6.3 shall be required to be filed within one (a) year
after the Closing and, if not so filed, shall be forever waived and relinquished. 
  
 Section 6.5 Sellers’ Covenants. Sellers hereby jointly and severally covenant to and agree with Purchaser as follows (which covenants shall survive the Closing): 
  
 (a) Seller will not take any action, or fail to take any action which
reasonably should be taken, which would cause any representation or warranty of Sellers under this Agreement to be incorrect or untrue; and 
  
 (b) Sellers will immediately notify Purchaser of any decree, judgment, action, suit, proceeding or bankruptcy pursuant to Sections 6.1(c), 6.1(d) or
6.2(a) hereinabove of which Sellers gain knowledge following the date hereof (other than notices delivered by ACT I, ACT II or their respective Affiliates). 
  
 ARTICLE VII 
 ASSIGNMENT 
  
 Purchaser may assign its rights under this Agreement to an Affiliate of
Purchaser, provided that Purchaser gives written notice of such assignment to Sellers. No assignment by Purchaser shall relieve Purchaser of any obligation hereunder. In the event of an assignment by Purchaser, such assignee shall thereafter be the
“Purchaser” under this Agreement. 
  
 ARTICLE VIII

 DEFAULT; REMEDIES 
  
 Section 8.1 Purchaser’s Default. If, on the Closing Date, Purchaser fails to close and consummate the transaction contemplated hereby in
accordance with the terms hereof, Seller, as its sole and exclusive remedy therefor, may terminate this Agreement by written notice to Purchaser. Upon any such termination of this Agreement, neither party shall have any further rights or obligations
hereunder other than those which expressly survive the termination of this Agreement. Notwithstanding any contrary provisions of this Agreement, Sellers waive any other remedy against Purchaser for any default hereunder which occurs prior to or at
the Closing, including any right to seek or recover damages for any such default. 
  
 Section 8.2 Seller’s Default. If, on or prior to the Closing Date, (i) Sellers (or either of them) defaults in any of the covenants, agreements or obligations to be performed by Sellers under this
Agreement prior to, on or as of the Closing Date (or at 
  

 15 

 the Closing) or (ii) Sellers otherwise materially default hereunder and such other material default is not cured by the
earlier of (A) the Closing Date or (B) the date which is ten (10) Business Days after notice of such default from Purchaser to Seller, then, and in any such events, Purchaser, as its sole remedy therefor, may either (1) seek specific performance of
Seller’s obligations hereunder and/or other equitable remedies available to Purchaser or (2) terminate this Agreement by written notice to Seller. If Purchaser shall elect to terminate this Agreement then, upon such election, neither party
shall have any further rights or obligations hereunder other than those, if any, which expressly survive the termination of this Agreement. Notwithstanding any contrary provisions of this Agreement, Purchaser waives any other remedy against Sellers
for any default hereunder which occurs prior to or at the Closing, including any right to seek or recover damages for any such default. 
  
 Section 8.3 Post-Closing Breach or Default. If either party (the “Breaching Party”) shall (a) default in the performance of any duty or
obligation under this Agreement which survives the Closing and which is to be performed after the Closing, (b) default in the performance of any duty or obligation under any other agreement or document to be executed by the Breaching Party pursuant
to this Agreement and delivered at the Closing as provided for herein or contemplated hereby which survives the Closing, or (c) breach any representation or warranty of the Breaching Party under this Agreement or any document executed in connection
with this Agreement which survives the Closing, then in addition to any remedies for such default specifically provided herein or in such other document, the other party (the “Non-Breaching Party”) shall be entitled to all remedies
normally available at law or in equity on account of such default; provided, however, that, except for claims arising under Section 4.2(k), 4.2(l) and 4.2(m), the Non-Breaching Party shall not make any claim under this Section 8.3 following the
Closing unless the damages suffered or to be suffered by the Non-Breaching Party as a result of the default or breach of the Defaulting Party exceeds the sum of $25,000.00 (with respect to any single or related claim) and/or the sum of $75,000.00
(with respect to numerous claims in the aggregate). The Non-Defaulting Party’s preceding to Closing hereunder shall not be deemed a waiver of any default or breach existing on the part of the Breaching Party prior to Closing. The terms and
provisions of this Section 8.3 shall survive the Closing. 
  
