EX-10.1



 Exhibit 10.1 

CREDIT AGREEMENT 
 dated as of

 June 1, 2016 
 among

 The Borrowers Party Hereto, 

collectively as Borrower 
 and 

The Lenders Party Hereto 
 and

 KEYBANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
 KEYBANC
CAPITAL MARKETS, LLC, 
 as Sole Book Runner and Sole Lead Arranger 







 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.01 Defined Terms
	  	 	1	  
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	23	  
	 SECTION 1.03 Terms Generally
	  	 	24	  
	 SECTION 1.04 Accounting Terms; GAAP
	  	 	24	  
	 SECTION 1.05 Borrowers
	  	 	24	  
		
	 ARTICLE II The Loans
	  	 	25	  
		
	 SECTION 2.01 Commitments
	  	 	25	  
	 SECTION 2.02 Loans and Borrowings.
	  	 	25	  
	 SECTION 2.03 Requests for Borrowings
	  	 	26	  
	 SECTION 2.04 Intentionally Deleted.
	  	 	26	  
	 SECTION 2.05 Intentionally Deleted.
	  	 	27	  
	 SECTION 2.06 Funding of Borrowings.
	  	 	27	  
	 SECTION 2.07 Interest Elections.
	  	 	27	  
	 SECTION 2.08 Intentionally Omitted.
	  	 	29	  
	 SECTION 2.09 Repayment of Loans; Evidence of Debt.
	  	 	29	  
	 SECTION 2.10 Prepayment of Loans.
	  	 	29	  
	 SECTION 2.11 Fees.
	  	 	30	  
	 SECTION 2.12 Interest.
	  	 	30	  
	 SECTION 2.13 Alternate Rate of Interest
	  	 	31	  
	 SECTION 2.14 Increased Costs.
	  	 	31	  
	 SECTION 2.15 Break Funding Payments
	  	 	32	  
	 SECTION 2.16 Taxes.
	  	 	33	  
	 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
	  	 	34	  
	 SECTION 2.18 Defaulting Lenders.
	  	 	36	  
	 SECTION 2.19 Mitigation Obligations; Replacement of Lenders.
	  	 	37	  
	 SECTION 2.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
	  	 	38	  
		
	 ARTICLE III Representations and Warranties
	  	 	39	  
		
	 SECTION 3.01 Organization; Powers
	  	 	39	  
	 SECTION 3.02 Authorization; Enforceability
	  	 	39	  
	 SECTION 3.03 Governmental Approvals; No Conflicts
	  	 	39	  
	 SECTION 3.04 Financial Condition; No Material Adverse Change.
	  	 	39	  
	 SECTION 3.05 Properties.
	  	 	40	  
	 SECTION 3.06 Intellectual Property
	  	 	41	  
	 SECTION 3.07 Litigation and Environmental Matters.
	  	 	41	  
	 SECTION 3.08 Compliance with Laws and Agreements
	  	 	43	  
	 SECTION 3.09 Investment and Holding Company Status
	  	 	43	  
	 SECTION 3.10 Taxes
	  	 	44	  
	 SECTION 3.11 ERISA
	  	 	44	  
	 SECTION 3.12 Disclosure
	  	 	44	  


  
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	 SECTION 3.13 RESERVED
	  	 	44	  
	 SECTION 3.14 Margin Regulations
	  	 	44	  
	 SECTION 3.15 REIT Qualification
	  	 	44	  
	 SECTION 3.16 Solvency
	  	 	45	  
	 SECTION 3.17 OFAC; Anti-Corruption Laws; PATRIOT Act
	  	 	45	  
		
	 ARTICLE IV Conditions
	  	 	45	  
		
	 SECTION 4.01 Effective Date
	  	 	45	  
	 SECTION 4.02 Each Credit Event
	  	 	46	  
		
	 ARTICLE V Affirmative Covenants
	  	 	47	  
		
	 SECTION 5.01 Financial Statements; Ratings Change and Other Information
	  	 	47	  
	 SECTION 5.02 Financial Tests
	  	 	48	  
	 SECTION 5.03 Notices of Material Events
	  	 	49	  
	 SECTION 5.04 Existence; Conduct of Business
	  	 	50	  
	 SECTION 5.05 Payment of Obligations
	  	 	50	  
	 SECTION 5.06 Maintenance of Properties; Insurance.
	  	 	50	  
	 SECTION 5.07 Books and Records; Inspection Rights.
	  	 	53	  
	 SECTION 5.08 Compliance with Laws
	  	 	53	  
	 SECTION 5.09 Use of Proceeds
	  	 	53	  
	 SECTION 5.10 Fiscal Year
	  	 	53	  
	 SECTION 5.11 Environmental Matters.
	  	 	53	  
	 SECTION 5.12 Property Pool.
	  	 	54	  
	 SECTION 5.13 Further Assurances
	  	 	57	  
	 SECTION 5.14 Parent Covenants
	  	 	57	  
	 SECTION 5.15 Partial Releases
	  	 	57	  
	 SECTION 5.16 OFAC.
	  	 	58	  
	 SECTION 5.17 Qualified ECP Party. Each Borrower and the Guarantor is a Qualified ECP
Party.
	  	 	58	  
		
	 ARTICLE VI Negative Covenants
	  	 	59	  
		
	 SECTION 6.01 Liens
	  	 	59	  
	 SECTION 6.02 Fundamental Changes
	  	 	59	  
	 SECTION 6.03 Investments, Loans, Advances and Acquisitions
	  	 	60	  
	 SECTION 6.04 Hedging Agreements
	  	 	60	  
	 SECTION 6.05 Restricted Payments
	  	 	61	  
	 SECTION 6.06 Transactions with Affiliates
	  	 	61	  
	 SECTION 6.07 Parent Negative Covenants
	  	 	61	  
	 SECTION 6.08 Restrictive Agreements
	  	 	61	  
	 SECTION 6.09 Indebtedness
	  	 	61	  
	 SECTION 6.10 Management Fees
	  	 	62	  


  
 ii 









					
	 ARTICLE VII Events of Default
	  	 	62	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	66	  
		
	 ARTICLE IX Miscellaneous
	  	 	68	  
		
	 SECTION 9.01 Notices
	  	 	68	  
	 SECTION 9.02 Waivers; Amendments.
	  	 	69	  
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver.
	  	 	71	  
	 SECTION 9.04 Successors and Assigns.
	  	 	72	  
	 SECTION 9.05 Survival
	  	 	75	  
	 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several.
	  	 	76	  
	 SECTION 9.07 Severability
	  	 	77	  
	 SECTION 9.08 Right of Setoff
	  	 	77	  
	 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process.
	  	 	77	  
	 SECTION 9.10 WAIVER OF JURY TRIAL
	  	 	79	  
	 SECTION 9.11 Headings
	  	 	79	  
	 SECTION 9.12 Confidentiality
	  	 	79	  
	 SECTION 9.13 Interest Rate Limitation
	  	 	80	  
	 SECTION 9.14 USA PATRIOT Act
	  	 	80	  
	 SECTION 9.15 Fiduciary Duty/No Conflicts
	  	 	80	  


  
 iii 









					
	 SCHEDULES:

			
	 Schedule 2.01
	 	 -
	  	 Commitments

	 Schedule 3.01
	 	 -
	  	 Borrowers

	 Schedule 3.05(e)
	 	 -
	  	 Earthquake or Seismic Area

	 Schedule 3.07
	 	 -
	  	 Litigation Disclosure

	 Schedule 3.15
	 	 -
	  	 Subsidiaries

	 Schedule 5.12
	 	 -
	  	 Pool

	
	 EXHIBITS:

			
	 Exhibit A
	 	 –
	  	 Form of Assignment and Assumption

	 Exhibit B
	 	 –
	  	 Form of Compliance Certificate

	 Exhibit B-2
	 	 –
	  	 Form of Release Compliance Certificate

	 Exhibit C
	 	 –
	  	 Form of Guaranty

	 Exhibit D
	 	 –
	  	 Form of Note

	 Exhibit E
	 	 –
	  	 Form of Borrowing Request/Interest Rate Election

	 Exhibit F
	 	 –
	  	 Joinder Agreement



  
 iv 








 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”) is made as of this 1st day of
June, 2016 by and among each Borrower (as defined herein), the Lenders (as defined herein), and KeyBank National Association as Administrative Agent (as defined herein) for the Lenders. 

