Common use of Development Agreement; Property Management Agreement; and Completion and Cost Overrun Guaranty Clause in Contracts

Development Agreement; Property Management Agreement; and Completion and Cost Overrun Guaranty. (i) Immediately after the satisfaction of the Funding Conditions set forth on Exhibit E with respect to each Property, the Company, the applicable Property Owning Subsidiary and the Developer shall enter into a Development Agreement in the form attached hereto as Exhibit F (the completion of any blanks shall be subject to the Approval of the Executive Committee) with respect to such Property. The obligations of the Developer shall be guaranteed by the Campus Crest Guarantors to the extent provided for under the Development Agreement and/or Completion and Cost Overrun Guaranty. (ii) Concurrently with the closing of an Additional Property, the Company or the Property Owning Subsidiary owning the such Property shall enter into the Property Management Agreement with the Property Manager in the form attached hereto as Exhibit G (completion of which shall be subject to HSRE Approval). The property management fee shall be equal to the sum of (i) three percent (3%) of gross revenue and (ii) three percent (3%) of net operating income, unless otherwise agreed to by the Members and as set forth in the applicable Property Management Agreement.

Development Agreement; Property Management Agreement; and Completion and Cost Overrun Guaranty. (i) Immediately after the satisfaction of the Funding Conditions set forth on Exhibit E with respect to each Property, the Company, the applicable Property Owning Subsidiary and the Developer shall enter into a Development Agreement in the form attached hereto as Exhibit F (the completion of any blanks shall be subject to the Approval of the Executive Committee) with respect to such Property. The obligations of the Developer shall be guaranteed by the Campus Crest Guarantors to the extent provided for under the Development Agreement and/or Completion and Cost Overrun Guaranty. . (ii) Concurrently with the closing of an Additional Property, the Company or the Property Owning Subsidiary owning the such Property shall enter into the Property Management Agreement with the Property Manager in the form attached hereto as Exhibit G (completion of which shall be subject to HSRE Approval). The property management fee shall be equal to the sum of (i) three percent (3%) of gross revenue and (ii) three percent (3%) of net operating income, unless otherwise agreed to by the Members and as set forth in the applicable Property Management Agreement.