Exhibit 10.34

Execution copy

 

Dated 3 December 2003

 

SHURGARD STORAGE CENTERS INC.

 

and

 

SHURGARD SELF STORAGE SCA

 

AMENDMENT No 2

TO THE SUBSCRIPTION AGREEMENT DATED MAY 27, 2002 WITH

RESPECT TO SECURITIES TO BE ISSUED BY SHURGARD SELF

STORAGE SCA

 

Linklaters De Bandt

 

Rue Brederode 13

B - 1000 Brussels

 

Telephone (32-2) 501 94 11

Facsimile (32-2) 501 94 94

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AMENDMENT No 2 TO THE SUBSCRIPTION AGREEMENT

 

BETWEEN:   (1)   Shurgard Storage Centers Inc., a company organized and existing
under the laws of Washington, having its registered office at Valley Street
1155, Suite 400, 98109 Seattle WA, USA,         represented for the purposes of
this Agreement by Harrell L. Beck,         hereinafter referred to as the
“Subscriber”;

AND:

  (2)   Shurgard Self Storage SCA, a company organized and existing under the
laws of Belgium, having its registered office at Quai du Commerce/Handelskaai
48, 1000 Brussels, Belgium,         represented for the purposes of this
Agreement by SSC Benelux Inc.         represented by Dave Grant,        
hereinafter referred to as the “Issuer”;         The Subscriber and the Issuer
are hereafter together also referred to as the “Parties” and individually as a
“Party”.

 

WHEREAS

 

(A) On May 27, 2002 the Parties entered into a subscription agreement with
respect to securities to be issued by Shurgard Self Storage SCA, as amended by
an “Amendment 1” of May 26, 2003 (hereafter the “Subscription Agreement”).

 

(B) The Parties wish to modify and amend the (amended) Subscription Agreement by
entering into the present amendment agreement (the “Amendment”).

 

NOW, THEREFORE, the parties have agreed as follows:

 

1 Modification of the amounts of the Final Commitment

 

The Parties agree to reduce the maximum amounts of the Final Commitment, as
defined in Clause 2.2 of the Subscription Agreement (i.e., USD 62,000,000) by
USD 7,000,000 to USD 55,000,000.

 

2 Modification of the definition of Bonds in the Terms and Conditions

 

The Parties agree to replace Clause 11 of Annex 1 (Terms and Conditions) to the
Subscription Agreement by the following text:

 

“If the Issuer issues at least 40,000 Bonds (not including Additional Bonds)
within 12 months of the date of the Subscription Agreement, the Issuer has the
option of increasing the principal amount of the aggregate Bonds up to an amount
of maximum USD 55,000,000 through the issuance of up to an additional 5,000
Bonds.”

 

2

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3 Miscellaneous

 

3.1 Definitions

 

Except if explicitly provided otherwise in this Amendment, the defined terms
used in this Amendment shall have the same meaning as in the Subscription
Agreement.

 

3.2 No other modifications

 

Except as set forth above in this Amendment, the terms, conditions and
agreements set forth in the Subscription Agreement and its Annexes shall
continue to be in full force and effect.

 

3.3 Applicable Law and Choice of Forum

 

This Amendment shall be governed by Belgian law.

 

Any dispute arising out of or in connection with this Amendment shall be finally
settled by arbitration under the Rules of Conciliation and Arbitration of the
“Centre Belge pour l’Etude et la Pratique de l’arbitrage national et
International” (“CEPANI”), as in force on the Date of this agreement, by three
arbitrators appointed in accordance with said rules.

 

The place of arbitration shall be Brussels, Belgium, or such other place as the
Parties may agree upon. The language of the arbitration shall be English.

 

The arbitrators’ award shall be final and binding upon the Parties, and the
Parties shall carry out its terms properly.

 

Done in Brussels, on 3 December 2003, in two originals. Each party acknowledges
receipt of its own original

 

Shurged Storage Centers Inc.:    Shurged Self Storage SCA:

/s/ Harrell L. Beck

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/s/ Dave Grant

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Name: Harrell L. Beck

  

Name:

 

SSC Benelux Inc.,

Title:

  

Title:

 

Executive General Manager

        

represented by,

    

Name:

 

Dave Grant

    

Title:

 

Permanent representative

 

3