W I T N E S S E T H 

WHEREAS, at the request of the Borrower, the Administrative Agent and the Lenders have agreed to make available to the Borrower a term loan
facility in an amount not to exceed $105,000,000.00, in accordance with the terms and conditions contained herein. 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 

ARTICLE I 

Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR” when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, that are
bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Additional Mortgaged Property” means
each Real Property identified as an Additional Mortgaged Property on Schedule 5.12. 
 “Adjusted EBITDA” means, for a given
testing period, EBITDA less the Capital Expenditure Reserve. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means KeyBank, National Association, in its capacity as administrative agent for the Lenders
hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative
Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or
more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

  
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 “Allocated Guarantee Amount” for purposes of calculating the Indebtedness of a
Person with respect to a Guarantee by such Person of the first mortgage security Indebtedness of an entity in which such Person owns less than 100% of the ownership rights, means thirty percent (30%) of the positive result obtained by
subtracting (i) the total amount of such first mortgage secured Indebtedness multiplied by such Person’s Equity Percentage in such entity, from (ii) the amount of such first mortgage secured Indebtedness that is guaranteed by such
Person. 
 “Allocated Loan Amount” means, for each Mortgaged Property, the amount set forth on Schedule 5.12. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such
day, or (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective
date of such change in the Prime Rate or the Federal Funds Effective Rate. 
 “Anti-Corruption Laws” means all laws, rules,
and regulations of any jurisdiction applicable to the Parent or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Percentage” means, with respect to any Lender, the percentage of the Total Commitment represented by such
Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Credit Exposure most recently in effect, giving effect to any assignments. 

“Applicable Rate” means for any Eurodollar Borrowing, 225 basis points, and for any ABR Borrowing 125 basis points. 

“Appraisal” (whether one or more) means a written appraisal of the Mortgaged Properties prepared by an MAI appraiser
satisfactory to the Administrative Agent. Each Appraisal must comply with all Legal Requirements and, unless specifically provided to the contrary in this Agreement, must be in form and substance satisfactory to the Administrative Agent. 

“Appraised Value” means the “as is” value of Real Property, as set forth in the most recent Appraisal for such Real
Property. 
 “Approved Fund” has the meaning set forth in Section 9.04(b). 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Assignment of Leases and Rents” Each of the assignments of leases and rents from the Borrowers to the Administrative Agent
previously, now or hereafter delivered to secure the Obligations, as may be modified or amended. 

  
 2 








 “Availability Period” means the period from and including the Effective Date
through September 1, 2016. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule. 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States of America. 
 “Borrower” means, collectively: (a) those entities identified as a “Borrower” listed
on Schedule 3.01 and (b) each other Person identified on Schedule 5.12 to the extent that such Person becomes a “Borrower” as required by Section 5.12. 

“Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect. 
 “Borrowing Request” means a request by the Borrower for a Borrowing
in accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Boston, Massachusetts or New York, New York are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Expenditure
Reserve” means, on an annual basis, an amount equal to $0.15 per square foot for each property owned by a Borrower or the Parent (or a Subsidiary thereof). 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change in
Control” means an event or series of events by which: 
 (a) any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in
its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that


  
 3 








 
a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable
immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of fifty percent (50%) or more of the Equity Interests of Parent entitled to vote for members of the board of directors or
equivalent governing body of Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any option right); 

(b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other
equivalent governing body of Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period (the “Incumbent Board”), (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body; provided, however, that any individual who becomes a member of the board of directors subsequent to the date of this Agreement whose election, or nomination for election by the Parent stockholders, was
approved by a vote of at least a majority of those individuals who are members of the board of directors and who were also members of the Incumbent Board (or deemed to be such pursuant to this provision) shall be considered as though such individual
were a member of the Incumbent Board; 
 (c) Parent shall cease to (i) either be the sole general partner of, or wholly
own and control the general partner of SSOP, or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of SSOP free and clear of any Liens (other than Liens in favor of Administrative Agent); or 

(d) SSOP shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of each Borrower
free and clear of any Liens (other than Liens in favor of Administrative Agent). 
 “Change in Law” means (a) the
adoption of any law, rule or regulation after the date of this Agreement by any Governmental Authority, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date
of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any
request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. Without limiting the foregoing, Change in Law shall include the Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111-203, 12 U.S.C. §5301 et seq., enacted July 21, 2010, and all requests, rules, guidelines or directives thereunder or issued in connection therewith, as well as all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, in each case, regardless of the date enacted, adopted or issued. 

  
 4 








 “Charges” has the meaning set forth in Section 9.13. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all property, tangible or intangible, real, personal or mixed, now or hereafter subject to the liens and
security interests of the Loan Documents, or intended so to be under the Loan Documents, which Collateral shall secure the Obligations and the Hedging Obligations on a pari passu basis. 

“Collateral Assignment of Management Contract” means each Collateral Assignment of Management Contract by and among a
Borrower, Management Company and the Administrative Agent previously, now or hereafter delivered to secure the Obligations, as the same may be amended, modified, supplemented or replaced from time to time. 

“Collateral Assignment of Sub-Management Contract” means each Collateral Assignment of Management Subcontract by and among
Management Company, Sub-Management Company and the Administrative Agent previously, now or hereafter delivered to secure the Obligations, as the same may be amended, modified, supplemented or replaced from time to time. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an
amount representing the maximum aggregate amount of Credit Exposure which such Lender may from time to time have outstanding hereunder, as such Commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The
initial aggregate amount of the Lenders’ Commitments is $105,000,000.00. 
 “Commodity Exchange Act” means the
Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute 
 “Compliance
Certificate” has the meaning set forth in Section 5.01(d) hereof and a form of which is attached hereto as Exhibit B. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise, which includes the customary powers of a managing member of any limited liability company, any general partner of any limited partnership, or any
board of directors of a corporation. “Controlling” and “Controlled” have meanings correlative thereto. 

“Cost To Repair” has the meaning set forth in Section 5.06(d). 

  
 5 








 “Credit Exposure” means, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Loans. 
 “Credit Party” means each Borrower and Parent. 

“Current Survey” shall mean a boundary survey of each of the Mortgaged Properties. 

“Debtor Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency,
fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including without limitation the United States Bankruptcy Code and all amendments thereto, as are in effect from time to time
during the term of this Agreement. 
 “Deed of Trust” (whether one or more) means a deed of trust and security agreement, a
mortgage and security agreement, or a security deed (or deed to secure debt) and security agreement covering the Mortgaged Properties. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Default Rate” has the meaning set forth in
Section 2.12(c) hereof. 
 “Defaulting Lender” means any Lender that: (a) has failed to perform any of its
funding obligations hereunder, including in respect of its Commitment, within two (2) Business Days of the date required to be funded by it hereunder; (b) has notified the Borrower or Administrative Agent that it does not intend to comply
with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notification or public statement relates to such Lender’s obligation to fund a Loan and indicates that
such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a Loan is not or cannot be satisfied) or under other agreements in
which it commits to extend credit; (c) has failed, within two (2) Business Days after written request by the Administrative Agent or a Borrower (and the Administrative Agent has received a copy of such request), to confirm in a manner
satisfactory to the Administrative Agent that it will comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrower); or (d) has, or has a direct or indirect parent company that has: (i) become the subject of a proceeding under any Debtor Relief Law; (ii) had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it; (iii) in the good faith determination of the Administrative Agent, taken any material action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; or (iv) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by
virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority; provided, further, that such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction 

  
 6 








 
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“EBITDA” means an amount derived from (a) net income, plus (b) to the extent included in the determination
of net income, depreciation, amortization, interest expense and income taxes, plus (c) asset management fees, plus (d) property acquisition fees and expenses, plus (e) self-administration and listing fees,
plus or minus (f) to the extent included in the determination of net income, any extraordinary losses or gains, such as those resulting from sales or payment of Indebtedness, and plus or minus (g) non-cash
foreign currency adjustments, in each case, as determined on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of EBITDA for the Parent’s Unconsolidated Affiliates. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in
accordance with Section 9.02). 
 “Environmental Assessment” shall mean a written assessment and report
approved by the Administrative Agent as to the status of any Mortgaged Properties regarding compliance with any Legal Requirements related to environmental matters and accompanied by a reliance letter satisfactory to the Administrative Agent. Each
Environmental Assessment must comply with all Legal Requirements. 
 “Environmental Claim” means any notice of violation,
action, claim, Environmental Lien, demand, abatement or other order or direction (conditional or otherwise) by any Governmental Authority or any other Person for personal injury (including sickness, disease or death), tangible or intangible property
damage, damage to the environment, nuisance, pollution, contamination or other adverse effects on the environment, or for fines, penalties or restriction, 