 Notwithstanding any contrary provision of this Agreement, the total amount of Sellers’ liability under this Agreement pursuant to Section 6.2, Section 4.3(a)(ii) (to the extent such liability results from a Claim related to any breach
of Sellers, or either of them, under Section 6.2 of this Agreement) and Section 8.3(c) (to the extent of any liability resulting from a breach under Section 6.2 of this Agreement) of this Agreement shall not exceed the aggregate sum of $500,000.00,
less any sums previously actually recovered by Purchaser from Guarantor pursuant to those provisions or from Guarantor and/or Sellers pursuant to the same provisions of that certain other Purchase and Sale Agreement of even date with this Agreement
executed by Sellers, Guarantor and RAP-RSVP Titan 5 LLC (the “Other Agreement”). 
  

 16 

 Notwithstanding any contrary provision of this Agreement, the total amount of Sellers’ liability
under this Agreement shall not exceed the aggregate sum of (i) the amount of the Purchase Price actually received by RAP-RSVP Titan 5 LLC or its assignee under the Other Agreement, plus (ii) $5,726,367.00, less (iii) any sums actually recovered by
Purchaser from Guarantor pursuant to the Guaranty or actually recovered by RAP-RSVP Titan 5 LLC from Sellers or Guarantor under the Other Agreement. 
  
 ARTICLE IX 
 MISCELLANEOUS 
  
 Section 9.1 Notices. All notices, demands, requests and other
communications required hereunder shall be in writing and shall be deemed to have been given if delivered by: (a) personal delivery, (b) successful and confirmed facsimile transmission, (c) commercial courier service, or (d) registered or certified
mail, return receipt requested, addressed to the party for whom it is intended at its address hereinafter set forth. All such notices shall be deemed given when actually delivered in any of the foregoing manners or when such delivery is refused when
tendered at such address. 
  

			
	 To the Sellers:
	  	 Titan Investments I, LLC

	 	  	 4725 South Monaco Court, Suite 340

	 	  	 Denver, Colorado 80237

	 	  	 Attention: Stuart R. Davis

	 	  	 Telephone: (720) 528-7650

	 	  	 Facsimile: (720) 528-7654

		
	 	  	 Anthony J. Patinella, Jr.

	 	  	 4725 South Monaco Court, Suite 340

	 	  	 Denver, Colorado 80237

	 	  	 Telephone: (720) 528-7650

	 	  	 Facsimile: (720) 528-7654

		
	 with a copy to:
	  	 James E. Culhane

	 	  	 Davis Graham & Stubbs, LLP

	 	  	 1550 Seventeenth Street, Suite 500

	 	  	 Denver, Colorado 80202

	 	  	 Telephone: (303) 892-7397

	 	  	 Facsimile: (303) 893-1379

		
	 To the Purchaser:
	  	 RAP Student Housing Properties, LLC

	 	  	 c/o American Campus Communities

	 	  	 805 Las Cimas Parkway, Suite 400

	 	  	 Austin, Texas 78746

  

 17 

			
	 	 	 Facsimile: 512-732-2450

		
	 	 	 with copies to:

		
	 	 	 Willkie Farr & Gallagher LLP

	 	 	 787 Seventh Avenue

	 	 	 New York, New York 10019

	 	 	 Attention: Yaacov M. Gross

	 	 	 Telephone: 212-728-8000

	 	 	 Facsimile: 212-728-8111

		
	 	 	 And to:

		
	 	 	 Glast, Phillips & Murray, P.C.

	 	 	 2200 One Galleria Tower

	 	 	 13355 Noel Road

	 	 	 Dallas, Texas 75240

	 	 	 Attention: R. Craig Warner

	 	 	 Telephone: 972-419-8300

	 	 	 Facsimile: 972-419-8329

  
 Either party may change its address or
addresses for notices by written notice given in accordance with the provisions of this Section. The attorney for any party may send notices on that party’s behalf. The terms and provisions of this Section 9.1 shall survive the Closing.

  
 Section 9.2 Governing Law; Jurisdiction and Venue.

