Document:

exv10w36

Exhibit 10.36

PURCHASE AND SALE AGREEMENT

          This PURCHASE AND SALE AGREEMENT (this “Agreement”) is made this 26th day of March,
2010, by and among HSRE-CAMPUS CREST IA, LLC, a Delaware limited liability company (“HSRE JV
I Member”), HSRE-CAMPUS CREST IIA, LLC, a Delaware limited liability company (“HSRE JV
II Member”), HSRE-CAMPUS CREST IIIA, LLC, a Delaware limited liability company (“HSRE
JV III Member”) (collectively, “HSRE JV Members” or “Sellers”), HSRE-CAMPUS CREST GP I,
LLC, a Delaware limited liability company (“HSRE CC GP I”), CAMPUS CREST COMMUNITIES OPERATING
PARTNERSHIP, LP, a Delaware limited partnership (“Purchaser”), THE GROVE STUDENT PROPERTIES, LLC, a
North Carolina limited liability company (“CC Manager”), CAMPUS CREST AT SAN MARCOS GP, LLC, a
Delaware limited liability company (“CC San Marcos GP”), and CAMPUS CREST COMMUNITIES, INC., a
Maryland corporation (“Campus Crest REIT”).

RECITALS:

          WHEREAS, Campus Crest REIT intends to file an S-11 Registration Statement for a proposed
initial public offering of capital shares in Campus Crest REIT (the “IPO”);

          WHEREAS, pursuant to the terms and conditions set forth in this Agreement, Sellers and
Purchaser agree that, following the consummation of the IPO and the satisfaction of certain
additional conditions precedent as described herein, the following shall occur;

	 	1.	 	HSRE JV I Member will sell to Purchaser (or an affiliate of Purchaser
designated by Purchaser and reasonably approved by HSRE JV I Member) (i) a 9.9% membership
interest (the “JV I CC Interest”) in HSRE-Campus Crest I, LLC, a Delaware limited
liability company (“JV I”), and (ii) an additional 39.9% membership interest in JV I (the
“JV I HSRE Interest” and, collectively with the JV I CC Interest the “JV I Interest”),
such that the HSRE JV I Member shall own a 50.1% membership interest and the
Purchaser shall own a 49.9% membership interest in JV I;
	 
	 	2.	 	After the transactions contemplated under paragraph 1 above are effectuated, HSRE JV I
Member will sell to Purchaser (or an affiliate of Purchaser designated by Purchaser and
reasonably approved by HSRE JV I Member) its remaining indirect interest in the San Marcos
property (the “San Marcos Property”) as follows: (i) JV I will distribute to each of HSRE
JV I Member and Campus Crest Ventures III, LLC, a Delaware limited liability company (“CC
JV I Member”) its respective ownership interest (the “San Marcos LP Interest”) in Campus Crest at San Marcos, LP, a Delaware limited partnership (the “San Marcos
Property Owner”), (ii) immediately thereafter, HSRE JV I Member will sell its San Marcos LP
Interest to Purchaser, (iii) HSRE CC GP I will distribute to JV I its 1%
ownership interest (the “San Marcos GP Interest”) in the San Marcos Property Owner;
(iv) JV I will distribute to each of HSRE JV I Member and CC JV I Member its respective San
Marcos GP Interest; and (v) immediately thereafter, HSRE JV I Member will sell its San
Marcos GP Interest to CC San Marcos GP (the San Marcos GP Interest and the San Marcos LP
Interest shall be referred to herein, collectively, as the “San Marcos Interest”);

 

 

	 	3.	 	HSRE JV II Member will sell to Purchaser (or an affiliate of Purchaser designated by
Purchaser and reasonably approved by HSRE JV II Member) (i) a 9.9% membership interest
(the “JV II CC Interest”) in HSRE-Campus Crest II, LLC, a Delaware limited
liability company (“JV II”), and (ii) all of its remaining membership interest
in JV II (the “JV II HSRE Interest” and, collectively with the JV
II CC Interest the “JV II Interest”);
	 
	 	4.	 	HSRE JV III Member will sell to Purchaser (or an affiliate of Purchaser designated by
Purchaser and reasonably approved by HSRE JV III Member) its 99.9% membership interest
(the “JV III Interest”) in HSRE-Campus Crest III, LLC, a Delaware limited
liability company (“JV III”) (the JV I Interest, the San Marcos Interest, the
JV II Interest and the JV III Interest shall be referred to herein, collectively, as the
“Membership Interests”); and
	 
	 	5.	 	Purchaser will pay (in full) to the applicable HSRE JV Member, in accordance with the
terms of that certain Management Fee Prepayment Agreement, dated as of the date hereof, by
and among CC Manager, HSRE JV I Member and HSRE JV II Member (the “Management Fee
Prepayment Agreement”), the unpaid portion (the “Unpaid Repayment Amount”) of the
Repayment Amount (as defined in the Management Fee Prepayment Agreement).

          WHEREAS, following the consummation of the IPO and the satisfaction of certain additional
conditions precedent as described herein, the following shall occur: (i) Sellers shall sell, assign
and transfer to Purchaser, and Purchaser shall purchase, all of the Membership Interests pursuant
to the terms and conditions contained in this Agreement, and (ii) Purchaser shall pay, and Sellers
shall accept the payment of, the Unpaid Repayment Amount.

          NOW, THEREFORE, in consideration of the mutual representations, benefits and covenants
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are acknowledged, Sellers and Purchaser covenant and agree as follows:

AGREEMENTS:

     1. JV I Interest.

     a. Agreement to Purchase and Sell the JV I Interest. At the JV I
Closing (as defined herein) and only in the event the JV I Conditions Precedent have occurred
as set forth in Section 1(b) hereof, Purchaser shall purchase from HSRE JV I Member,
and HSRE JV I Member shall sell, transfer, assign and deliver to Purchaser, the JV
I Interest in accordance with the terms set forth in this Agreement. In connection with the
foregoing, (i) HSRE JV I Member and Purchaser shall enter into that certain Assignment and
Assumption Agreement by and between Purchaser and HSRE JV I Member, (the “JV I
Assignment Agreement”), in the form set forth as Exhibit A attached hereto, and (ii)
HSRE JV I Member and CC JV I Member shall execute an amendment (the “JV I
Amendment”) to the Operating Agreement (the “JV I Operating Agreement”) of
HSRE-Campus Crest I, LLC, in a form to be mutually agreed upon by the HSRE JV I Member and the
CC JV I Member. The aggregate

 

 

purchase price for the JV I
Interest shall be equal to the sum of (x) $2,250,000 as
payment for the JV I CC Interest and (y) an amount equal to the capital account balance
associated with the JV I HSRE Interest plus an amount equal to a twelve percent (12%) internal
rate of return applied to the Net Invested Capital (as defined in the JV I Operating Agreement)
of the HSRE JV I Member associated with the JV I HSRE Interest as payment for the JV I HSRE
Interest (collectively, the “JV I Interest Purchase Price”).

     b. JV I Conditions Precedent. Notwithstanding anything to the contrary contained
herein, HSRE JV I Member and Purchaser shall be under no obligation to complete the
transactions contemplated in Section 1 hereof unless and until the following
conditions have been satisfied prior to December 31, 2010 or such later date as mutually
agreed upon by HSRE JV I Member and Purchaser (collectively, the “JV I Conditions
Precedent”): (i) the consummation of the IPO and (ii) HSRE JV I Member and Purchaser have
received the written consent of each of the third party lenders to the property owner entities
owned by JV I (collectively, the “JV I Lenders”), if required by the applicable
loan documents, in a form reasonably acceptable to HSRE JV I Member and Purchaser consenting
to the transactions contemplated herein (the “JV I Lender Consent”); provided,
however, that the failure of the JV I Lenders to modify the recourse provisions or release or
alter the liability of the then existing guarantors under the loan documents shall not be the
basis for Purchaser to withhold its approval of the JV I Lender Consent.

     c. JV I Closing; Manner of Payment of the JV I Purchase Price. The consummation
of the transactions contemplated by this Section 1 (the “JV I Closing”) shall
occur on the later of: (i) the earlier of five (5) business days following the date of the
consummation of the IPO and the date on which Campus Crest REIT receives the proceeds of the
IPO from the underwriter of the IPO and (ii) the date upon which HSRE JV I Member has received
the JV I Lender Consent, if required under the applicable loan documents (the “JV
I Closing Date”). At the JV I Closing, Purchaser shall pay the JV I Purchase Price to the
HSRE JV I Member by wire transfer of immediately available funds. The parties shall conduct an
escrow style closing through a party selected by Purchaser and the HSRE JV I Member so that it
will not be necessary for any party to physically attend the JV I Closing.