  
 7 








 
resulting from or based upon (i) the existence, or the continuation of the existence, of a Release (including, without limitation, sudden or non-sudden accidental or non-accidental Releases)
of, or exposure to, any Hazardous Material, or other Release in, into or onto the environment (including, without limitation, the air, soil, surface water or groundwater) at, in, by, from or related to any property owned, operated or leased by the
Borrower or any of its Subsidiaries or any activities or operations thereof; (ii) the environmental aspects of the transportation, storage, treatment or disposal of Hazardous Materials in connection with any property owned, operated or leased
by the Borrower or any of its Subsidiaries or their operations or facilities; or (iii) the violation, or alleged violation, of any Environmental Laws or Environmental Permits of or from any Governmental Authority relating to environmental
matters connected with any property owned, leased or operated by the Borrower or any of its Subsidiaries. 
 “Environmental
Indemnity” means that certain Environmental Compliance and Indemnity Agreement of even date herewith by the Borrower and the Parent and delivered to the Administrative Agent, together with any other environmental risk or indemnity agreement
hereafter executed with respect to any of the Mortgaged Properties. 
 “Environmental Laws” means all applicable laws,
rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous Material or to health and safety matters and includes (without limitation) the Comprehensive Environmental Response, Compensation, and Liability Act
(“CERCLA”), 42 U.S.C. §9601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. §1801 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §136 et seq., the
Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. §6901 et seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Clean Water
Act, 33 U.S.C. §1251 et seq., the Occupational Safety and Health Act, 29 U.S.C. §651 et seq., (to the extent the same relates to any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. §2701 et
seq., as such laws have been amended or supplemented, and the regulations promulgated pursuant thereto, and all analogous state and local statutes. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) exposure to any Hazardous Materials in violation of any
Environmental Law, (c) the Release or threatened Release of any Hazardous Materials into the environment in violation of any Environmental Law or (d) any contract, agreement or other consensual arrangement pursuant to which liability is
assumed or imposed with respect to any of the foregoing. 
 “Environmental Lien” means any lien in favor of any
Governmental Authority arising under any Environmental Law. 
 “Environmental Permit” means any permit required under any
applicable Environmental Law or under any and all supporting documents associated therewith. 

  
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 “Equity Interests” means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “Equity Issuance” means the issuance and sale after the
Effective Date by the Parent of any equity securities of the Parent to any Person who is not the Parent or one of its Subsidiaries, including, without limitation, pursuant to the exercise of options or warrants or pursuant to the conversion of any
debt securities to equity. 
 “Equity Percentage” means the aggregate ownership percentage of the Parent, or its
Subsidiary, in each Unconsolidated Affiliate, which shall be calculated as Parent’s or such Subsidiary’s, nominal capital ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate’s organizational
documents. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a
single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code
or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

  
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 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Eurodollar” when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Excess Amount” means the amount by which the Total Aggregate Asset Value attributable to the Parent’s or
Borrower’s Restricted Investments exceeds the percentage of Total Aggregate Asset Value that the Parent and the Borrower are permitted to hold, either individually or in the aggregate, with respect to such Restricted Investments, or any of
them, pursuant to Section 6.03. 
 “Excluded Swap Obligation” means, with respect to any guarantor of a Swap
Obligation, including the grant of a security interest to secure the guaranty of such Swap Obligation, any Swap Obligation if, and to the extent that, such Swap Obligation is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible contract participant” as
defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty or grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Swap Obligation or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made
by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.16(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a),
and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “FATCA” means Sections 1471 through 1474 of
the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof 

  
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 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means that
certain confidential fee letter agreement, dated June 1, 2016, between Guarantor and the Administrative Agent. 
 “Financial
Officer” means the chief financial officer or the chief accounting officer of the Parent. 
 “Financing
Statements” means all such Uniform Commercial Code financing statements as the Administrative Agent shall reasonably require, duly authorized by the Borrower and/or Parent to give notice of and to perfect or continue perfection of the
Lenders’ security interest in all Collateral. 
 “Fixed Charge Coverage Ratio” shall mean, tested on quarterly results
for each calendar quarter, the ratio of (a) Adjusted EBITDA; to (b) all of the regularly scheduled principal due and payable and regularly scheduled principal paid on the Indebtedness (other than amounts paid in connection with balloon
maturities) and including the Equity Percentage for such amounts for Parent’s Unconsolidated Affiliates, plus all Interest Expense, plus the aggregate of all cash dividends paid or payable on any preferred stock. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
organized. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America, subject to the provisions of
Section 1.04. 
 “Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government. 
 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, 

  
 11 








 
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such
Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business. 
 “Guarantor” means the Parent, and any other Person who from time to time has
executed a Guaranty as required by the terms of this Agreement. 
 “Guaranty” means a guaranty in the form of Exhibit
C attached hereto. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous
or toxic substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law; provided, that Hazardous Materials shall not include any such substances or wastes utilized or maintained at the Real Property in the ordinary course of business and in accordance with all applicable Environmental
Laws. 
 “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity
price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Hedging
Obligations” with respect to the Parent, any Borrower or any Subsidiary of the Parent, any obligations arising under any Hedging Agreement entered into with the Administrative Agent, any Lender or an Affiliate of any Lender. 

“Impacted Interest Period” has the meaning ascribed to it in the definition of LIBO Rate. 

“Indebtedness” means, for any Person, without duplication, (a) all obligations of such Person for borrowed money or with
respect to deposits or advances of any kind; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred stock; (c) all obligations of such Person upon which
interest charges are customarily paid; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person; (e) all obligations of such Person in respect of the
deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business); (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (g) all Guarantees by such Person of Indebtedness of others other than customary
non-recourse carveout guarantees and standard 

  
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environmental indemnitees until such time as a carveout guarantee becomes a recourse obligation, except that, for any Guarantees of the Indebtedness of an entity in which the Person owns less
than 100% of the ownership rights of such entity, which Indebtedness is secured by a first mortgage lien on existing real properties, the amount for purposes of this clause (g) shall be equal to the Allocated Guarantee Amount; (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty; and (j) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefore as
a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on a consolidated
basis in accordance with GAAP, unless otherwise indicated herein, and including (without duplication) the Equity Percentage of Indebtedness for the Parent’s Unconsolidated Affiliates. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Initial Mortgaged Property” means each Real Property identified as an Initial Mortgaged Property on Schedule 5.12. 

“Interest Coverage Ratio” shall mean, tested on quarterly results for each calendar quarter, the ratio of (a) the
Parent’s Adjusted EBITDA to (b) all Interest Expense of the Parent. 
 “Interest Election Request” means a
request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07. 
 “Interest
Expense” shall mean all of the Parent’s paid, accrued or capitalized interest expense on the Parent’s Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt), and
including (without duplication) the Equity Percentage of Interest Expense for the Parent’s Unconsolidated Affiliates. 

“Interest Payment Date” means the first Business Day of each calendar month. 

“Interest Period” means with respect to any Eurodollar Borrowing, initially the period commencing on the date of such
Borrowing and ending on (but excluding) the first Business Day of the next calendar month, and thereafter the one or three month period commencing on (and including) the first Business Day of said next calendar month and ending on (and excluding)
the first Business Day in the calendar month that is one or three months thereafter. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Borrowing, thereafter shall be
the effective date of the most recent conversion or continuation of such Borrowing. 
 “Interpolated Rate” means, at any
time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the
rate that results from interpolating on a linear basis between: (a) the LIBO Rate for the longest period for which the LIBO Rate is available that is shorter than the Impacted Interest Period; and (b) the LIBO Rate for the shortest period
for which that LIBO Rate is available that exceeds the Impacted Interest Period, in each case, at such time 

  
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 “KeyBank” means KeyBank, National Association, in its individual capacity. 

