Exhibit 10.7

 

THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (“Amendment”) dated as of
July 20, 2005 by and among the entities identified on Schedule 1 - Sellers
attached hereto (individually, a “Seller”, and collectively, “Sellers”) and
U-STORE-IT, L.P., a Delaware limited partnership (“Buyer”), amends the Purchase
and Sale Agreement with an effective date of March 1, 2005, between Sellers and
Buyer, as amended by an Amendment to Purchase and Sale Agreement dated May 31,
2005 and a Second Amendment to Purchase and Sale Agreement dated July 5, 2005
(collectively, “Agreement”). Capitalized terms not defined herein shall have the
meanings ascribed thereto in the Agreement.

 

WHEREAS, Sellers and Buyer have determined that the Closing Date for the sale
and purchase of the Projects identified on Schedule 2 - Projects be extended to
not later than July 29, 2005; and

 

WHEREAS, Sellers and Buyer desire to amend the terms of the Agreement in
furtherance of the foregoing.

 

NOW THEREFORE, in consideration of the mutual terms, provisions, covenants and
agreements set forth herein as well as other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Buyer and Sellers
agree as follows:

 

1. The Closing Date for the Projects identified on Schedule 2 hereto is hereby
extended to not later than July 29, 2005. The Earnest Money held by the Escrow
Agent shall be applied to the cash portion of the Acquisition Value for the
Projects closing on July 20, 2005.

 

2. This Amendment may be executed in counterparts, each of which shall be deemed
to be an original, and all of such counterparts shall constitute one Amendment.
To facilitate execution of the Amendment, the parties may execute and exchange
by facsimile counterparts of the signature pages.

 

[SIGNATURES ON THE FOLLOWING PAGES]

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BUYER:

U-STORE-IT, L.P., a Delaware limited partnership

By:

 

U-Store-It Trust,

its general partner

   

By:

 

/s/ Steven G. Osgood

        Steven G. Osgood, President
and Chief Financial Officer

 

SELLER:         Denver Investors, a Delaware Limited Partnership       Lakewood
Business Center, a Delaware Limited Partnership

By:

 

Self Storage GP Corp., General Partner

     

By:

 

Self Storage GP Corp., General Partner

By:

 

/s/ Dennis L. Winans

     

By:

 

/s/ Dennis L. Winans

   

Dennis L. Winans, Vice President

         

Dennis L. Winans, Vice President

El Paso Investors, a Delaware Limited Partnership       Mesa Self Storage
Investors, a Delaware Limited Partnership

By:

 

Self Storage GP Corp., General Partner

     

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

Fort Lowell – NSS, a Delaware Limited Partnership       National Self Storage
Equities, a Delaware Limited Partnership

By:

 

Self Storage GP Corp., General Partner

     

By:

 

MR Partner Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

Grant Pacific Corporation       NSS – Pima County, a Delaware Limited
Partnership            

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

National Self Storage Tucson Nos. 10, 11, 12, a       NSS SW Investors, LP

Delaware Limited Partnership

       

By:

 

Islander (Delaware) Inc., General Partner

     

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

Oracle Business Plaza Associates, a Delaware Limited Partnership       SGMP
TV/Kolb Investors, L.P.

By:

 

Self Storage GP Corp., General Partner

     

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

 

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Sacramento Investors, a Delaware Limited Partnership       SGMP Houston
Investors, LP

By:

 

Self Storage GP Corp., General Partner

     

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

Utah Business Partners I, a Delaware Limited Partnership       SGMP Equity Fund
I Limited Partnership

By:

 

Self Storage GP Corp., General Partner

     

By:

 

Self Storage GP Corp., General Partner

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

SGMP Equity Fund II Limited Partnership       NSS Southern California, L.P.

By:

 

Self Storage GP Corp., General Partner

     

By:

 

NSS Southern California, Inc

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

SGMP Synott Limited Partnership       SSMC Mortgage Securities Trust 96-1

By:

 

Self Storage GP Corp., General Partner

     

By:

 

SSMC Funding Corp.

   

/s/ Dennis L. Winans

         

/s/ Dennis L. Winans

By:

 

Dennis L. Winans, Vice President

     

By:

 

Dennis L. Winans, Vice President

NSS Palo Verde, LP        

By:

 

Self Storage GP Corp., General Partner

               

/s/ Dennis L. Winans

           

By:

 

Dennis L. Winans, Vice President

            NSS New Mexico, Limited Partnership        

By:

 

MR Partner Corp., General Partner

               

/s/ Dennis L. Winans

           

By:

 

Dennis L. Winans, Vice President

           

 

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DESIGNATED PRINCIPALS.