     d. JV I Closing Deliveries.

     i. HSRE JV I Member Deliveries. At the JV I Closing, HSRE JV I
Member shall deliver the following items to Purchaser, together with such other documents or
instruments as are reasonably required in order to effectuate the consummation of the
transactions contemplated herein:

	 	(1)	 	a written consent of the sole member of HSRE JV I Member in a
form reasonably acceptable to Purchaser executed by the sole member
of HSRE JV
I Member consenting to the transactions contemplated herein;
	 
	 	(2)	 	two (2) counterparts of the JV I Assignment Agreement;
	 
	 	(3)	 	two (2) counterparts of the JV I Amendment; and

 

 

	 	(4)	 	one (1) counterpart of a closing statement (the “JV I Closing
Statement”).

     ii. Purchaser Deliveries. At the JV I Closing, Purchaser shall
deliver the following items to HSRE JV I Member, together with such other documents or
instruments as are reasonably required in order to effectuate the consummation of the
transactions contemplated herein:

	 	(1)	 	the JV I Purchase Price;
	 
	 	(2)	 	the JV I Lender Consent;
	 
	 	(3)	 	a written consent of the general partner of Purchaser in a form
reasonably acceptable to HSRE JV I Member executed by the general partner of
Purchaser consenting to the transactions contemplated herein;
	 
	 	(4)	 	two (2) counterparts of the JV I Assignment
Agreement;
	 
	 	(5)	 	two (2) counterparts of the JV I
Amendment; and
	 
	 	(6)	 	one (1) counterpart of the JV I Closing
Statement.

     e. JV I Closing Costs. Except as otherwise specifically set forth in this
Agreement, Purchaser shall be responsible to pay the following closing costs and other costs
incurred in connection with the transactions contemplated by Section 1: (i) transfer,
documentary and similar taxes related to the sale of the JV I Interest, if any; (ii) one-half
of any escrow costs; (iii) the fees of HSRE JV I Member’s attorneys, which includes fees for
the preparation of this Agreement as well as the transactions contemplated herein (provided
that Purchaser shall not be responsible to pay such fees under this Section l(e) and
Sections 2(g), 3(g) and 4(g) hereof in excess of $50,000 in
the aggregate, all of which shall be paid at the earlier to occur of (x) the consummation of
the IPO or (y) December 15, 2010); (iv) the fees of Purchaser’s attorneys; and (v) any
assumption fee payable to JV I Lenders in connection with JV I Lenders’ approval of the
transactions contemplated by this Agreement in connection with the purchase and sale of the JV
I Interest. HSRE JV I Member shall be responsible to pay one-half of any escrow costs incurred
in connection with the transactions contemplated by Section 1. In the event of a
conflict of the allocation of closing costs between this Agreement and the HSRE JV I Operating
Agreement, the terms and conditions of this Agreement shall control.

     2. San Marcos Interest.

     a. Agreement to Distribute and Sell the San Marcos Interest. At the San Marcos Closing
(as defined herein) and only in the event the San Marcos Conditions Precedent have occurred as
set forth in Section 2(b) hereof, (i) JV I will
distribute to each of HSRE JV I Member
and CC JV I Member its respective San Marcos LP Interest, (ii) HSRE JV I Member will
sell its San Marcos LP Interest to Purchaser, (iii) HSRE CC GP I will distribute

 

 

to
JV I its San Marcos GP Interest, (iv) JV I will distribute to each of HSRE JV I
Member and CC JV I Member its respective San Marcos GP Interest, and (v) HSRE JV I Member will
sell its San Marcos GP Interest to CC San Marcos GP. In connection with the foregoing, (A) HSRE
JV I Member, CC San Marcos GP and Purchaser shall enter into that certain Assignment and
Assumption Agreement by and between Purchaser, CC San Marcos GP and HSRE JV I Member, (the “San
Marcos Assignment Agreement”), in the form set forth as
Exhibit D attached hereto, and (B) CC JV
I Member and CC San Marcos GP shall enter into an Amended and Restated Limited Partnership
Agreement of the San Marcos Property Owner (the “San Marcos Partnership Agreement”). The
aggregate purchase price for the San Marcos Interest shall be equal to 50.1% times
the excess of (X) $23,200,000 minus (Y) the amount of the outstanding principal balance, plus
any accrued, but unpaid interest thereon, of the debt encumbering the property (the “San Marcos
Property”) owned by the San Marcos Property Owner as of the date of the San Marcos Closing (the
“San Marcos Purchase Price”). As of the date hereof, the outstanding principal balance of the
loan encumbering the San Marcos Property is $14,877,298.82.

     b. San Marcos Conditions Precedent. Notwithstanding anything to the contrary contained
herein, HSRE JV I Member and Purchaser shall be under no obligation to complete the transactions
contemplated in Section 2 hereof unless and until the following conditions have been
satisfied prior to December 31, 2010 or such later date as mutually agreed upon by HSRE JV I Member
and Purchaser (collectively, the “San Marcos Conditions Precedent”): (i) the consummation of the
IPO, (ii) HSRE JV I Member and Purchaser have received the written consent of the third party
lender to the San Marcos Property Owner (the “San Marcos Lender”), if required under the applicable
loan documents, in a form reasonably acceptable to HSRE JV I Member and Purchaser consenting to
the transactions contemplated herein (the “San Marcos Lender
Consent”) provided, however, that the
failure of the San Marcos Lender to modify the recourse provisions or release or alter the
liability of the then existing guarantors under the loan documents shall not be the basis for
Purchaser to withhold its approval of the San Marcos Lender Consent, and (iii) the JV I Closing has
occurred.

In the event that the San Marcos Lender requires the outstanding principal balance of the loan
facility (the “JV I Loan”) secured by the San Marcos Property and by property owned by
Campus Crest at Moscow, LLC and Campus Crest at San Angelo, LP to be paid down by an amount that
exceeds that portion of the JV I Loan that is allocable to the San Marcos Property (such excess
amount shall be referred to herein as the “Excess Paydown Amount”) in order to satisfy the
financial covenants set forth in the section entitled “Partial Releases of Collateral” on page 2 of
the First Amendment to the Construction Loan Agreement executed in connection with the JV I Loan,
then the payment of the Excess Paydown Amount shall be effectuated as follows:

(A) Purchaser shall contribute the Excess Paydown Amount required by the San Marcos
Lender to each of Campus Crest at Moscow, LLC and Campus Crest at San Angelo, LP in
such respective amounts as directed by the San Marcos Lender in consideration for a
preferred interest in each such entity (as described in clause (C) below);

 

 

	 	(B)	 	Each of Campus Crest at Moscow, LLC and Campus Crest at San Angelo, LP shall
cause such contributed amounts received from Purchaser to be paid immediately to the
San Marcos Lender;
	 
	 	(C)	 	In consideration for its contribution set forth herein, Purchaser shall be
issued a preferred interest in each of Campus Crest at Moscow, LLC and Campus Crest at
San Angelo, LP, which preferred interest shall entitle Purchaser to (i) a cumulative,
annually compounded, return of nine percent (9%) per annum and (ii) repayment of such
contributed amount prior to any amount being distributed to JV I,
including, without
limitation, as a result of Operating Cash Flow or Capital Proceeds (as both terms are
defined in the JV I Operating Agreement); and
	 
	 	(D)	 	Each of the HSRE IV I Member and the CC JV I Member shall take all
such reasonable actions as are necessary to amend the organizational documents of JV
I and its Subsidiaries (as defined in the JV I Operating Agreement) in order to
evidence the transactions contemplated herein.

     c. San Marcos Closing; Manner of Payment of the San Marcos Purchase Price. The
consummation of the transactions contemplated by this
Section 2 (the “San Marcos Closing”) shall
occur on the later of: (i) the earlier of five (5) business days following the date of the
consummation of the IPO and the date on which Campus Crest REIT receives the proceeds of the IPO
from the underwriter of the IPO, (ii) the date upon which HSRE JV I Member and Purchaser have
received the San Marcos Lender Consent, if required under the applicable loan documents, and
(iii) the JV I Closing Date (the “San Marcos Closing
Date”). At the San Marcos Closing,
Purchaser shall pay the San Marcos Purchase Price to the HSRE JV I Member by wire transfer of
immediately available funds. The parties shall conduct an escrow style closing through a
party selected by Purchaser and the HSRE JV I Member so that it will not be necessary for any
party to physically attend the San Marcos I Closing.

     d. San Marcos Closing Deliveries.

     i.
HSRE JV I Member Deliveries. At the San Marcos Closing, HSRE JV I Member
shall deliver the following items to Purchaser, together with such other documents or
instruments as are reasonably required in order to effectuate the consummation of the
transactions contemplated herein:

