FIRST AMENDMENT TO CONTRIBUTION AND SALE AGREEMENT
Exhibit 99.2
FIRST AMENDMENT TO CONTRIBUTION AND SALE AGREEMENT
This First Amendment to Contribution and Sale Agreement (this “Amendment”), dated December 16,
2005, is made and entered by and among Royal Tallahassee Partnership, Royal Tallahassee Partnership
II Limited Partnership, Royal Tallahassee III Partnership, Royal Gainesville Limited Partnership,
Royal Orlando Limited Partnership, Royal Lexington Limited Partnership, Royal Tucson Entrada Real
Limited Partnership, Royal Texas-Tennessee Limited Partnership, Royal Texas-Tennessee II Limited
Partnership, Raiders Pass Phase II Limited Partnership, Royal San Marcos Limited Partnership and
Royal San Antonio Limited Partnership (collectively, the “Contributors”), on the one hand, and
American Campus Communities, Inc. (the “Company”) and American Campus Communities Operating
Partnership LP (the “Operating Partnership” and, together with the Company, the “Contributee”), on
the other hand.
WHEREAS, the Contributors and the Contributee have entered into a Contribution and Sale
Agreement, dated as of December 2, 2005 (the “Contribution Agreement”); and
WHEREAS, the Contributors and the Contributee desire to amend the Contribution Agreement as
set forth herein.
NOW, THEREFORE, the Contributors and the Contributee agree as follows:
1. Forms of Conveyances. The second paragraph of Section 2.3 of the Contribution
Agreement is amended and restated to read in its entirety as follows:
“Notwithstanding the foregoing, in the event that, prior to 5:00 p.m., Central Time,
on December 30, 2005, the Contributors Representatives provide evidence reasonably
satisfactory to the Contributee of the consent of each constituent partner of the
Contributors that own the Property located in the States of Arizona and Kentucky to
the conveyance of the applicable Property pursuant to Section 2.2, each such
Property will be conveyed pursuant to Section 2.2 and the Contribution Value
shall be $245,000,000. The date that such consent is delivered shall be referred to
as the “Consent Delivery Date.”
2. Initial Deposit. The first three sentences of Section 4.4 of the Contribution
Agreement is amended and restated to read in its entirety as follows:
“The Initial Deposit shall be fully refundable to the Operating Partnership
upon written notice from the Operating Partnership to the Contributors (the
“Termination Notice”) until the end of the period (the “Deposit Period”)
beginning on the Effective Date and ending on the date that is 60 days after
the Effective Date plus the number of days (which shall not exceed 14 days)
comprising the period from December 16, 2005 to the Consent Delivery Date.
If the Contributee terminates this Agreement for any reason subsequent to
the end of the Deposit Period, the Initial Deposit, together with accrued
interest thereon, shall be paid to the Contributors, to the accounts
designated by the Contributors Representatives. If the Contributee elects
to terminate this Agreement prior to the end of the
Deposit Period, the Escrowee shall pay the Initial Deposit (less the
Independent Consideration) to the Operating Partnership one Business Day
following receipt of the Termination Notice from the Operating Partnership,
without notice to or direction from the Contributors.”
3. Capitalized Terms. Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to such terms in the Contribution Agreement.
4. Ratification. Except as otherwise expressly provided in this Amendment, the
Contribution Agreement is hereby ratified and confirmed and shall continue in full force and effect
in accordance with its terms.
5. Counterparts. This Amendment may be executed in identical counterparts, which when
taken together shall constitute one and the same instrument. A counterpart transmitted by
facsimile shall be deemed an original for all purposes.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.