“Legal Requirement” means any law, statute, ordinance, decree, requirement, order, judgment, rule, regulation (or
interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as
administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen
that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such Interest Period; provided that (i) if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBOR Screen Rate shall not
be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement, and (ii) if no such rate administered by ICE Benchmark Administration (or by such other Person that has taken over the administration of such rate for U.S. Dollars) is available to the Administrative
Agent, the applicable LIBOR Base Rate for the relevant Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which KeyBank or one of its Affiliate banks offers to place deposits in U.S. dollars with first
class banks in the London interbank market at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, in the approximate amount of the relevant Eurodollar Loan and having a maturity equal to
such Interest Period 
 “Lien” means, with respect to an asset, (a) any mortgage, deed of trust, lien (statutory or
other), pledge, hypothecation, negative pledge, collateral assignment, encumbrance, deposit arrangement, charge or security interest in, on or of such asset; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; (c) the filing under the Uniform Commercial Code or comparable law of any jurisdiction of
any financing statement naming the owner of the asset to which such Lien relates as debtor; (d) any other preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness or other obligation; and
(e) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities, including any dividend reinvestment or redemption plans. 

  
 14 








 “Loan” means each loan made by the Lenders to the Borrower pursuant to this
Agreement and “Loans” means all loans made by the Lenders to the Borrower pursuant to this Agreement. 
 “Loan
Documents” means this Agreement, the Notes, the Guaranty, the Deed of Trust, the Assignment of Leases and Rents, the Financing Statements, the Environmental Indemnity, the Collateral Assignment of Management Contract, Collateral Assignment
of Sub-Management Contract, the Fee Letter, all Hedging Agreements entered into with the Administrative Agent or any Lender or an Affiliate of any Lender in connection with the Loans, and all other instruments, agreements and written obligations
executed and delivered by any of the Credit Parties in connection with the transactions contemplated hereby. 
 “Loan To Value
Ratio” means the ratio of (a) the outstanding principal balance of the Loans to (b) the Pool Value. 

“Management Company” means Strategic Storage Property Management II, LLC, a Delaware limited liability company. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or condition,
financial or otherwise, of the Parent, Borrower and its Subsidiaries, taken as a whole, (b) the ability of any of the Credit Parties to perform their obligations under the Loan Documents or (c) the rights of or benefits available to the
Administrative Agent or the Lenders under the Loan Documents. 
 “Material Contract” means any contract or other
arrangement (other than Loan Documents), whether written or oral, to which any Credit Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material
Adverse Effect. 
 “Maturity Date” means December 31, 2016. 

“Maximum Rate” shall have the meaning set forth in Section 9.13. 

“Mortgaged Property” or “Mortgaged Properties” means, collectively or individually as the context may
require, the Real Property described on Schedule 5.12 attached hereto, together with any additional property, whether now existing or hereafter acquired, which is or is to become subject to the Lien of a Deed of Trust in accordance with this
Agreement which shall meet each of the following criteria: 
 (a) such property is a self-storage property located in the
United States; 
 (b) such property is free of any material environmental or structural defect unless otherwise approved by
the Required Lenders; 

  
 15 








 (c) such property is insured in form and substance reasonably satisfactory to
Administrative Agent; and 
 (d) such property is wholly owned 100% by a Borrower in fee. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Equity Proceeds” means the aggregate cash consideration received by Parent in respect of any Equity Issuance, net of
(a) direct costs (including, without limitation, legal, accounting and investment banking fees and sales commissions) and (b) taxes paid or payable as a result thereof; it being understood, (i) that “Net Equity Proceeds”
shall include, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received by Parent in any Equity Issuance, and (ii) that “Net Equity Proceeds” shall not include (x) cash
proceeds that are applied to retire or redeem capital stock and (y) cash proceeds in respect of any Equity Issuance pursuant to Parent’s distribution reinvestment plan. 

“Net Operating Income” shall mean, for any operating Real Property, as of any date of determination for the period ended on
such date, the difference between (a) any rentals, proceeds and other income received from such property during such determination period, less (b) an amount equal to all costs and expenses (excluding Interest Expense, depreciation and
amortization expense, asset management fees, acquisition fees and expenses, self-administration and listing fees and any expenditures that are capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated
to, the operation or leasing of such property during the determination period, less (c) the Capital Expenditure Reserve for such determination period. Net Operating Income shall be calculated based on the immediately preceding calendar quarter
unless the Real Property has not been owned by the Borrower for the entirety of such calendar quarter, in which event Net Operating Income shall be grossed up for such ownership period and may be adjusted as reasonably approved by the Administrative
Agent. 
 “Note” means a promissory note in the form attached hereto as Exhibit D payable to a Lender evidencing
certain of the obligations of the Borrower to such Lender and executed by Borrower, as the same may be amended, supplemented, modified or restated from time to time; “Notes” means, collectively, all of such Notes outstanding at any
given time. 
 “Obligations” means all liabilities, obligations, covenants and duties of any Credit Party to the
Administrative Agent and/or any Lender arising under or otherwise with respect to any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or other insolvency proceeding naming such person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceedings. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the “Obligations” shall not include any Excluded Swap Obligations.


  
 16 








 “OFAC” means the Office of Foreign Asset Control (“OFAC”) of
the Department of Treasury of the United States of America. 
 “Other Taxes” means any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, and not including the
Excluded Taxes. 
 “Parent” means Strategic Storage Trust II, Inc., a Maryland corporation. 

“Partial Release Date” shall have the meaning set forth in SECTION 5.15(c). 

“Participant” shall have the meaning set forth in Section 9.04(c). 

“Participant Register” shall have the meaning set forth in Section 9.04(c). 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended
from time to time, and any successor statute. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.05;

 (b) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation,
unemployment insurance and other social security laws or regulations; 
 (c) deposits to secure the performance of bids,
trade contracts, purchase, construction or sales contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(d) Liens created under the Loan Documents; 

(e) the Title Instruments, Liens and other matters described in the Title Insurance Policy; 

(f) uniform commercial code protective filings with respect to personal property leased to the Borrower; and 

(g) landlords’ liens for rent not yet due and payable; 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness other than the Loans. 

  
 17 








 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having an investment
grade credit rating on the date of acquisition; 
 (c) investments in certificates of deposit, banker’s acceptances and
time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the
United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than 90 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e) investments in Subsidiaries and Unconsolidated Affiliates made in accordance with, or not otherwise prohibited by, this
Agreement. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than
a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Pool”
means the Mortgaged Properties that remain subject to a Lien under the Loan and as are more particularly defined in Section 5.12. 

“Pool Debt Yield” shall mean the ratio, as of the date of determination, of (a) the aggregate of the Net Operating
Income for each Mortgaged Property in the Pool, annualized, to (b) the outstanding principal balance of the Loans. 
 “Pool
Value” means the aggregate sum for each of the Mortgaged Properties of the Appraised Value. 
 “Prime Rate” means
the rate of interest per annum publicly announced from time to time by KeyBank, National Association, as its prime rate in effect at its principal office in Cleveland, Ohio; each change in the Prime Rate shall be effective from and including the
date such change is publicly announced as being effective. 

  
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 “Qualified ECP Party” means, in respect of any interest rate cap, swap or other
hedging obligation, each Person which is a Credit Party that has total assets exceeding $10,000,000 at the time such Credit Party’s guarantee, mortgage and/or other credit or collateral support of such interest rate cap, swap or other hedging
obligation secured pursuant to the Deed of Trust becomes effective, or otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder 

“Real Property” means, collectively, all interest in any land and improvements located thereon (including direct financing
leases of land and improvements owned by a Credit Party), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection with the land and all appurtenances, additions,
improvements, renewals, substitutions and replacements thereof now or hereafter acquired by a Credit Party. 
 “Register”
has the meaning set forth in Section 9.04. 
 “Related Parties” means, with respect to any specified Person,
such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal,
discharge, dispersal, leaching or migration on or into the indoor or outdoor environment or into or out of any property in violation of applicable Environmental Laws. 

“Release Compliance Certificate” has the meaning set forth in Section 5.15(a) hereof and a form of which is
attached hereto as Exhibit B-2. 
 “Release Price” means an amount equal to the greater of: (i) one hundred
percent (100%) of the Allocated Loan Amount of the Release Tract and (ii) one hundred percent (100%) of the net proceeds from the sale or refinancing of such Release Tract. 

“Release Tract” has the meaning set forth in Section 5.15. 