	 	(1)	 	a written consent of the sole member of HSRE JV I Member in a form
reasonably acceptable to Purchaser executed by the sole member of HSRE JV I
Member consenting to the transactions contemplated herein;
	 
	 	(2)	 	two (2) counterparts of the San Marcos Assignment Agreement; and

 

 

	 	(3)	 	one (1) counterpart of a closing statement (the “San Marcos Closing
Statement”).

     ii.
Purchaser Deliveries. At the San Marcos Closing, Purchaser shall deliver the following
items to HSRE JV I Member, together with such other documents or instruments as are reasonably
required in order to effectuate the consummation of the transactions contemplated herein:

	 	(1)	 	the San Marcos Purchase Price, as adjusted pursuant to
Sections 2(e) and (f)
hereof;
	 
	 	(2)	 	the San Marcos Lender Consent;
	 
	 	(3)	 	a written consent of the general partner of Purchaser in a form reasonably
acceptable to HSRE JV I Member executed by the general partner of Purchaser consenting to
the transactions contemplated herein;
	 
	 	(4)	 	two (2) counterparts of the San Marcos Assignment Agreement;
	 
	 	(5)	 	the San Marcos Partnership Agreement; and
	 
	 	(6)	 	one (1) counterpart of the San Marcos Closing Statement.

     e. San Marcos Prorations. The following shall be apportioned between HSRE JV I Member
and Purchaser with respect to the San Marcos Property, such prorations to be computed based on the
number of days HSRE JV I Member and Purchaser each own its respective indirect interest in the San
Marcos Property in the month in which the San Marcos Closing occurs, as of 12:01 a.m. on the San
Marcos Closing Date, and such prorations shall increase or decrease the amount of cash disbursed to
HSRE JV I Member at the San Marcos Closing.

     i. all collected rents and other sums received under leases at the San Marcos Property
(including prepaid rents);

     ii. taxes and assessments (including, without limitation, personal property taxes on the
personal property and rent taxes) levied against the San Marcos Property;

     iii. pre-payments and accrued amounts due under any contracts relating to the
San Marcos Property;

     iv. accrued income and expenses (including, without limitation, gas, electricity and other utility charges for which HSRE JV I Member or the San Marcos Property Owner is liable, if
any, with such charges to be apportioned at the San Marcos Closing on the basis of the most
recent meter reading occurring prior to the San Marcos Closing or, if unmetered, on the basis of
a current bill for each such utility);

 

 

     v. all other expenses pertaining to the San Marcos Property;

     vi. premiums under insurance policies held by the San Marcos Property Owner that will
continue to be in effect after the San Marcos Closing; and

     vii. all accrued and unpaid interest and other amounts due under the mortgage loan
encumbering the San Marcos Property (the “San Marcos Mortgage Loan”), together with
a credit to the HSRE JV I Member for the amount of any reserve accounts held by the San Marcos
Mortgage Lender to the extent retained for the benefit of the San Marcos Property Owner after
the San Marcos Closing.

Notwithstanding anything to the contrary in this Section 2(e), HSRE JV I Member and
Purchaser agree that, subject to the provisions of Section 2(f) hereof, the San Marcos
Closing Statement shall, once executed by both parties, contain the correct and agreed-upon
proration of the items described in this Section 2(e).

     f.
Method of Prorations. Notwithstanding anything contained in the foregoing provisions:

     i. Real estate and personal property taxes and assessments will be prorated
between HSRE JV I Member and Purchaser for the period for which such taxes are
assessed, regardless of when payable. The estimated tax amount calculated for appraisal
purposes, and to be used for proration purposes, is $317,000. Any taxes paid at or prior to the
San Marcos Closing shall be prorated based upon the amounts actually paid. If taxes
and assessments for the fiscal year in which the San Marcos Closing occurs or any prior years
have not been paid before the San Marcos Closing, Purchaser shall be credited by HSRE JV I
Member at the time of the San Marcos Closing with an amount equal to that portion of such taxes
and assessments which are ratably attributable to the period before the San Marcos Closing Date
and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. If taxes
and assessments for the fiscal year in which the San Marcos Closing occurs have been paid
before the San Marcos Closing, HSRE JV I Member shall be credited by Purchaser at the time of
the San Marcos Closing with an amount equal to that portion of such taxes and assessments which
are ratably attributable to the period from and after the San Marcos Closing Date. All
prorations for real estate taxes that are based on estimates shall be reprorated when the
actual taxes for the applicable period are ascertainable.

     ii. Rents collected after the San Marcos Closing shall be deemed to apply first to
current rents and rents accrued subsequent to the month in which the San Marcos Closing
occurred, second to the month in which the San Marcos Closing occurred, subject to the
applicable proration, and third to delinquent Rents accrued prior to the month in which the San
Marcos Closing occurred. If Purchaser collects rent subsequent to the San Marcos Closing that,
based on the foregoing, should be applied to HSRE JV I Member’s period of ownership of the San
Marcos Property, Purchaser shall promptly pay such rent to HSRE JV I Member. Rents collected by
HSRE JV I Member after the Closing to

 

 

which Purchaser is entitled under this Section 2(f)(ii) shall be promptly delivered to
Purchaser.

     iii. Either party shall be entitled to a post-Closing adjustment for any incorrect
proration or adjustment provided written notice thereof is given to the other party within one
(1) year of the San Marcos Closing and both parties agree upon the amount of the post-Closing
adjustment; provided, however, that the one (1) year limitation shall not apply with respect to
real estate taxes.

     g. San Marcos Closing Costs. Except as otherwise specifically set forth in this
Agreement, Purchaser shall be responsible to pay the following closing costs and other costs
incurred in connection with the transactions contemplated by this Section 2: (i) to the extent
required by Purchaser, the cost of any endorsements to the existing base title policy and the cost
of any Survey, all recording costs and one-half of any escrow costs; (ii) transfer, documentary and
similar taxes related to the sale of the San Marcos Interest, if any; (iii) subject to
Section 1(e)(iii) hereof, the fees of HSRE JV I Member’s attorneys; (iv) the fees of
Purchaser’s attorneys; and (v) any assumption fee payable to San Marcos Mortgage Lender in
connection with San Marcos Mortgage Lender’s approval of the transactions contemplated by this
Agreement in connection with the purchase and sale of the San Marcos Interest. HSRE JV I Member
shall be responsible to pay one-half of any escrow costs incurred in connection with the
transactions contemplated by this Section 2. In the event of a conflict of the allocation of
closing costs between this Agreement and the HSRE JV I Operating Agreement, the terms and
conditions of this Agreement shall control.

3. JV II Interest.

     a. Agreement to Purchase and Sell the JV II Interest. At the JV II Closing (as defined
herein) and only in the event the JV II Conditions Precedent have occurred as set forth in
Section 3(b) hereof, Purchaser shall purchase from HSRE JV II Member, and HSRE JV II
Member shall sell, transfer, assign and deliver to Purchaser, the JV II Interest in accordance
with the terms set forth in this Agreement. In connection with the
foregoing, HSRE JV II Member
and Purchaser shall enter into that certain Assignment and Assumption Agreement by and between
Purchaser and HSRE JV II Member (the “JV II Assignment Agreement”), in the form set
forth as Exhibit B attached hereto. The purchase price for the JV II Interest shall be equal to
99.9% multiplied by $6,750,000 (the “JV II Interest Purchase Price”).
Notwithstanding the foregoing, in the event HSRE JV II Member and Purchaser are unable to obtain
the written consent of the third party lender to the Milledgeville Property Owner (the “JV
II Lender”) with respect to the initial transfer of the JV II CC Interest from
Campus Crest Ventures IV, LLC, a Delaware limited liability company (the “CC JV II
Member”) to the HSRE JV II Member prior to the consummation of the IPO, Purchaser shall,
subject to Section 3(b) hereof, purchase from HSRE JV II Member, and HSRE JV II Member shall
sell, transfer, assign and deliver to Purchaser, the JV II HSRE Interest in accordance with the
terms set forth in this Agreement (in which case the form of JV II Assignment Agreement attached
hereto as Exhibit B shall be modified accordingly). The purchase price for the JV II HSRE
Interest shall be equal to 90% multiplied by $6,750,000 (the “JV II HSRE
Interest Purchase Price”).

