EXHIBIT 10.1 July 15, 1997 Camden Property Trust 3200 Southwest Freeway Suite 1500 Houston, TX 77027 Dear Sirs: Simultaneously with the closing of the offering by Camden Property Trust (the "Company") of an aggregate of 4,200,000 shares of beneficial interest, par value $.01 per share, Donaldson, Lufkin & Jenrette Securities Corporation hereby agrees to reimburse the Company approximately $600,000 on account of expenses paid or payable by the Company. Very truly yours, DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION By: /s/ Michael S. Dana ------------------------ Title: Michael S. Dana Managing Director ACKNOWLEDGED: CAMDEN PROPERTY TRUST By: /s/ G. Steven Dawson ----------------------------- Title: G. Steven Dawson Sr. Vice President and Chief Financial Officer