“Remedial Action” means all actions, including without limitation any capital expenditures, required or necessary to
(i) clean up, remove, treat or in any other way address any Hazardous Material; (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material so it does not migrate or endanger public health or
the environment; (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care; or (iv) bring facilities on any property owned or leased by the Borrower or any of its Subsidiaries into compliance with all
Environmental Laws. 
 “Required Lenders” means, at any time, Lenders that are not Defaulting Lenders having, in the
aggregate, Credit Exposures and (prior to the end of the Availability Period) unused Commitments representing at least 66-2/3% of the sum of the total Credit Exposures and (prior 

  
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to the end of the Availability Period) unused Commitments (excluding the Credit Exposures and unused Commitments of such Defaulting Lenders) held by all of the Lenders at such time; provided that
(i) in the event there are less than three (3) Lenders at the time in question, Required Lenders shall mean all of the Lenders (excluding any Defaulting Lenders), (ii) if any Affiliate of a Lender becomes a Lender, such parties will
be considered as one Lender for purposes of this definition, and (iii) as long as there is more than one (1) Lender hereunder, no single Lender may take an action that requires the consent or approval of the Required Lenders without the
approval of at least one other Lender. 
 “Restricted Investment” means any Investment of the type described in clauses
(c), (d), (e), (f), or (g) of Section 6.03. 
 “Restricted Payment” means any dividend or other distribution
(whether in cash, securities or other property) with respect to any ownership interests in the Parent, Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such ownership interests in the Parent or Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Parent or
the Borrower. 
 “Revolving Credit Facility” means that certain loan facility evidenced by that certain Amended and
Restated Credit Agreement dated December 22, 2015 by and among Strategic Storage Operating Partnership II, L.P. and certain of its Affiliates, as borrower, KeyBank National Association, as administrative agent, and certain lenders party thereto
from time to time, as amended by that certain First Amendment and Joinder to Amended and Restated Credit Agreement dated February 18, 2016, as the same may be further amended, modified or supplemented from time to time. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

“Specified Credit Party” has the meaning given to such term in SECTION 9.06(f). 

“SSOP” means Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Governmental Authority to which the
Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve 

  
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requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Sub-Management Company” means Extra Space Management, Inc., a Utah corporation. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent. 
 “Subordinate Facility” means that certain $30,000,000.00 credit facility provided by KeyBank
National Association to the Parent pursuant to that certain Credit Agreement of even date. 
 “Swap Obligation” means any
Hedging Obligation that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Tangible Net Worth” shall mean, with respect to any Person, as of any date of calculation, total assets (without deduction
for accumulated depreciation and accumulated amortization of lease intangibles) less (1) all intangible assets and (2) all liabilities (including contingent and indirect liabilities), in each case, of such Person as of such date, all
determined in accordance with GAAP, unless otherwise indicated in this definition. The term “intangible assets” shall include, without limitation, (i) deferred charges, and (ii) the aggregate of all amounts appearing on
the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like intangibles (other than
amounts related to the purchase price of a real property which are allocated to lease intangibles). The term “liabilities” shall include, without limitation, (i) Indebtedness secured by Liens on property of the Person with
respect to which Tangible Net Worth is being computed whether or not such Person is liable for the payment thereof, (ii) deferred liabilities, and (iii) Capital Lease Obligations. Tangible Net Worth shall be calculated on a consolidated
basis in accordance with GAAP, unless otherwise indicated in this definition. 
 “Taxes” means any and all present or
future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Title
Instruments” means true and correct copies of all instruments of record in the office of the county clerk, the real property records or of any other Governmental Authority 

  
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affecting title to all or any part of the Mortgaged Properties, including but not limited to those (if any) which impose restrictive covenants, easements, rights-of-way or other encumbrances on
all or any part of the Mortgaged Properties. 
 “Title Insurance Policy” means, collectively, the policies of title
insurance in the aggregate face amounts equal to the Total Commitment, issued in favor of the Administrative Agent by a title insurance company satisfactory to the Administrative Agent and insuring that title to the Mortgaged Properties is vested in
Borrower, free and clear of any Lien, objection, exception or requirement, and that each Deed of Trust creates a valid first and prior lien on all the Mortgaged Properties, subject only to the Permitted Encumbrances and such other exceptions as may
be approved in writing by the Administrative Agent. 
 “Total Aggregate Asset Value” means, as of any date of
determination, the sum of (without duplication) (a) the aggregate Value of all of Parent’s and its Subsidiaries’ Real Property, plus (b) the amount of any cash and cash equivalents, excluding tenant security and other restricted
deposits, of the Parent and its Subsidiaries. For any non-wholly owned Real Properties, Total Aggregate Asset Value shall be adjusted for the Parent’s and its Subsidiaries’ Equity Percentage of such Real Properties. 

“Total Asset Value” means, as of any date of determination, the Total Aggregate Asset Value minus the Excess Amount. 

“Total Commitment” means, as of any date of determination, the aggregate amount of all of the Lender’s Commitments. As
of the Effective Date, the Total Commitment is $105,000,000.00. 
 “Total Leverage Ratio” shall mean, as of any date of
calculation, the ratio (expressed as a percentage) of (a) the sum of (without duplication) (a) the Parent’s and its Subsidiaries (without duplication) Indebtedness to (b) Total Asset Value, in each case, as of such date. 

“Transactions” means the execution, delivery and performance by the Credit Parties of the Loan Documents, the borrowing of
Loans, and the use of the proceeds thereof. 
 “Type” when used in reference to any Loan or Borrowing, refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“Unconsolidated Affiliate” means, without duplication, in respect of any Person, any other Person (other than a Person whose
stock is traded on a national trading exchange) in whom such Person holds a voting equity or ownership interest and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. 
 “Value” means the sum of: 

(a) for an existing Real Property that is not subject to a mortgage or deed of trust securing the Revolving Credit Facility,
(i) during the first twelve (12) months of the Parent’s or its Subsidiaries’ ownership of such Real Property, cost basis and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one quarter
percent (7.25%); plus 

  
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 (b) for a Real Property that is under development or redevelopment or is
undeveloped land, (i) cost basis until the date that is twenty-four (24) months after the commencement of operations on such Real Property and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one
quarter percent (7.25%); plus 
 (c) for a Real Property that is subject to a mortgage or deed of trust securing the
Revolving Credit Facility, the aggregate “Pool Value” as same is determined under the Revolving Credit Facility. 
 For Real
Property not owned for the entire prior quarter, for purposes of the Value calculation, Net Operating Income shall be grossed up for such ownership period and may be adjusted as reasonably approved by Administrative Agent. Further, Net Operating
Income from Real Property no longer owned at the end of a fiscal quarter in question shall be excluded from the Value calculation. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.02 Classification of Loans and Borrowings. For
purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof,” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, 

  
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this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04 Accounting Terms; GAAP. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP (provided that, notwithstanding any provision herein to the contrary, the financial covenants set forth herein shall be calculated
based on the Parent’s Equity Percentage of Subsidiaries which are not wholly owned directly or indirectly by the Parent, notwithstanding that GAAP requires that such Subsidiaries be consolidated), as in effect from time to time; provided that,
if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such
provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 
 SECTION 1.05 Borrowers 

(a) Intentionally Deleted. 

(b) Each Borrower recognizes that credit available to it under this Agreement is in excess of and on better terms than it
otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower, jointly and severally, hereby assumes and agrees
fully, faithfully, and punctually to discharge all Indebtedness and other Obligations of all of the Borrowers. 
 (c)
Intentionally Deleted. 
 (d) The proceeds of each loan and advance provided under this Agreement which is requested by the
Borrower shall be advanced as and when otherwise provided herein or as otherwise indicated by the Borrower. Neither the Administrative Agent nor any Lender shall have any obligation to see to the application of such proceeds. 

(e) Intentionally Deleted 

(f) Nothing contained herein shall be deemed or otherwise construed to modify, waive, or otherwise limit the obligations of
Guarantor under its respective Guaranty to the Administrative Agent and the Lenders. 

  
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 ARTICLE II 

The Loans 
 SECTION
2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees to make Loans to the Borrower from time to time for the purchase of Mortgaged Properties during the Availability Period in an aggregate
principal amount that will not result in (a) such Lender’s Credit Exposure exceeding such Lender’s Commitment, or (b) the aggregate sum of all Lenders’ Credit Exposures exceeding the lesser of (i) the Total Commitment
or (ii) the aggregate Allocated Loan Amount for all of the Mortgaged Properties; provided however, that no Lender shall be obligated to make a Loan in excess of such Lender’s Applicable Percentage of the difference between
(1) the lesser of (A) Total Commitment and (B) the unfunded Commitments, and (2) the Credit Exposure. Within the foregoing limits and subject to the terms and conditions set forth herein, a maximum of three (3) Loans shall
be advanced during the Availability Period. The Loan is not a revolving loan; principal amounts paid and prepaid may not be reborrowed. 