 

 

     b.
JV II Conditions Precedent. Notwithstanding anything to the contrary contained herein,
HSRE JV II Member and Purchaser shall be under no obligation to complete the transactions
contemplated in this Section 3 unless and until the following conditions have been satisfied prior
to December 31, 2010 or such later date as mutually agreed upon by HSRE JV II Member and Purchaser
(collectively, the “JV II Conditions Precedent”): (i) the consummation of the IPO and (ii)
HSRE JV II Member and Purchaser have received the written consent (the “JV II
Lender Consent”) of the JV II Lender, if required under the applicable loan documents, in
a form reasonably acceptable to HSRE JV II Member and Purchaser consenting to the transactions
contemplated herein, including, but not limited to, (A) the release of HSRE-CC II Springing, LLC, a
Delaware limited liability company, from its obligations as a springing member of each of the
Milledgeville Property Owner and Campus Crest at Milledgeville Manager, LLC, a Delaware limited
liability company (the “Milledgeville Manager”) and (B) the resignation of Stephen M. Gordon and
Christopher N. Merrill as directors of Milledgeville Manager, provided, however, that the failure
of the JV II Lender to modify the recourse provisions or release or alter the liability of the then
existing guarantors under the loan documents shall not be the basis for Purchaser to withhold its
approval of the JV II Lender Consent.

     c.
JV II Closing; Manner of Payment of the JV II Purchase Price. The consummation of
the transactions contemplated in this Section 3 (the
“JV II Closing”) shall occur on
the later of: (i) the earlier of five (5) business days following the date of the consummation of
the IPO and the date on which Campus Crest REIT receives the proceeds of the IPO from the
underwriter of the IPO and (ii) the date upon which HSRE JV II Member and
Purchaser have received the JV II Lender Consent, if required under the applicable loan documents
(the “JV II Closing Date”). At the JV II Closing, Purchaser shall pay the JV II
Purchase Price to the HSRE JV II Member by wire transfer of immediately available funds. The
parties shall conduct an escrow style closing through a party selected by Purchaser and the HSRE JV
II Member so that it will not be necessary for any party to physically attend the JV II Closing.

     d. JV II Closing Deliveries.

     i. HSRE JV II Member Deliveries. At the JV II Closing, HSRE JV II
Member shall deliver the following items to Purchaser, together with such other documents or
instruments as are reasonably required in order to effectuate the consummation of the
transactions contemplated herein:

	 	(1)	 	a written consent of the sole member of HSRE JV II Member in a
form reasonably acceptable to Purchaser executed by the sole member of HSRE JV II
Member consenting to the transactions contemplated herein;
	 
	 	(2)	 	two (2) counterparts of the JV II Assignment Agreement; and
	 
	 	(3)	 	one (1) counterpart of a
closing statement (the “JV II Closing Statement”).

 

 

     ii. Purchaser Deliveries. At the JV II Closing, Purchaser shall
deliver the following items to HSRE JV II Member, together with such other documents
or instruments as are reasonably required in order to effectuate the consummation of
the transactions contemplated herein:

	 	(1)	 	the JV II Purchase Price, as adjusted pursuant to Sections
3(e) and (f)
hereof;
	 
	 	(2)	 	the JV II Lender Consent;
	 
	 	(3)	 	a written consent of the general partner of Purchaser in a form reasonably acceptable
to HSRE JV II Member executed by the general partner of Purchaser consenting to the
transactions contemplated herein;
	 
	 	(4)	 	two (2) counterparts of the JV II Assignment Agreement;
	 
	 	(5)	 	the First Amendment to the Amended and Restated Limited Liability Company Agreement of
the Milledgeville Property Owner in such form as agreed to by the parties hereto in order
to effect the transactions contemplated hereunder (the “Milledgeville Property Owner
Amendment”);
	 
	 	(6)	 	the Second Amendment to Limited Liability Company Agreement of the Milledgeville
Manager in such form as agreed to by the parties hereto in order to effect the
transactions contemplated hereunder (the “Milledgeville
Manager Amendment”); and
	 
	 	(7)	 	one (1) counterpart of the JV II Closing Statement.

     e. JV II Prorations. The following shall be apportioned between HSRE JV II Member and
Purchaser with respect to the Milledgeville Property, such prorations to be computed based on the
number of days HSRE JV II Member and Purchaser each own its respective indirect interest in the
Milledgeville Property in the month in which the JV II Closing occurs, as of 12:01 a.m. on the JV
II Closing Date, and such prorations shall increase or decrease the amount of cash disbursed to
HSRE JV II Member at the JV II Closing.

     i. all collected rents and other sums received under leases at the Milledgeville Property
(including prepaid rents);

     ii. taxes and assessments (including, without limitation, personal property taxes on the
personal property and rent taxes) levied against the Milledgeville Property;

     iii. pre-payments and accrued amounts due under any contracts relating to the Milledgeville
Property;

     iv. accrued income and expenses (including, without limitation, gas, electricity and other
utility charges for which HSRE JV II Member or the Milledgeville
Property Owner is liable, if
any, with such charges to be apportioned at the JV II Closing on the basis of

 

 

the most recent meter reading occurring prior to the JV II Closing or, if unmetered, on the
basis of a current bill for each such utility);

     v. all other expenses pertaining to the Milledgeville Property;

     vi. premiums under insurance policies held by the Milledgeville Property Owner that will
continue to be in effect after the JV II Closing; and

     vii. all accrued and unpaid interest and other amounts due under the mortgage loan
encumbering the Milledgeville Property (the “Milledgeville Mortgage Loan”), together with a
credit to the HSRE JV II Member for the amount of any reserve accounts held by the JV II Lender
to the extent retained for the benefit of the Milledgeville Property Owner after the JV II
Closing.

Notwithstanding anything to the contrary in this Section 3(e), HSRE JV II Member and
Purchaser agree that, subject to the provisions of Section 3(f) hereof, the JV II Closing
Statement shall, once executed by both parties, contain the correct and agreed-upon proration of
the items described in this Section 3(e).

     f.
Method of Prorations. Notwithstanding anything contained in the
foregoing provisions:

     i. Real estate and personal property taxes and assessments will be prorated between HSRE JV
II Member and Purchaser for the period for which such taxes are assessed, regardless of when
payable. If the current tax bill is not available at the JV II Closing, then the proration shall
be made on the basis of 110% of the most recent ascertainable tax bill. Any taxes paid at or
prior to the JV II Closing shall be prorated based upon the amounts actually paid. If taxes and
assessments for the fiscal year in which the JV II Closing occurs or any prior years have not
been paid before the JV II Closing, Purchaser shall be credited by HSRE JV II Member at the time
of the JV II Closing with an amount equal to that portion of such taxes and assessments which
are ratably attributable to the period before the JV II Closing Date and Purchaser shall pay the
taxes and assessments prior to their becoming delinquent. If taxes and assessments for the
fiscal year in which the JV II Closing occurs have been paid before the JV II Closing, HSRE JV
II Member shall be credited by Purchaser at the time of the JV II Closing with an amount equal
to that portion of such taxes and assessments which are ratably attributable to the period from
and after the JV II Closing Date. All prorations for real estate taxes that are based on
estimates shall be reprorated when the actual taxes for the applicable period are ascertainable.

     ii. Rents collected after the JV II Closing shall be deemed to apply first to current rents
and rents accrued subsequent to the month in which the JV II Closing occurred, second to the
month in which the JV II Closing occurred, subject to the applicable proration, and third to
delinquent Rents accrued prior to the month in which the JV II Closing occurred. If Purchaser
collects rent subsequent to the JV II Closing that, based on the foregoing, should be applied to
HSRE JV II Member’s period of ownership of the

 

 

JV II Property, Purchaser shall promptly pay such rent to HSRE JV II Member.
Rents collected by HSRE JV II Member after the JV II Closing to which Purchaser is entitled
under this Section 3(f)(ii) shall be promptly delivered to Purchaser.

     iii. Either party shall be entitled to a post-Closing adjustment for any incorrect
proration or adjustment provided written notice thereof is given to the other party within
one (1) year of the JV II Closing and both parties agree upon the amount of the
post-Closing adjustment; provided, however, that the one (1) year limitation shall not
apply with respect to real estate taxes.

     g. JV II Closing Costs. Except as otherwise specifically set forth in this
Agreement, Purchaser shall be responsible to pay the following closing costs and other costs
incurred in connection with the transactions contemplated by this Section 3: (i) to the
extent required by Purchaser, the cost of any endorsements to the existing base title policy
and the cost of any Survey, all recording costs and one-half of any escrow costs (ii) transfer,
documentary and similar taxes related to the sale of the JV II Interest, if any; (iii) subject
to Section 1(e)(iii) hereof, the fees of HSRE JV II Member’s attorneys; (iv) the fees
of Purchaser’s attorneys; and (v) any assumption fee
payable to JV II Lender in connection with
JV II Lender’s approval of the transactions contemplated by this Agreement in connection with
the purchase and sale of the JV II Interest. HSRE JV II Member shall be responsible to pay
one-half of any escrow costs incurred in connection with the transactions contemplated in this
Section 3. In the event of a conflict of the allocation of closing costs between
this Agreement and the HSRE JV II Operating Agreement, the terms and conditions of this
Agreement shall control.