  
 (a) This Agreement shall be governed by, and construed
in accordance with, the substantive laws of the State of New York, without regard to conflict of law principles. 
  
 (b) For the purposes of any suit, action or proceeding involving this Agreement, Purchaser hereby expressly submits to the jurisdiction of all federal and
state courts sitting in New York County, New York and consents that any order, process, notice of motion or other application to or by any such court or a judge thereof may be served within or without such court’s jurisdiction by registered
mail or by personal service, provided that a reasonable time for appearance is allowed. 
  
 The terms and provisions of this Section 9.2 shall survive the Closing 
  
 Section 9.3 Further Assurances. In addition to the obligations required to be performed hereunder by Sellers and Purchaser at or prior to the Closing, each party, from and after the Closing, shall
execute, acknowledge and/or deliver such other instruments, 
  

 18 

 as may reasonably be requested in order to effect or confirm the transaction provided for herein in the manner intended
hereby; provided, however, that the foregoing provisions of this Section 9.3 shall not obligate either party to execute, acknowledge or deliver any instrument which would or might impose upon such party any additional liability or
obligation (beyond that imposed upon on it under the documents delivered by such party at the Closing and the other provisions of this Agreement which survive the Closing). The terms and provisions of this Section 9.3 shall survive the Closing.

  
 Section 9.4 Successors. All of the provisions of
this Agreement and of any of the documents and instruments executed in connection herewith shall apply to and be binding upon, and inure to the benefit of Sellers and Purchaser, their successors and permitted assigns. The terms and provisions of
this Section 9.4 shall survive the Closing. 
  
 Section 9.5 No
Third Party Beneficiary. This Agreement and each of the provisions hereof are solely for the benefit of Purchaser and Sellers and their permitted assigns. No provisions of this Agreement, or of any of the documents and instruments
executed in connection herewith, shall be construed as creating in any person or entity other than Purchaser and Sellers and their permitted assigns any rights of any nature whatsoever. The terms and provisions of this Section 9.5 shall survive the
Closing. 
  
 Section 9.6 Entire Agreement. This
Agreement, together with the documents and instruments executed and delivered in connection herewith, sets forth the entire agreement between Purchaser and Sellers relating to the transactions contemplated hereby and all other prior or
contemporaneous agreements, understandings, representations or statements, oral or written, relating directly to the transactions contemplated hereby are superseded hereby. 
  
 Section 9.7 Severability. If any provision in this Agreement is found by a court of competent jurisdiction to
be in violation of any applicable law, and if such court should declare such provision of this Agreement to be unlawful, void, illegal or unenforceable in any respect, the remainder of this Agreement shall be construed as if such unlawful, void,
illegal or unenforceable provision were not contained herein, and the rights, obligations and interests of the parties hereto under the remainder of this Agreement shall continue in full force and effect undisturbed and unmodified in any way.

  
 Section 9.8 Modification. This Agreement and the
terms hereof may not be changed, waived, modified, supplemented, canceled, discharged or terminated orally, but only by an instrument or instruments in writing executed and delivered by Purchaser and Sellers. 
  
 Section 9.9 Captions; Interpretation. 
  
 (a) The captions in this Agreement are inserted for convenience of reference
only and are not intended to define, describe or limit the scope or intent of this Agreement or any of the provisions hereof. All references to “Articles” and “Sections” without reference to a document other than this Agreement,
are intended to designate 
  

 19 

 articles and sections of this Agreement, and the words “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular Article or Section, unless specifically designated otherwise. 
  
 (b) As used in this Agreement, the masculine shall include the feminine and neuter, the singular shall include the plural and the plural shall include the
singular as the context may require. 
  
 (c) The use of the term
“including” shall mean in all cases “including but not limited to” unless specifically designated otherwise. 
  
 (d) No rules of construction against the drafter of this Agreement shall apply in any interpretation or enforcement of this Agreement, any documents or
certificates executed pursuant hereto, or any provisions of any of the foregoing. 
  