SECTION 2.02 Loans and Borrowings. 

(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their
respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible
for any other Lender’s failure to make Loans as required. 
 (b) Subject to Section 2.13, each Borrowing
shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000.00 and not less than $1,000,000.00. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000.00 and not less than $1,000,000.00,
provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at
any time be more than a total of six (6) Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision
of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03 Requests for Borrowings. 

(a) To request a Borrowing, Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar
Borrowing, not later than 12:00 Pacific, Los Angeles, California time, three Business Days before the date of the proposed Borrowing or (b)

  
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in the case of an ABR Borrowing, not later than 12:00 Pacific, Los Angeles, California time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request
shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in the form of Exhibit E attached hereto and signed by Borrower, together with a Compliance Certificate, on
behalf of the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s
account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as to
the Type of Borrowing is specified in the Borrowing Request, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration, in the case of a Eurodollar Borrowing. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04 Intentionally
Deleted. 
 SECTION 2.05 Intentionally Deleted.  

SECTION 2.06 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof pursuant to the Borrowing Request
by wire transfer of immediately available funds by 12:00 noon, Boston, Massachusetts time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such
Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in Boston, Massachusetts, or wire transferred to such other account or in such
manner as may be designated by the Borrower in the applicable Borrowing Request. 

  
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 (b) Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may, after giving notice to the Borrower of its intent to advance
funds on behalf of a Lender, assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.
The Borrower shall have the right to withdraw its request for such Borrowing upon receipt of any such notice from the Administrative Agent. In the event the Administrative Agent does advance funds on behalf of a Lender, and such Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the corresponding Loan made to the Borrower. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.07 Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by
telephone by the time that a Borrowing Request would be required under Section 2.04 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the form of a Borrowing Request (with proper election made
for an interest rate election only) and signed by the Borrower. 

  
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 (c) Each telephonic and written Interest Election Request shall specify the
following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election
Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses
(iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election
made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is
to be an ABR Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an
Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to
or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

SECTION 2.08 Intentionally Omitted. 

SECTION 2.09 Repayment of Loans; Evidence of Debt. 

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Loan on the Maturity Date. At the request of each Lender, the Loans made by such Lender shall be evidenced by a Note payable to such Lender in the amount of such Lender’s Commitment. 

(b) Intentionally Deleted. 

  
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 (c) Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder,
the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (e) The entries
made in the accounts maintained pursuant to paragraph (c) or (d) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein, absent manifest error;
provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement. 
 SECTION 2.10 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay (including in connection with a partial
release of any Mortgaged Property), without penalty, any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section, and subject to Section 2.15, if applicable. 

(b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder
(i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., Los Angeles, California time, three (3) Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later
than 11:00 a.m., Los Angeles, California time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that is an integral multiple of
$100,000.00 and not less than $500,000.00. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.12. 
 (c) In connection with the prepayment of any Loan prior to the expiration of the Interest
Period applicable thereto, the Borrower shall also pay any applicable expenses pursuant to Section 2.15.  

  
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 SECTION 2.11 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent, for its own account fees payable in the amounts and at the times
separately agreed to upon in the Fee Letter. 
 (b) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid under this Agreement shall not be refundable under any circumstances. 

SECTION 2.12 Interest. 

(a) The Loans comprising each ABR Borrowing shall bear interest at the lesser of (x) the Alternate Base Rate plus the
Applicable Rate, or (y) the Maximum Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at
the lesser of (a) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (b) the Maximum Rate. 

(c) Notwithstanding the foregoing, (A) if any principal of or interest on any Loan or any fee or other amount payable by
the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, after applicable grace periods, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to
(i) in the case of overdue principal of any Loan, the lesser of (x) 4% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, or (y) the Maximum Rate, or (ii) in the case of any
other amount, the lesser of (x) 4% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section, or (y) the Maximum Rate; and (B) after the occurrence of any Event of Default, at the option of the
Administrative Agent, or if the Administrative Agent is directed in writing by the Required Lenders to do so, the Loan shall bear interest at a rate per annum equal to the lesser of (x) 4% plus the rate otherwise applicable to such Loan as
provided in the preceding paragraphs of this Section, or (y) the Maximum Rate (the foregoing increased interest rate, as applicable, referred to as the “Default Rate”). 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon the
Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan
prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the
end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days and twelve (12) 30-day months, and in
each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error. 

  
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 SECTION 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate, or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that (i) the Adjusted LIBO Rate or the LIBO Rate, as
applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period and (ii) such fact is
generally applicable to its loans of this type to similar borrowers, as evidenced by a certification from such Lenders, then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances
giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.14
Increased Costs. 
 (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) impose on any Lender or the London interbank market any taxes or other condition (other than one relating to Excluded
Taxes) affecting this Agreement or Eurodollar Loans made by such Lender, 
 and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

  
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 (b) If any Lender determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to
a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to
capital adequacy), then from time to time the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company,
as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender, the amount shown as due on any
such certificate within ten (10) days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to
demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any
increased costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation
therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

 SECTION 2.15 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default, (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10(b)), or (d) the assignment of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.
In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount
of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure
to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would
bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount


  
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or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender
the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
 SECTION 2.16 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions, and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law. 
 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that the Borrower receives ten (10) days prior written notice from the Administrative Agent that it intends to pay any
Indemnified Taxes or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental
Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from
or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation 

  
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prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. If a payment made to a Lender under any Loan
Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 SECTION 2.17 Payments Generally;
Pro Rata Treatment; Sharing of Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder
(whether of principal, interest, fees or of amounts payable under Sections 2.14, 2.15 or 2.16, or otherwise) prior to 1:00 p.m., Los Angeles, California time, on the date when due, in immediately available funds, without set-off
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its main offices in Cleveland, Ohio, except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto. If the
Administrative Agent receives a payment for the account of a Lender prior to 1:00 p.m., Los Angeles, California time, such payment must be delivered to the Lender on the same day and if it is not so delivered due to the fault of the Administrative
Agent, the Administrative Agent shall pay to the Lender entitled to the payment interest thereon for each day after payment should have been received by the Lender pursuant hereto until the Lender receives payment, at the Federal Funds Effective
Rate. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments hereunder shall be made in Dollars. 
 (b) If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal then due to such parties. 

  
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 (c) If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion
received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, other than to the Borrower or any Affiliate
thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.06(b) or
2.17(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid. 

  
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 SECTION 2.18 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Credit Agreement shall be restricted as set forth in Section 9.02. 
 (ii)
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or
otherwise, and including any amounts made available to Administrative Agent by that Defaulting Lender pursuant to Section 9.08), shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to
the payment of any amounts owing by that Defaulting Lender to Administrative Agent hereunder; second, if so determined by Administrative Agent, to be held as cash collateral for future funding obligations of such Defaulting Lender; third, as the
applicable Borrower may request (so long as no Default or Event of Default exists other than a Default or Event of Default resulting directly from the Defaulting Lender’s breach of its obligations under this Credit Agreement), to the funding of
any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by Administrative Agent; fourth, if so determined by Administrative Agent and the applicable Borrower, to
be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Credit Agreement; fifth, to the payment of any amounts owing to the non-Defaulting Lenders as a result
of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Credit Agreement; sixth, so long as no Default or Event of
Default exists other than a Default or Event of Default resulting directly from the Defaulting Lender’s breach of its obligations under this Credit Agreement), to the payment of any amounts owing to the applicable Borrower as a result of any
judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; and seventh, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if: (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share; and
(y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral
pursuant to this Section 2.18(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(b) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion that
a Defaulting Lender should no longer be 

  
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deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein (which may include arrangements with respect to any cash collateral), such Defaulting Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative
Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Defaulting Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no cessation in status as Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising during the period that such Lender was a Defaulting Lender. 

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. 