     4. JV III Interest.

     a. Agreement to Purchase and Sell the JV III Interest. At the JV III Closing (as
defined herein) and only in the event the JV III Conditions Precedent have occurred as set forth
in Section 4(b) hereof, Purchaser shall purchase from
HSRE JV III Member, and HSRE JV
III Member shall sell, transfer, assign and deliver to Purchaser, the JV III Interest in
accordance with the terms set forth in this Agreement. In connection with the foregoing, HSRE
JV III Member and Purchaser shall enter into that certain Assignment and Assumption
Agreement by and between Purchaser and HSRE JV III Member (the “JV III Assignment
Agreement”), in the form set forth as Exhibit C attached hereto. The purchase price for
the JV III Interest shall be equal to 99.9% times the excess of (i) $16,600,000, minus (ii) the
amount of the outstanding principal balance, plus any accrued, but unpaid interest thereon, of
the debt encumbering the property (the “Carrollton Property”) owned by Campus Crest at
Carrollton, LLC, a Delaware limited liability company, as of the date of the JV III Closing (the
“Carrollton Property Owner”) (the “JV III Interest Purchase Price”).

     b. JV III Conditions Precedent. Notwithstanding anything to the contrary contained
herein, HSRE JV III Member and Purchaser shall be under no obligation to complete the
transactions contemplated in this Section 4 unless and until the following conditions have been
satisfied prior to December 31, 2010 or such later date as mutually agreed upon by HSRE JV III
Member and Purchaser (collectively, the “JV III Conditions Precedent”): (i)

 

 

the consummation of the IPO and (ii) HSRE JV III Member and Purchaser have received the
written consent of the third party lender to the Carrollton Property Owner (the “JV III
Lender”), if required under the applicable loan documents, in a form reasonably acceptable
to HSRE JV III Member and Purchaser consenting to the transactions contemplated herein (the
“JV III Lender Consent”) provided, however, that the failure of the JV III Lender to
modify the recourse provisions or release or alter the liability of the then existing guarantors
under the loan documents shall not be the basis for Purchaser to withhold its approval of the JV
III Lender Consent. (the JV I Lender Consent, the JV II Lender Consent and the JV III Lender
Consent shall be referred to herein, collectively, as the “Lender Consents”).

     c. JV III Closing; Manner of Payment of the JV III Purchase Price. The consummation of
the transactions contemplated in this Section 4 (the “JV III Closing”) shall occur on
the later of: (i) the earlier of five (5) business days following the date of the consummation of
the IPO and the date on which Campus Crest REIT receives the proceeds of the IPO from the
underwriter of the IPO, and (ii) the date upon which HSRE JV III Member and Purchaser have received
the JV III Lender Consent, if required under the applicable loan documents (the “JV III
Closing Date”). At the JV III Closing, Purchaser shall pay the JV III Purchase Price to the HSRE JV
III Member by wire transfer of immediately available funds. The parties shall conduct an escrow
style closing through a party selected by Purchaser and the HSRE JV III Member so that it will not
be necessary for any party to physically attend the JV III Closing.

     d. JV III Closing Deliveries.

     i.
HSRE JV III Member Deliveries. At the JV III Closing, HSRE JV III Member
shall deliver the following items to Purchaser, together with such other documents or
instruments as are reasonably required in order to effectuate the consummation of the
transactions contemplated herein:

	 	(1)	 	a written consent of the sole member of HSRE JV III Member in a form reasonably
acceptable to Purchaser executed by the sole member of HSRE JV III Member consenting to the transactions contemplated herein;
	 
	 	(2)	 	two (2) counterparts of the JV III Assignment Agreement; and
	 
	 	(3)	 	one (1) counterpart of a closing statement (the “JV III Closing
Statement”).

     ii.
Purchaser Deliveries. At the JV III Closing, Purchaser shall deliver the following
items to HSRE JV III Member, together with such other documents or instruments as are reasonably
required in order to effectuate the consummation of the transactions contemplated herein:

	 	(1)	 	the JV III Purchase Price, as adjusted pursuant to Sections 4(e) and
(f) hereof;
	 
	 	(2)	 	the JV III Lender Consent;

 

 

	 	(3)	 	a written consent of the general partner of Purchaser in a form reasonably
acceptable to HSRE JV III Member executed by the general partner of Purchaser
consenting to the transactions contemplated herein;
	 
	 	(4)	 	two (2) counterparts of the JV III Assignment Agreement; and
	 
	 	(5)	 	one (1) counterpart of the JV III Closing Statement.

     e.
JV III Prorations. The following shall be apportioned between
HSRE JV III
Member and Purchaser with respect to the Carrollton Property, such prorations to be computed based
on the number of days HSRE JV III Member and Purchaser each own its respective indirect interest
in the Carrollton Property in the month in which the JV III Closing occurs, as of 12:01 a.m. on
the JV III Closing Date, and such prorations shall increase or decrease the amount of cash
disbursed to HSRE JV III Member at the JV III Closing.

     i. all collected rents and other sums received under leases at the Carrollton Property
(including prepaid rents);

     ii. taxes and assessments (including, without limitation, personal property taxes on the
personal property and rent taxes) levied against the Carrollton Property;

     iii. pre-payments and accrued amounts due under any contracts relating to the Carrollton
Property;

     iv. accrued income and expenses (including, without limitation, gas, electricity and
other utility charges for which HSRE JV III Member or the Carrollton Property Owner is liable,
if any, with such charges to be apportioned at the JV III Closing on the basis of the most
recent meter reading occurring prior to the JV III Closing or, if unmetered, on the basis of a
current bill for each such utility);

     v. all other expenses pertaining to the Carrollton Property;

     vi. premiums under insurance policies held by the Carrollton Property Owner that will
continue to be in effect after the JV III Closing; and

     vii. all accrued and unpaid interest and other amounts due under the mortgage loan
encumbering the Carrollton Property (the “Carrollton Mortgage
Loan”), together with a credit
to the HSRE JV III Member for the amount of any reserve accounts held
by the JV III Lender to
the extent retained for the benefit of the Carrollton Property Owner after the JV III Closing.

Notwithstanding anything
to the contrary in this Section 4(e), HSRE JV III Member and
Purchaser agree that, subject to the provisions of Section 4(f) hereof, the JV III Closing
statement shall, once executed by both parties, contain the correct and agreed-upon proration of
the items described in this Section 4(e).

 

 

     f.
Method of Prorations. Notwithstanding anything contained in the
foregoing provisions:

     i. Real estate and personal property taxes and assessments will be prorated between HSRE JV
III Member and Purchaser for the period for which such taxes are assessed, regardless of when
payable. If the current tax bill is not available at the JV III Closing, then the proration
shall be made on the basis of 110% of the most recent ascertainable tax bill. Any taxes paid at
or prior to the JV III Closing shall be prorated based upon the amounts actually paid. If taxes
and assessments for the fiscal year in which the JV III Closing occurs or any prior years have
not been paid before the JV III Closing, Purchaser shall be credited by HSRE JV III Member at
the time of JV III Closing with an amount equal to that portion of such taxes and assessments
which are ratably attributable to the period before the JV III Closing Date and Purchaser shall
pay the taxes and assessments prior to their becoming delinquent. If taxes and assessments for
the fiscal year in which the JV III Closing occurs have been paid before the JV III Closing,
HSRE JV III Member shall be credited by Purchaser at the time of the JV III Closing with an
amount equal to that portion of such taxes and assessments which are ratably attributable to the
period from and after the JV III Closing Date. All prorations for real estate taxes that are
based on estimates shall be reprorated when the actual taxes for the applicable period are
ascertainable.

     ii. Rents collected after the JV III Closing shall be deemed to apply first to current
rents and rents accrued subsequent to the month in which the JV III Closing occurred, second to
the month in which the JV III Closing occurred, subject to the applicable proration, and third
to delinquent Rents accrued prior to the month in which the JV III Closing occurred. If
Purchaser collects rent subsequent to the JV III Closing that, based on the foregoing, should
be applied to HSRE JV III Member’s period of ownership of the JV III Property, Purchaser shall
promptly pay such rent to HSRE JV III Member. Rents collected by HSRE JV III Member after the
JV III Closing to which Purchaser is entitled under this Section 4(f)(ii) shall be
promptly delivered to Purchaser.

     iii. Either party shall be entitled to a post-Closing adjustment for any incorrect
proration or adjustment provided written notice thereof is given to the other party within one
(l) year of the JV III Closing and both parties agree upon the amount of the
post-Closing adjustment provided, however, that the one (1) year limitation shall not apply
with respect to real estate taxes.

     g. JV III Closing Costs. Except as otherwise specifically set forth in this Agreement,
Purchaser shall be responsible to pay the following closing costs and other costs incurred in
connection with the transactions contemplated by this Section 4: (i) to the extent required
by Purchaser, the cost of any endorsements to the existing base title policy and the cost of any
Survey, all recording costs and one-half of any escrow costs (ii) transfer, documentary and similar
taxes related to the sale of the JV III Interest, if any; (iii) subject to Section
1(e)(iii) hereof, the fees of HSRE JV III Member’s attorneys; (iv) the fees of Purchaser’s
attorneys; and (v) any assumption fee payable to JV III Lender in connection with JV III Lender’s

 

 

approval of the transactions contemplated by this Agreement in connection with the
purchase and sale of the JV III Interest. HSRE JV III Member shall be responsible to pay
one-half of any escrow costs incurred in connection with the transactions contemplated by
Section 4. In the event of a conflict of the allocation of closing costs between this
Agreement and the HSRE JV III Operating Agreement, the terms and conditions of this Agreement
shall control.