/s/ W. Michael Schoff

W. Michael Schoff

/s/ Robert H. Schoff

Robert H. Schoff

 

The undersigned hereby execute this Amendment for purposes of Section 7.5 and
Section 11.3 of the Agreement

 

/s/ W. Michael Schoff

W. Michael Schoff

THE SCHOMAC GROUP, INC., an Arizona Corporation

/s/ Dennis L. Winans

Dennis L. Winans, President

TEDCO, INC., an Arizona Corporation

/s/ Dennis L. Winans

Dennis L. Winans, Vice President

Robert H. Schoff Revocable Trust Dated August 6, 2002

/s/ Robert H. Schoff

Robert H. Schoff, Trustee

Susan A. Harris Revocable Trust Dated November 9, 1999

/s/ Susan A. Harris

Susan A. Harris, Trustee

San Simeon Investments IV L.P. By:    RMS GP Corp., an Arizona Corporation,
General Partner

  

Ryan M. Schoff, President

Trust B of the Charles E. Schoff Family Revocable 1975 Trust

  

Charles E. Schoff, Trustee

 

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SCHEDULE 1

 

Sellers

 

Denver Investors L.P.

 

El Paso Investors L.P.

 

Ft. Lowell-NSS LP.

 

Grant Pacific Corporation

 

Lakewood Business Center L.P.

 

Mesa Self Storage Investors L.P.

 

NSS Equities L.P.

 

NSS Pima County L.P.

 

NSS TUC 10,11, 12 L.P.

 

Oracle Business Plaza Assoc.

 

Sacramento Investors L.P.

 

Utah Business Partners I L.P.

 

NSS SW Investors L.P.

 

SGMP TV/Kolb Investors L.P.

 

SGMP Houston Investors L.P.

 

SGMP Equity Fund I L.P.

 

SGMP Equity Fund II L.P.

 

SGMP Synott L.P.

 

NSS Palo Verde L.P.

 

SSMC Mortgage Securities

 

Trust 96-1

 

NSS New Mexico L.P.

 

NSS Southern California L.P.

 

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SCHEDULE 2

 

PROJECTS

 

Owner Name & Entity Information    

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   Site

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Street Address

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City, State, Zip

--------------------------------------------------------------------------------

   Acquisition
Value

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NSS SW Investors, LP

   CAR 1    304 S. Sixth Street    Carlsbad, NM 8822D    1,986,500

Entity Type: LP, State of
Formation: Arizona

   CEN 1    6000 Welch    El Paso, Tx 79905    1,023,100      DEM 1   
1010 S. Diamond Avenue    Deming, NM 88030    1,371,300      ELP 5    301 N.
Clark    El Paso, Tx 79905    3,193,100      ELP 6    11565 James Watt    El
Paso, TX 79936    1,198,900      GRN 1    630 W. Camino Casa Verde   
Green Valley, AZ 85614    1,370,200      LOV 1    1100 N. Love Street   
Lovinglon, NM 88260    450,600      LUC 1    1100 E. Madrid Street    Las
Cruces, NM 88001    2,476,600      MOB 1    1200 N. Love Street    Lovinglon, NM
88260    232,600      SIL1    11172 Hwy 180    Silver City, NM 88061    620,700
     TOC 1    801 N. Hwy #51   

Truth or Consequences

NM 87901

   42,100

SGMP Equity Fund I Limited Partnership

   LOS 2    6491 Maple Ave.    Westminster, CA 92683    6,656,900

Entity Type: LP, State of
Formation: Arizona

   MEM 1    7777 Moriarty Road    Cordova, TN 38018    2,684,400      MEM 2   
5141 American Way    Memphis, TN 38115    1,924,300      MEM 3    6390
Winchester Rd.    Memphis, TN 38115    1,451,800      MEM 4    4705 Winchester
Rd.    Memphis, TN 38118    1,896,500      SAN 2    946 E. Rancheros Drive   
San Marcos, CA 92683    2,952,800

SGMP Equity Fund II Limited Partnership

   HOU 6    9900 Rowlett    Houston, TX 77075    1,066,800

Entity Type: LP, State of
Formation: Arizona

   KNX 1    4811 Central Avenue Pike    Knoxville,TN 37912    3,994,200      KNX
2    4709 Chapman Highway    Knoxville, TN 37920    2,835,900      KNX 3    8713
Unicorn Drive    Knoxville, TN 37923    5,323,100      KNX 4    142 Airport
Plaza Drive    Alcoa, TN 37701    2,310,300

SGMP Synott Limited Partnership

   HOU 12    7001 Synott    Houston, TX 77083    1,791,300

Entity Type: LP, State of
Formation: Arizona

   HOU 14    104 Holleman Dr.    College Station, TX 77840    1,515,000

 

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