(a) Each Lender will notify the Borrower of any event occurring after the date of this Agreement which will entitle such
Person to compensation pursuant to Sections 2.14 and 2.16 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, provided that such Person shall not be liable for the failure to
provide such notice. If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any such Person or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, then such Lender shall use reasonable efforts to avoid or minimize the amounts payable, including, without limitation, the designation of a different lending office for funding or booking its Loans hereunder or the
assignment of its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding 

  
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principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

SECTION 2.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an
EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with
the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 ARTICLE III 

Representations and Warranties 

The Borrower represents and warrants to the Lenders and the Administrative Agent that: 

SECTION 3.01 Organization; Powers. Each Credit Party is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. Schedule 3.01(a) sets forth, as of the date hereof, all of the Borrowers and the form and jurisdiction of
organization of each such Borrower. 

  
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 SECTION 3.02 Authorization; Enforceability. The Transactions are within the corporate,
partnership or limited liability company powers (as applicable) of the respective Credit Parties and have been duly authorized by all necessary corporate, partnership or limited liability company action. This Agreement and the Loan Documents have
been duly executed and delivered by each Credit Party which is a party thereto and constitute the legal, valid and binding obligation of each such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) to the actual knowledge of the Borrower, do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or which shall be completed at the appropriate time for such
filings under applicable securities laws, (b) to the actual knowledge of the Borrower, will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Credit Party or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Credit Party or any of the Borrower’s assets, or give rise to a right thereunder to require any payment
to be made by any Credit Party, and (d) will not result in the creation or imposition of any Lien on any asset of any Credit Party, except pursuant to the Deed of Trust. 

SECTION 3.04 Financial Condition; No Material Adverse Change. 

(a) The Parent has heretofore furnished to the Lenders financial statements of the Parent as of and for the period ending
December 31, 2015 reported on by CohnReznick, LLC, independent public accountants, for the Parent, and the internally-prepared financial statements of the Parent as of and for the period ending March 31, 2016. Such financial
statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP. 

(b) Since March 31, 2016, no event has occurred which could reasonably be expected to have a Material Adverse Effect.

 SECTION 3.05 Properties. 

(a) Subject to Liens permitted by Section 6.01, each Borrower has title to, or valid leasehold interests in, all
its real and personal property material to its business, except for minor defects in title and title defects disclosed to Lenders that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for
their intended purposes. 
 (b) Subject to the property conditions reports obtained by the Borrower at the time of
acquisition with respect to each Real Property, all components of all improvements included within the Real Property owned or leased, as lessee, by any Credit 

  
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Party, including, without limitation, the roofs and structural elements thereof and the heating, ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water, storm water,
paving and parking equipment, systems and facilities included therein, are in good working order and repair, subject to such exceptions which are not reasonably likely to have, in the aggregate, a Material Adverse Effect. All water, gas, electrical,
steam, compressed air, telecommunication, sanitary and storm sewage lines and systems and other similar systems serving the Real Property owned or leased by any Credit Party are installed and operating and are sufficient to enable the Real Property
to continue to be used and operated in the manner currently being used and operated, and no Credit Party has any knowledge of any factor or condition that reasonably could be expected to result in the termination or material impairment of the
furnishing thereof, subject to such exceptions which are not likely to have, in the aggregate, a Material Adverse Effect. No improvement or portion thereof, or any other part of any Mortgaged Property, is dependent for its access, operation or
utility on any land, building or other improvement not included in such Mortgaged Property, other than for access provided pursuant to a recorded easement or other right of way establishing the right of such access subject to such exceptions which
are not likely to have, in the aggregate, a Material Adverse Effect. 
 (c) To each Credit Party’s actual knowledge,
all franchises, licenses, authorizations, rights of use, governmental approvals and permits (including all certificates of occupancy and building permits) required to have been issued by Governmental Authority to enable all Real Property owned or
leased by Borrower or any of its Subsidiaries to be operated as then being operated have been lawfully issued and are in full force and effect, other than those which the failure to obtain in the aggregate could not be reasonably expected to have a
Material Adverse Effect. No Credit Party is in violation of the terms or conditions of any such franchises, licenses, authorizations, rights of use, governmental approvals and permits, which violation would reasonably be expected to have a Material
Adverse Effect. 
 (d) None of the Credit Parties has received any notice or has any actual knowledge, of any pending,
threatened or contemplated condemnation proceeding affecting any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof, or any proposed termination or impairment of any parking (except as contemplated in any
approved expansion approved by Administrative Agent), at any such owned or leased Real Property or of any sale or other disposition of any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof in lieu of
condemnation, which in the aggregate, are reasonably likely to have a Material Adverse Effect. 
 (e) Except for events or
conditions not reasonably likely to have, in the aggregate, a Material Adverse Effect, (i) no portion of any Real Property owned or leased by Borrower or any of its Subsidiaries has suffered any material damage by fire or other casualty loss
which has not heretofore been completely repaired and restored to its condition prior to such casualty, and (ii) no portion of any Real Property owned or leased by Borrower or any of its Subsidiaries is located in a special flood hazard area as
designated by any federal Government Authorities or any area identified by the insurance industry or other experts acceptable to the Administrative Agent as an area that is a high probable earthquake or seismic area, except as set forth on
Schedule 3.05(e). 

  
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 (f) There are no Persons operating or managing any Mortgaged Property other than
the Borrower, the Management Company and the Sub-Management Company pursuant to (i) the management agreements and sub-management agreements delivered to Administrative Agent as of the Effective Date, and (ii) such other management
agreements and sub-management agreements in form and substance reasonably satisfactory to the Administrative Agent. 
 SECTION 3.06
Intellectual Property. To the actual knowledge of each Credit Party, such Credit Party owns, or is licensed to use, all patents and other intellectual property material to its business, and the use thereof by such Credit Party does not
infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. To the actual knowledge of each Credit Party, there are
no material slogans or other advertising devices, projects, processes, methods, substances, parts or components, or other material now employed, or now contemplated to be employed, by any Credit Party with respect to the operation of any Real
Property with the Lenders acknowledging that each Mortgaged Property will be operated under the “Extra Space” brand and marketing program and will utilize such Sub-Management Company’s “processes” and “methods”,
and no claim or litigation regarding any slogan or advertising device, project, process, method, substance, part or component or other material employed, or now contemplated to be employed by any Credit Party, is pending or threatened, the outcome
of which could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.07 Litigation and Environmental Matters. 

(a) Except as set forth in Schedule 3.07 attached hereto, there are no actions, suits or proceedings by or before any
arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting any Credit Party (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 

(b) Except as disclosed in the environmental reports obtained by the Borrower at the time of acquisition with respect to each
Real Property and with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect: 

(i) to the actual knowledge of the Credit Parties, all Real Property leased or owned by Borrower is free from contamination by
any Hazardous Material, except to the extent such contamination could not reasonably be expected to cause a Material Adverse Effect; 

(ii) to the actual knowledge of the Credit Parties, the operations of Borrower, and the operations at the Real Property leased
or owned by Borrower are in compliance with all applicable Environmental Laws, except to the extent such noncompliance could not reasonably be expected to cause a Material Adverse Effect; 

  
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 (iii) no Borrower has known liabilities with respect to Hazardous Materials and,
to the knowledge of each Credit Party, no facts or circumstances exist which could reasonably be expected to give rise to liabilities with respect to Hazardous Materials, in either case, except to the extent such liabilities could not reasonably be
expected to have a Material Adverse Effect; 
 (iv) to the actual knowledge of Borrower, (A) the Borrower and all Real
Property owned or leased by Borrower have all Environmental Permits necessary for the operations at such Real Property and are in compliance with such Environmental Permits; (B) there are no legal proceedings pending nor, to the actual
knowledge of any Credit Party, threatened to revoke, or alleging the violation of, such Environmental Permits; and (C) none of the Credit Parties have received any notice from any source to the effect that there is lacking any Environmental
Permit required in connection with the current use or operation of any such properties, in each case, except to the extent the nonobtainment or loss of an Environmental Permit could not reasonably be expected to have a Material Adverse Effect; 

(v) neither the Real Property currently leased or owned by Borrower nor, to the actual knowledge of any Credit Party,
(x) any predecessor of any Credit Party, nor (y) any of Credit Parties’ Real Property owned or leased in the past, nor (z) any owner of Real Property leased or operated by Borrower, are subject to any outstanding written order or
contract, including Environmental Liens, with any Governmental Authority or other Person, or to any federal, state, local, foreign or territorial investigation of which a Credit Party has been given notice respecting (A) Environmental Laws,
(B) Remedial Action, (C) any Environmental Claim; or (D) the Release or threatened Release of any Hazardous Material, in each case, except to the extent such written order, contract or investigation could not reasonably be expected to
have a Material Adverse Effect; 
 (vi) none of the Credit Parties are subject to any pending legal proceeding alleging the
violation of any Environmental Law nor, to the actual knowledge of each Credit Party, are any such proceedings threatened, in either case, except to the extent any such proceedings could not reasonably be expected to have a Material Adverse Effect;