     5. Agreement to Pay the Unpaid Repayment Amount. Upon the consummation of the IPO,
Purchaser shall pay to the applicable HSRE JV Member the Unpaid Repayment Amount in
accordance with the terms set forth in the Management Fee Prepayment Agreement. Purchaser shall pay
the Unpaid Repayment Amount to the applicable HSRE JV Member by wire transfer of immediately
available funds. In connection with the foregoing, CC Manager and each applicable property owner
shall cause the Amendments to the applicable Property Management Agreements to be rendered null and
void and of no further effect in accordance with the terms set forth in the Management Fee
Prepayment Agreement.

     6. Representations and Warranties.

     a.
Representations and Warranties of Purchaser. Purchaser and Campus Crest REIT represent
and warrant to Sellers as follows.

     i. Organization, Existence and Good Standing. Purchaser is Delaware limited
partnership, duly organized, existing and in good standing under the laws of the State of
Delaware. Campus Crest REIT is a real estate investment trust duly organized, existing and
in good standing under the laws of the State of Maryland.

     ii. Power and Authority. Purchaser has full power and authority to enter into
and perform its obligations under this Agreement and all other agreements, certificates,
instruments and other documents to be executed or delivered in connection with the
transactions contemplated by this Agreement (collectively, the “Transaction Documents”) by
it, and the execution and delivery of this Agreement and the other Transaction Documents
to be entered into and performed by Purchaser and the performance by it of all
of its obligations thereunder have been duly approved prior to the date of this
Agreement by all requisite action of its shareholders and trustees. No other proceedings
are necessary on the part of Purchaser to authorize the execution, delivery and performance
of the Transaction Documents by it and the consummation by it of the transactions
contemplated in this Agreement.

     iii. Enforceability. This Agreement has been duly executed and delivered by
Purchaser and constitutes a legal, valid and binding agreement of it, enforceable against
it in accordance with its terms, except to the extent that enforcement may be affected by
laws relating to bankruptcy, reorganization, insolvency and creditors’ rights and by the
availability of injunctive relief, specific performance and other equitable remedies. At
each of the closings set forth herein, the Transaction Documents to which it is a party
will be duly executed and delivered by it and will constitute valid and binding obligations
of it, enforceable in accordance with their terms, except to the extent that enforcement
may be affected by laws relating to bankruptcy, reorganization, insolvency and creditors’

 

 

rights and by the availability of injunctive relief, specific performance and other
equitable remedies.

     iv. Consents. No consent, authorization, order or approval of, or filing or
registration with, any governmental authority is required for or in connection with the
consummation by Purchaser of the transactions contemplated hereby.

     v. Conflicts Under Governing Documents or Laws. Neither the execution and
delivery of the Transaction Documents by Purchaser, nor the consummation by it of the
transactions contemplated hereby, will conflict with or result in a breach of any of the
terms, conditions or provisions of Purchaser’s organizational and governing documents, or
of any statute or administrative regulation, or of any order, writ, injunction, judgment or
decree of any court or governmental authority or of any arbitration award to which it is a
party or by which it is bound.

     vi. Conflicts Under Contracts. Purchaser is not a party to, or bound by, any
unexpired, undischarged or unsatisfied written or oral contract, agreement,
indenture, mortgage, debenture, note or other instrument under the terms of which
performance by Purchaser according to the terms of the Transaction Documents will be a
default or an event of acceleration, or grounds for termination, modification or
cancellation.

     vii.
Litigation, Claims and Awards. There is no litigation or proceeding, in law or in
equity, and there are no proceedings or governmental investigations before any commission
or other administrative authority, pending or, to Purchaser’s knowledge, threatened against
it or any of its affiliates, with respect to or affecting the consummation of the
transactions contemplated hereby.

     b. Representations and Warranties of Sellers. Each Seller represents and warrants
to Purchaser as follows:

     i. Organization, Existence and Good Standing. Each Seller is a limited
liability company duly organized, existing and in good standing under the laws of
the State of Delaware.

     ii. Power and Authority. Each Seller has full power and authority to enter
into and perform its obligations under this Agreement and the other Transaction Documents
to be entered into and performed by it and the execution and delivery of this Agreement and
the other Transaction Documents to be entered into and performed by it and the performance
by it of all of its obligations thereunder have been duly approved prior to the date of
this Agreement by all requisite action of its member. No other proceedings are necessary on
the part of each Seller to authorize the execution, delivery and performance of the
Transaction Documents by it and the consummation by it of the transactions contemplated in
this Agreement.

     iii. Enforceability. This Agreement has been duly executed and
delivered by each Seller and constitutes a legal, valid and binding agreement of it,
enforceable against it in

 

 

accordance with its terms, except to the extent that enforcement
may be affected by laws relating to bankruptcy, reorganization, insolvency and creditors’
rights and by the availability of injunctive relief, specific
performance and other equitable remedies. At each of the closings set forth herein, the
Transaction Documents to which each Seller is a party will be duly executed and delivered
by its member and will constitute valid and binding obligations of it, enforceable in
accordance with their terms, except to the extent that enforcement may be affected by laws
relating to bankruptcy, reorganization, insolvency and creditors’ rights and by the
availability of injunctive relief, specific performance and other equitable remedies.

     iv. Consents. No consent, authorization, order or approval of, or
filing or registration with, any governmental authority is required for or in connection
with the consummation by it of the transactions contemplated hereby.

     v. Conflicts Under Governing Documents or Laws. Neither the execution and
delivery of the Transaction Documents by each Seller, nor the consummation by it of the
transactions contemplated hereby, will conflict with or result in a breach of any of the
terms, conditions or provisions of its organizational and governing documents, or of any
statute or administrative regulation, or of any order, writ, injunction, judgment or decree
of any court or governmental authority or of any arbitration award to which it is a party
or by which it is bound.

     vi. Conflicts Under Contracts. None of the Sellers is a party to, or bound by,
any unexpired, undischarged or unsatisfied written or oral contract, agreement, indenture,
mortgage, debenture, note or other instrument under the terms of which performance by it
according to the terms of the Transaction Documents will be a default or an event of
acceleration, or grounds for termination, modification or cancellation. To the best of
Sellers’ knowledge, neither the Company nor any of its subsidiaries is a party to, or bound
by, any unexpired, undischarged or unsatisfied written or oral contract, agreement,
indenture, mortgage, debenture, note or other instrument under the terms of which
performance by Sellers according to the terms of the Transaction Documents will be a
default or an event of acceleration, or grounds for termination, modification or
cancellation.

     vii. Title to the Interests. Each Seller has good title to, and it is the sole
owner of record and beneficially of, the applicable Membership Interest to be sold by it
pursuant to this Agreement, free and clear of any and all claims.

     viii. Litigation, Claims and Awards. There is no litigation or
proceeding, in law or in equity, and there are no proceedings or governmental
investigations before any commission or other administrative authority, pending or, to each
Seller’s knowledge, threatened against it or any of its affiliates, with respect to or
affecting the consummation of the transactions contemplated hereby.

     7. Unregistered Interests. Purchaser (a) acknowledges that the Membership Interests
have not been registered under The Securities Act of 1933, as amended, or under similar provisions
of state law, (b) covenants that it will be an accredited investor as defined for federal
securities laws

 

 

purposes at the time of each of the closings referenced herein, (c) represents and warrants that
the Membership Interests are being acquired for such Purchaser’s own account, for investment, and
with no view to the distribution of the Membership Interests, and (d) agrees not to sell or to
offer to sell all or any part of its Membership Interest without registration under the Securities
Act of 1933, as amended, and any applicable state securities laws, unless the transfer is exempt
from such registration requirements.