| AMERICAN CAMPUS COMMUNITIES, INC. | ||||||||
| By: | ||||||||
| Name: | ||||||||
| Title: | ||||||||
| AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||||||
| By: | American Campus Communities Holdings LLC, its general partner | |||||||
| By: | ||||||||
| Name: | ||||||||
| Title: | ||||||||
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| ROYAL TALLAHASSEE PARTNERSHIP | ||||||
| By: | ||||||
| General Partner | ||||||
| By: | Keeling Family Irrevocable Trust u/t/a dated | |||||
| 12/31/92 | ||||||
| General Partner | ||||||
| By: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| By: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| By: | ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
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| ROYAL TALLAHASSEE PARTNERSHIP II | ||||||
| LIMITED PARTNERSHIP | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| General Partner | ||||||
| By: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
| By: | ▇▇▇▇ ▇. ▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
| By: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
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| ROYAL TALLAHASSEE III PARTNERSHIP | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| General Partner | ||||||
| By: | Keeling Family Irrevocable Trust u/t/a dated | |||||
| 12/31/92 | ||||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
| By: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
| By: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
| By: | ▇▇▇▇ ▇. ▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in fact | ||||||
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| ROYAL LEXINGTON LIMITED PARTNERSHIP | ||||||
| By: | Royal Lexington General Partnership, an | |||||
| Illinois general partnership, its general | ||||||
| partner | ||||||
| By: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| General Partner | ||||||
| By: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
| By: | ▇▇▇▇ ▇. ▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
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| ROYAL GAINESVILLE LIMITED PARTNERSHIP |
||||||
| By: | Gainesville Partners, an Illinois general | |||||
| partnership, its general partner | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| General Partner | ||||||
| By: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
| By: | ▇▇▇▇ ▇. ▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
| By: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||||
| General Partner | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, attorney in | ||||||
| fact | ||||||
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| ROYAL ORLANDO LIMITED PARTNERSHIP | ||||||
| By: | Royal Orlando Northgate L.L.C., an Illinois | |||||
| limited liability company | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| Manager | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||
| Manager | ||||||
| By: | ||||||
| ▇▇▇▇ ▇. ▇▇▇▇▇▇ | ||||||
| Manager | ||||||
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| Royal Tuscon Entrada Real Limited Partnership | ||||||
| (f/k/a Royal Tucson Limited Partnership) | ||||||
| By: | Royal Tucson, L.L.C., an Illinois limited | |||||
| liability company, its general partner | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||
| Manager | ||||||
| By: | ||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||
| Manager | ||||||
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| Royal Texas-Tennessee Limited Partnership | ||||||||
| By: | Royal Texas-Tennessee LLC, an Illinois | |||||||
| limited liability company, its general partner | ||||||||
| By: | RSMH Texas-Tennessee LLC, an | |||||||
| Illinois limited liability company, its | ||||||||
| manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||||
| Manager and Member | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Manager and Member | ||||||||
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| RAIDERS PASS PHASE II LIMITED | ||||||||
| PARTNERSHIP | ||||||||
| By: | Raiders Pass Phase II LLC, an Illinois | |||||||
| limited liability company, its general partner | ||||||||
| By: | RSMH Raiders Pass Phase II LLC, | |||||||
| an Illinois limited liability company, | ||||||||
| its manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||||
| Manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Manager | ||||||||
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| ROYAL TEXAS – TENNESSEE II LP | ||||||||
| By: | Royal Texas-Tennessee II LLC, an Illinois | |||||||
| limited liability company, its general partner | ||||||||
| By: | RSMH Texas-Tennessee II LLC, an | |||||||
| Illinois limited liability company, its | ||||||||
| manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||||
| Manager and Member | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Manager and Member | ||||||||
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| ROYAL SAN MARCOS L.P. | ||||||||
| By: | Royal San Marcos LLC, an Illinois limited liability company |
|||||||
| By: | RSMH San Marcos LLC, an Illinois limited liability company, its manager |
|||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||||
| Member and Manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Member and Manager | ||||||||
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| ROYAL SAN ANTONIO L.P. | ||||||||
| By: | Royal San Antonio LLC, an Illinois limited liability company, its general partner |
|||||||
| By: | RSMH San Antonio LLC, an Illinois limited liability company, its manager |
|||||||
| By: | ▇▇▇▇▇▇▇ Family Trust, its manager | |||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Trustee | ||||||||
| By: | ▇▇▇▇▇▇▇▇ Family Trust, its | |||||||
| manager | ||||||||
| By: | ||||||||
| ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||||||||
| Trustee | ||||||||
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