 Section 9.10 Execution. This Agreement may be executed in counterparts and, when counterparts of this Agreement have been executed and delivered by each of the parties as provided in this Section, this
Agreement shall be fully binding and effective, just as if each of the parties had executed and delivered a single counterpart of this Agreement. Without limiting the manner in which execution of this Agreement may be accomplished, execution of this
Agreement by any party may be effected by facsimile or PDF transmission of a signature page of this Agreement executed by such party. Any party which effects execution by facsimile or PDF transmission shall also promptly deliver to the other parties
the counterpart physically signed by such party, but the failure of any party to furnish such physically signed counterpart shall not invalidate the execution of this Agreement effected by facsimile or PDF transmission. 
  
 Section 9.11 No Waiver. Neither the failure of either party to
exercise any power given such party hereunder or to insist upon strict compliance by the other party with its obligations hereunder, nor any custom or practice of the parties at variance with the terms hereof shall constitute a waiver of either
party’s right to demand exact compliance with the terms hereof. The terms and provisions of this Section 9.11 shall survive the Closing. 
  
 Section 9.12 Time of Essence. TIME SHALL BE OF THE ESSENCE WITH RESPECT TO THIS AGREEMENT AND ALL OF THE COVENANTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER. 
  
 Section 9.13 Intentionally
Omitted. 
  
 Section 9.14 Survival. No warranty,
representation or obligations of any party to this Agreement shall survive the Closing or termination of this Agreement, except as otherwise specifically set forth herein. The warranties, representations and obligations of any party to this
Agreement set forth in any document executed by such party at or in connection with the Closing shall survive the Closing. 
  

 20 

 Section 9.15 Waiver of Jury Trial. THE PARTIES HEREBY AGREE TO WAIVE THE RIGHT TO A JURY
TRIAL AS TO ANY LITIGATION INVOLVING ANY DISPUTE RELATING TO, OR THE ENFORCEMENT OF, THIS AGREEMENT OR ANY PROVISION OF THIS AGREEMENT. UNLESS OTHERWISE AGREED BY THE PARTIES AT THE TIME, ANY SUCH LITIGATION SHALL BE TRIED TO THE COURT. The terms
and provisions of this Section 9.15 shall survive the Closing. 
  
 Section 9.16. Inclusion of Information. Sellers hereby consent to the attachment of this Agreement to the Registration Statement Form S-11 of American Campus Communities, Inc. and the disclosure of the terms of this Agreement in such
Registration Statement. 
  

 21 

 IN WITNESS WHEREOF, this Agreement has been entered into as of the Effective Date. 
  

			
	 SELLERS:

	
	 TITAN INVESTMENTS I, LLC

		
	 By:
	 	 /s/ Stuart R. Davis

	 Name:
	 	 Stuart R. Davis

	 Title:
	 	 President

	 Date:
	 	 7/27/04

	
	 /s/ Anthony J. Patinella

	 ANTHONY J. PATINELLA, JR.

	
	 PURCHASER:

	
	 RAP STUDENT HOUSING PROPERTIES, LLC

		
	 By:
	 	 /s/ Frank Adipietro

	 Name:
	 	 Frank Adipietro

	 Title:
	 	 Authorized Officer

	 Date:
	 	 7/27/04

  
 GUARANTY

  
 The undersigned (“Guarantor”), for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and as a material consideration to Purchaser (without which Purchaser would not enter into or consummate the foregoing Purchase and Sale Agreement which is hereinafter
called the “Agreement”) hereby unconditionally and irrevocably guarantees to Purchaser the timely payment and performance of all of the duties and obligations of Titan I under the Agreement which survive the Closing, including without
limitation the indemnity obligations of Titan I hereunder and duties and obligations arising from any breach of a representation or warranty by Titan I hereunder, as such duties and obligations of Titan I under the Agreement are expressly limited
pursuant to the terms and provisions of the Agreement. 
  