     8. Lender Consents. Notwithstanding anything contained to the contrary herein, the
failure of the parties to obtain the applicable Lender Consent with respect to a transaction
contemplated herein shall not prevent the consummation of the other transactions contemplated
herein.

     9. Further Acts. Each party agrees to do such further acts and execute and deliver
such further documents and instruments as either party may deem necessary or advisable to
effectuate the transactions contemplated by this Agreement.

     10. Termination. Notwithstanding anything to the contrary contained herein, the
parties acknowledge and agree that this Agreement and the obligation of the parties to consummate
the transactions contemplated herein shall terminate in the event the IPO has not occurred by
December 31, 2010.

     11. Third Parties. This Agreement is for the sole and exclusive benefit of the parties
hereto and their respective successors and assigns, and no third party is intended to or shall have
any rights or benefits hereunder.

     12. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, executors, administrators, successors and
assigns.

     13. Entire Agreement; Modifications. This Agreement constitutes the entire agreement
between the Sellers and the Purchaser regarding the subject matter hereof and supersedes all prior
agreements, whether written or oral with regard thereto. No change, modification or amendment shall
be made to this Agreement unless set forth in writing and signed by all of the parties affected
thereby.

     14. Severability. If any provision of this Agreement or the application of such
provision to any person or circumstance shall be held invalid, the remainder of this Agreement, or
the application of such provision to persons or circumstances, other than those as to which it is
held invalid, shall not be affected.

     15. Applicable Law. This Agreement shall be governed by the laws of the State of
Delaware.

     16. Headings; Construction. The headings in this Agreement are inserted for
convenience and identification only and are in no way intended to describe, interpret, define or
limit the scope, extent or intent of this Agreement or any provision. Wherever the context may
require, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms, and the singular form of any noun or pronoun shall include the plural and vice versa.

 

 

     17. Counterparts. This Agreement may be executed in multiple counterparts with
separate signature pages, each such counterpart shall be considered an original, but all of which
together shall constitute one and the same instrument. To facilitate the execution of this
Agreement, the parties may execute and exchange by facsimile or by electronic transmission
counterparts of the signature pages, and such execution shall be deemed an original by the parties.

     18. Brokerage. Each Seller and Purchaser represents that it has not engaged any real estate
broker in connection with the transactions contemplated by this Agreement. Each of Seller and
Purchaser shall indemnify and hold the other party harmless from and against any and all claims of
all brokers and finders claiming by, through or under the indemnifying party. The provisions of
this Section 18 shall survive Closing.

     19. Sellers’
Remedies. Purchaser and Sellers acknowledge that it would be extremely
impractical and difficult to ascertain the actual damages which would be suffered by Sellers if
Purchaser fails to consummate the purchase and sale contemplated herein for any reason other than
Sellers’ default hereunder in any material respect or the
failure of condition precedent to Purchaser’s obligation to close hereunder. Purchaser and Sellers have considered carefully the loss
to Sellers occasioned by restructuring JV I, JV II and JV III as a consequence of the negotiation
and execution of this Agreement, the expenses of Sellers incurred in connection with the
preparation of this Agreement and Sellers performance hereunder, and the other damages, general and
special, which Purchaser and Sellers realize and recognize Sellers will sustain but which Sellers
cannot at this time calculate with absolute certainty. Based on all those considerations, Purchaser
and Sellers have agreed that the damage to Sellers in such event would reasonably be expected to be
equal to the sum of $1,000,000 (the “Liquidated Damages
Amount”). Accordingly, if Purchaser fails
to consummate the purchase of the Property in accordance with the terms of this Agreement, then
Sellers shall have the right, as its sole and exclusive remedy, to receive payment of the
Liquidated Damages Amount from Purchaser as full and complete liquidated damages.

     20. Enforcement
of Agreement. Sellers acknowledge and agree that Purchaser would be
irreparably damaged if any of the provisions of this Agreement are not performed in accordance with
their specific terms and that any breach of or default under this Agreement by Sellers could not be
adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any
other right or remedy to which Purchaser may be entitled, at law or in equity, it shall be entitled
to enforce any provision of this Agreement by a decree of specific performance and to temporary,
preliminary and permanent injunctive relief to prevent breaches or defaults or threatened breaches
or defaults of any of the provisions of this Agreement, without posting any bond or other
undertaking.

     21. Defaults
and Remedies. For a period of one (1) year following the last Closing, each
Seller and Purchaser shall, subject to the terms and conditions of this Agreement, have such rights
and remedies as are available at law or in equity with respect to a default (or breach of a
representation or warranty) by another party under this Agreement, except (i) as expressly limited
in this Agreement, and (ii) that none of the parties hereto shall be entitled to recover from the
other consequential or special damages.

 

 

[Signature Page Follows]

 

 

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

SELLERS:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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

	 	 	 	 	 	By:
	 	/s/ Stephen Gordon
	 	 	 	 	 	 	 	By:
	 	/s/ Stephen Gordon
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Stephen Gordon
	 	 	 	 	 	 	 	Name:
	 	Stephen Gordon
	 

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

	 	 	 	 	 	By:
	 	/s/ Stephen Gordon	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Stephen Gordon	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:
	 	Trustee	 	 	 	 	 	 	 	 	 	 

[Signature
Page to Purchase and Sale Agreement]

 

 

HSRE CC GP I:

	 	 	 	 	 	 	 	 	 	 	 

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

	 	 	 	 	 	By:
	 	/s/ Michael S. Hartnett	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Michael S. Hartnett	 	 
	 

	 	 	 	 	 	Its:
	 	Manager	 	 

PURCHASER:

	 	 	 	 	 	 	 	 	 	 	 

	CAMPUS CREST COMMUNITIES	 	 
	OPERATING PARTNERSHIP, LP, a	 	 
	Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:	 	Campus Crest
Communities GP, LLC, a	 	 
	 	 	Delaware limited liability company, its	 	 
	 	 	sole general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Campus Crest Communities, Inc., a	 	 
	 	 	 	 	Maryland corporation, its sole	 	 
	 	 	 	 	member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Donald L. Bobbitt, Jr.	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Donald L. Bobbitt, Jr.	 	 
	 	 	 	 	Its:	 	Chief Financial Officer	 	 

[Signature
Page to Purchase and Sale Agreement]

 

 

CAMPUS CREST REIT:

	 	 	 	 	 

	CAMPUS CREST COMMUNITIES,	 	 
	INC., a Maryland corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Donald L. Bobbitt, Jr.	 	 
	 

	 	 	 	 
	Name:

	 	Donald L. Bobbitt, Jr.	 	 
	Its:

	 	Chief Financial Officer	 	 

CC MANAGER:

	 	 	 	 	 	 	 	 	 	 	 

	THE GROVE STUDENT PROPERTIES,	 	 
	LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:	 	Campus Crest Group, LLC, a North	 	 
	 	 	Carolina limited liability company,	 	 
	 	 	its manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Madeira Group, LLC, a North	 	 
	 	 	 	 	Carolina limited liability	 	 
	 	 	 	 	company, its Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Michael S. Hartnett	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Michael S. Hartnett	 	 
	 	 	 	 	Its:	 	Manager	 	 

CC SAN MARCOS GP:

	 	 	 	 	 	 	 	 	 

	CAMPUS CREST AT SAN MARCOS	 	 
	GP, LLC, a Delaware limited liability	 	 
	company	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	Campus Crest
Properties, LLC, a	 	 
	 	 	North Carolina limited liability	 	 
	 	 	company, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael S. Hartnett	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Michael S. Hartnett	 	 
	 	 	Its:	 	Manager	 	 

[Signature
Page to Purchase and Sale Agreement]exv10w37

Exhibit
10.37

CONTRIBUTION AGREEMENT

     This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as
of May 13, 2010, by
and among Campus Crest Communities, Inc., a Maryland corporation (the “Company”), and
Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the
“Operating Partnership” and, together with the Company, the “Company Entities”),
and Thomas A. Odai, an individual resident in the State of New Mexico (the “Contributor”).

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

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

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

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

     WHEREAS, in conjunction with the Formation Transactions and pursuant to that certain
Contribution Agreement (the “Mansion Ridge Contribution Agreement”) by and between the
Company Entities and Mansion Ridge Investment Company, LLC, a New Mexico limited liability company
and an affiliate of the Contributor (“Mansion Ridge”), Mansion Ridge has agreed to transfer
its ownership interests in certain entities that are part of the student housing business
previously owned and conducted, directly or indirectly, by CCG and certain other parties, and the
Contributor desires to acknowledge and agree that the consideration paid by the Company Entities to
Mansion Ridge is good, valuable and sufficient for the transactions set forth in the Mansion Ridge
Contribution Agreement and this Agreement.

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

1

 

ARTICLE I.

FORMATION TRANSACTIONS

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

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

     1.3. Consideration for the Formation Transactions. Upon the Closing, pursuant to the Mansion
Ridge Contribution Agreement, an affiliate of the Contributor, in exchange for the Contributor
Interests (as defined herein), shall receive from the Operating Partnership the aggregate of $6,200
of the net proceeds of the IPO in cash or other immediately available funds (the “Exchange
Consideration”) and 1,500 limited partnership units in the Operating Partnership (the
“Contributor OP Units”). The Contributor acknowledges and agrees that he will benefit
directly from the receipt by Mansion Ridge of the Exchange Consideration and the Contributor OP
Units, and that such consideration is good, valuable and sufficient for the transactions set forth
in the Mansion Ridge Contribution Agreement and this Agreement.

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

ARTICLE II.

CONDITIONS TO CLOSING

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

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

2

 

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

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

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

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

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

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

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

ARTICLE III.

REPRESENTATIONS AND WARRANTIES AMONG THE PARTIES

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

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

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

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

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

          (e) “Liens” means any mortgages, pledges, liens, options, charges, security interests,
mortgage deed, restrictions, prior assignments, encumbrances, covenants,

3

 

encroachments, assessments, purchase rights, rights of others, licenses, easements, voting
agreements, liabilities or claims of any kind or nature whatsoever, direct or indirect, including,
without limitation, interests in or claims to revenues generated by such property.

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

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

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

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

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

4

 

no commitment or legal obligation, absolute or contingent, to any other Person other than the
Company Entities to sell, assign, transfer or effect a sale of any right, title or interest in or
to any the Contributor Interests, Contributor Properties or other assets to be conveyed to the
Company Entities by the Contributor in accordance with the Formation Transactions.

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

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

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

5

 

Adverse Effect or (ii) result in the creation of any Lien upon any of the Contributor
Interests or any interests therein except such Liens that would not have, or reasonably be expected
to have, a Material Adverse Effect.

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

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

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

          (i) Investment Representations. The Contributor:

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

6

 

	 	 	 	shall not include any redemption of the Contributor OP Units or
exchange of the Contributor OP Units pursuant to the partnership
agreement of the Operating Partnership; notwithstanding the
foregoing, no Transfer shall be made unless it is permitted under the
partnership agreement of the Operating Partnership;

	 	(3)	 	understands that (i) the Contributor OP Units
(1) have not been registered under the Securities Act or any state
securities laws, (2) when and if issued, will be issued in reliance
upon an exemption from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) and/or
Regulation D thereunder, and (3) when and if issued, will be issued in
reliance upon exemptions from the registration and prospectus delivery
requirements of state securities laws which relate to private
offerings, and (ii) the Contributor must therefore bear the economic
risk of such investments indefinitely unless a subsequent disposition
thereof is registered under the Securities Act and applicable state
securities laws or is exempt therefrom; pursuant to the foregoing, the
Contributor understands that (A) the certificates, if any, representing
the Contributor OP Units (and any common stock in the Company that
might be exchanged therefor) acquired by the Contributor shall bear a
restrictive legend in the form hereafter set forth, and (B) a notation
shall be made in the appropriate records of the Operating Partnership
(and the Company) indicating that the Contributor OP Units (and any
common stock in the Company that might be exchanged therefor) are
subject to restrictions on transfer; and
	 
	 	(4)	 	is knowledgeable, sophisticated and experienced
in business and financial matters; the Contributor has previously
invested in securities similar to the Contributor OP Units and fully
understands the limitations on transfer imposed by the Federal
securities laws and as described in this Agreement; the Contributor is
able to bear the economic risk of holding the Contributor OP Units for
an indefinite period and is able to afford the complete loss of his,
her or its investment in the Contributor OP Units; the Contributor has
received and reviewed all information and documents about or pertaining
to the Company Entities, the business and prospects of the Company
Entities and the issuance of the Contributor OP Units as the
Contributor deems necessary or desirable, has had cash flow and
operations data for the Student Housing Entities made available by MXT
upon request and has been given the opportunity to obtain any
additional information or documents and to ask questions and to receive
answers about such information and documents, the Company Entities, the
Student Housing Entities, the business and prospects of the Company
Entities and the Contributor OP Units which the Contributor deems

7

 

	 	 	 	necessary or desirable to evaluate the merits and risks related to
his, her or its investment in the Contributor OP Units and to conduct
its own independent valuation of the Student Housing Entities; and
the Contributor understands and has taken cognizance of all risk
factors related to the purchase of the Contributor OP Units; the
Contributor is a sophisticated real estate investor; the Contributor
is relying upon its own independent analysis and assessment
(including with respect to taxes), and the advice of the
Contributor’s advisors (including tax advisors), and not upon that of
MXT or the Company Entities or any of their respective affiliates,
for purposes of evaluating, entering into, and consummating the
transactions contemplated by the Agreement.

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

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

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

     THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSES OF THE COMPANY’S QUALIFICATION
AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE COMPANY’S ARTICLES
OF INCORPORATION, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S
COMMON STOCK IN EXCESS OF 9.8% (BY VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF
THE OUTSTANDING COMMON STOCK OF THE COMPANY; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN
SHARES OF COMMON STOCK THAT WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856(h)
OF THE CODE OR OTHERWISE CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY
TRANSFER SHARES OF COMMON STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY
BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR
ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF COMMON STOCK IN VIOLATION OF THE

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ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR
OWNERSHIP ARE VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY
TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN
ADDITION, THE COMPANY MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF
DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER
OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF
CERTAIN EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB
INITIO. ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE ARTICLES OF INCORPORATION OF THE COMPANY
SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE ARTICLES OF INCORPORATION OF THE COMPANY, AS THE
SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND
OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON STOCK ON REQUEST AND WITHOUT
CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL
OFFICE.

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

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

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

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

          (a) Organization and Power. Such entity is duly organized, validly existing and in good
standing under the laws of the state of its formation and has full right, power, and authority to
enter into this Agreement, and to assume and perform all of its obligations under this

9

 

Agreement. The execution, delivery and performance of this Agreement have been duly authorized
by such entity, and this Agreement constitutes the legal, valid and binding obligation of such
entity, enforceable against such entity in accordance with its terms, subject to bankruptcy,
reorganization, insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and to general principles of equity.

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

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

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

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

ARTICLE IV.

COVENANTS

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

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

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

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

     4.2. From the date hereof and subsequent to the Closing for a period of six (6) years, the
Contributor agrees to provide the Company with such tax information relating to any of the

10

 

Student Housing Entities as reasonably requested by the Company and to cooperate with the
Company with respect to the filing of tax returns.

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

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

     4.5. The Company shall:

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

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

ARTICLE V. INDEMNIFICATION

     5.1. Indemnities.

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

          (b) The Company agrees to indemnify, defend and hold harmless the Contributor and its
affiliates, partners, managers, members, officers, employees, representatives and agents, from and
against all Losses incurred by such parties resulting from any misrepresentation or breach of
representation, warranty or covenants made by the Company Entities, but only to the extent such
Losses in the aggregate exceed $25,000. The provisions of this Section 5.1(b) shall survive the
Closing for a period of one (1) year. The Company’s

11

 

obligations under this Section 5.1(b) shall not apply to any affiliate, shareholder, officer,
director, employee, representative or agent of the Company and shall not exceed $50,000 in the
aggregate.

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

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

ARTICLE VI.

MISCELLANEOUS

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

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

12

 

Campus Crest Communities, Inc.

2100 Rexford Road, Suite 414

Charlotte, NC 28211

Attn: Chief Financial Officer

with a copy to:

Bradley Arant Boult Cummings LLP

One Federal Place

1819 Fifth Avenue North

Birmingham, AL 35203

Attn: Dawn H. Sharff

             J. Andrew Robison

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

Thomas A. Odai

125 East Water Street

Santa Fe, NM 87501

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

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

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

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

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

13

 

and inure to the benefit of, each Company Entity, the Contributor, and their respective legal
representatives, successors, and permitted assigns.

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

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

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

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

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

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

[Signature Page Follows]

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

	 	 	 	 	 	 	 	 	 	 	 

	 	 	COMPANY ENTITIES:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CAMPUS CREST COMMUNITIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

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

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

	 	 	 	 	 	 	 	Name: Donald L. Bobbitt, Jr.	 	 
	 

	 	 	 	 	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CONTRIBUTOR:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	/s/ Thomas A. Odai 	 	 
	 	 	 	 	 
	 	 	Thomas A. Odai	 	 

15

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