 Notwithstanding any contrary provisions of this Guaranty, the total amount of Guarantor’s liability under this Guaranty pursuant to Section 6.2, Section 4.3(a)(ii) (to the extent such liability results from a Claim related to any
breach of Sellers, or either of 
  

 22 

 them, under Section 6.2 of this Agreement) and Section 8.3(c) (to the extent of any liability resulting from a breach
under Section 6.2 of the Agreement) of the Agreement shall not exceed the aggregate sum of $500,000.00, less any sums previously actually recovered by Purchaser from Sellers pursuant to those provisions or from Guarantor and/or Sellers pursuant to
the same provisions of that certain other Purchase and Sale Agreement of even date with the Agreement executed by Sellers, Guarantor and RAP-RSVP Titan 5 LLC 
  
 Guarantor represents to Purchaser as follows as of the date hereof and (except as otherwise expressly limited hereinbelow) at Closing: 
  
 (i) Guarantor is the sole Manager of the Company; 
  
 (ii) Guarantor owns a majority of the ownership interest in Titan I;

  
 (iii) Guarantor will receive a material benefit from Titan
I’s execution and performance of this Agreement; 
  
 (iv) The
execution and delivery of this Guaranty and the performance by Guarantor of its obligations hereunder do not (a) conflict with any provision of any law or regulation applicable to Guarantor; or (b) conflict with or result in a breach of or
constitute a default under any of the terms, conditions or provisions of any agreement or instrument to which Guarantor is a party or by which Guarantor is bound or any order or decree applicable to Guarantor. No consents, approvals, authorizations
or orders of any court or governmental agency or body are required for the execution, delivery and performance by Guarantor of this Guaranty. 
  
 (v) As of the date hereof, there is no decree, judgment, action, suit or proceeding pending, or to Guarantor’s knowledge, threatened against
Guarantor in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the ability of Guarantor to perform its obligations under this Guaranty. As of the date hereof, there are no actions,
suits or proceedings pending, or any order, injunction or decree outstanding or existing that relates to, or has been brought against the Guarantor; 
  
 (vi) Guarantor has not filed any petition seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any law relating to bankruptcy or insolvency, nor, as of the date hereof, has any such petition been filed against Guarantor. 
  
 This Guaranty shall survive the Closing. This Guaranty shall be a continuing Guaranty, and shall not be discharged, impaired, or affected by the release
or agreement not to sue without reservation of rights of anyone liable in any way for the performance of the obligations of Titan I under the Agreement. This Guaranty shall remain and continue in full force and effect notwithstanding the institution
by or against Titan I, or any of its partners, shareholders, officers, directors, members or managers, of bankruptcy, 
  

 23 

 reorganization, readjustment, receivership, or insolvency proceedings of any nature. The obligations of Guarantor to
Purchaser hereunder are direct and independent of any obligations of Titan I to Purchaser. Notwithstanding any contrary provisions of this Guaranty, Guarantor shall have no greater liability hereunder than Sellers have under the Agreement, and the
liability of Guarantor under this Guaranty is subject to all applicable limitations on the liability of Sellers under the terms of the Agreement, including those limitations provided in Section 6.4 and Section 8.3 of the Agreement. 
  

	
	 /s/ Stuart R. Davis

	 STUART R. DAVIS

  

			
	 STATE OF COLORADO
	 	§
	 	 	§
	 COUNTY OF DENVER
	 	§

  
 This instrument was
acknowledged before me on July 27, 2004 by STUART R. DAVIS. 
  

			
	 	 	 /s/ Elizabeth J. Weidenhamer

	 	 	NOTARY PUBLIC, IN AND FOR THE STATE OF COLORADO
		
	 My Commission Expires:
	 	 
	     April 3, 2005
	 	 Elizabeth J. Weidenhamer

	 	 	 (Printed Name of Notary)

  

 24 

 EXHIBIT “A” 
  
 ACT I SUBSIDIARIES AND PROJECTS 
  

			
	 SUBSIDIARIES:
	 	 PROJECTS:

		
	ACT-University Village at Boulder Creek, LLC	 	The University Village at Boulder Creek, Boulder, Colorado
		
	ACT-Village at Fresno State, LLC	 	The Village at Fresno, Fresno, California
		
	ACT-Village at CSU, LLC	 	The Village at CSU, San Bernardino, California
		
	ACT-University Village at Boulder Creek Manager LLC	 	 
		
	Titan Management I, LLC	 	 

 EXHIBIT “B” 
  
 ACT II SUBSIDIARY AND PROJECT 
  

			
	 SUBSIDIARY:
	 	 PROJECT:

		
	ACT-Village at Temple LLC	 	University Village at TU, Philadelphia, Pennsylvania

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