 (vii) no Borrower nor, to the actual knowledge of each Credit Party, any predecessor of any Credit Party, nor to the
actual knowledge of each Credit Party, any owner of Real Property leased by Borrower, have filed any notice under federal, state or local, territorial or foreign law indicating past or present treatment, storage, or disposal of or reporting a
Release of Hazardous Material into the environment, in each case, except to the extent such Release of Hazardous Material could not reasonably be expected to have a Material Adverse Effect; 

  
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 (viii) none of the operations of the Borrower or, to the actual knowledge of
each Credit Party, of any owner of premises currently leased by Borrower or of any tenant of premises currently leased from Borrower, involve or previously involved the generation, transportation, treatment, storage or disposal of hazardous waste,
as defined under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement) or any state, local, territorial or foreign equivalent, in violation of Environmental Laws; and 

(ix) to the actual knowledge of the Credit Parties, there is not now, nor has there been in the past (except, in all cases, to
the extent the existence thereof could not reasonably be expected to have a Material Adverse Effect), on, in or under any Real Property leased or owned by Borrower, or any of their predecessors (A) any underground storage tanks or surface
tanks, dikes or impoundments (other than for surface water); (B) any friable asbestos-containing materials; (C) any polychlorinated biphenyls; or (D) any radioactive substances other than naturally occurring radioactive material. 

SECTION 3.08 Compliance with Laws and Agreements. Each of the Credit Parties is in compliance with all laws, regulations and orders of
any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or to its knowledge, its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.09 Investment and
Holding Company Status. No Credit Parties is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to
regulation under, the Public Utility Holding Company Act of 1935. 
 SECTION 3.10 Taxes. Each Credit Party has timely filed or caused
to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which
such Person has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. No Credit Party has any Plans as of the date hereof. As to any future Plan the present value of all accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair market value of the assets of such Plan, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair market value of the assets of all such underfunded Plans. 

  
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 SECTION 3.12 Disclosure. The Borrower has disclosed or made available to the Lenders all
Material Contracts and material corporate or other restrictions to which it or any other Credit Party is subject, and all other matters known to it, that, in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of
the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

SECTION 3.13 RESERVED. 

SECTION 3.14 Margin Regulations. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the Board), and no proceeds of any Loan will be used to purchase or carry any margin stock. 

SECTION 3.15 REIT Qualification. As of the Effective Date, the Parent has only the direct Subsidiaries listed on Schedule 3.15 attached
hereto. Each Borrower is a Delaware limited liability company wholly-owned by SSOP and is treated as a disregarded entity for federal income tax purposes. The Parent is a Maryland corporation duly organized pursuant to articles of incorporation
filed with the Maryland Department of Assessments and Taxation, and is in good standing under the laws of Maryland. Parent is qualified to elect or has elected status as a real estate investment trust under Section 856 of the Code and currently
is in compliance in all material respects with all provisions of the Code applicable to the qualification of Parent as a real estate investment trust. 

SECTION 3.16 Solvency. After giving effect to the transactions contemplated by this Agreement and the other Loan Documents, including
all Loans made or to be made hereunder, no Credit Party is insolvent on a balance sheet basis such that the sum of such Person’s assets exceeds the sum of such Person’s liabilities, each Credit Party is able to pay its debts as they become
due, and each Credit Party has sufficient capital to carry on its business. 
 SECTION 3.17 OFAC; Anti-Corruption Laws; PATRIOT Act.
None of the Borrower, any of the other Credit Parties, or any of the Subsidiaries thereof, any of their officers or employees, and to the knowledge of the Borrower, their directors and agents, employees and agents, or any other Affiliate of the
Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time


  
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to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in a country that is subject to a
sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program may be applicable to such agency, organization or
person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from any Loan will be used to finance any operations, investments
or activities in, or make any payments to, any such country, agency, organization, or person. The Credit Parties, their Subsidiaries and their respective officers and employees, and to the knowledge of the Borrower their directors and agents, are in
compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No Loan, use of the proceeds of any Loan or other transaction contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making
of the Loans nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V,
as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. Each Credit Party and its Subsidiaries are in compliance in all material respects with the PATRIOT Act. 

ARTICLE IV 

Conditions 

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which
each of the following conditions is satisfied (or waived in accordance with Section 9.02) (the “Effective Date”): 

(a) The Administrative Agent (or its counsel) shall have received from each Credit Party either (i) a counterpart of this
Agreement and all other Loan Documents to which it is party signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page
of each such Loan Document other than the Notes) that such party has signed a counterpart of the Loan Documents, together with copies of all Loan Documents. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Effective Date) of Mastrogiovanni Mersky & Flynn, P.C., counsel for the Borrower and the Guarantor, and such other counsel as the Administrative Agent may approve, covering such matters relating to the Credit Parties,
the Loan Documents or the Transactions as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 

(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of the Credit Parties, the authorization of the Transactions and any other legal matters relating to the Credit Parties, this Agreement


  
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(including each Credit Party’s compliance with Section 9.14 and other customary “know your customer” requirements) or the Transactions, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The Administrative Agent shall have received a
Compliance Certificate, dated the date of this Agreement and signed by a Financial Officer of Parent, in form and substance reasonably satisfactory to the Administrative Agent. 

(e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date,
including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

(f) The Administrative Agent shall have received copies of all other Loan Documents, the Environmental Assessment, the Title
Insurance Policy and the Current Survey (in each instance as delivered in connection with the original closing of the Loan, with the Administrative Agent receiving an acceptable endorsement to each Title Insurance Policy), property condition
assessments, insurance certificates, and such other due diligence information as the Administrative Agent may require for each Mortgaged Property. 

(g) The Administrative Agent shall have received Appraisals of each of the Mortgaged Properties being included as Collateral
in form and substance satisfactory to the Administrative Agent and the Lenders. 
 The Administrative Agent shall notify the Borrower of the Effective Date,
and such notice shall be conclusive and binding. 
 SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on
the occasion of any Borrowing is subject to the satisfaction of the following conditions: 
 (a) The representations and
warranties of each Credit Party set forth in this Agreement, in any other Loan Document shall be true and correct on and as of the date of such Borrowing. 

(b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing.

 (c) With respect to any requested Borrowings after the initial Borrowing on the Effective Date, the Borrower shall have
complied with Section 2.04. 
 (d) The Administrative Agent shall have received a Compliance Certificate signed
by a Financial Officer of Borrower. 
 (e) All due diligence and additional Loan Documents related to any new Mortgaged
Property shall have been approved, executed and delivered to the Administrative Agent. 

  
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 Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as
to the matters specified in this Section. 
 ARTICLE V 

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01 Financial Statements; Ratings Change and
Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 
 (a) within 120 days after
the end of each fiscal year of the Parent, the Parent’s audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, together with all supporting notes and
schedules thereto, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by CohnReznick, LLC or other independent public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and
results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

(b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, (i) the
Parent’s consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, together with all supporting notes
and schedules thereto, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence
of footnotes, (ii) a Real Property Portfolio Summary Schedule, broken out by Mortgaged Properties in the Pool, detailing or including at a minimum, the property name and address, square footage, percentage of ownership, number of units, cost
basis, occupancy, annualized prior quarter net operating income, and (iii) operating statements, rent roll and accounts receivable aging for each Mortgaged Property; 

(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a compliance certificate
of a Financial Officer of the Parent (the “Compliance Certificate”) in the form of Exhibit B attached hereto; 

  
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 (d) promptly after the same become publicly available for Forms 10-K and 10-Q
described below, and upon written request for items other than Forms 10-K and 10-Q described below, copies of all periodic and other reports, proxy statements and other materials filed by the Parent, the Borrower, or any Subsidiary of the Parentwith
the Securities and Exchange Commission (including registration statements and reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any
national securities exchange, or distributed by the Parent or the Borrower to its shareholders generally, as the case may be; and 

(e) promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of any Credit Party, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may reasonably request. 

SECTION 5.02 Financial Tests. 

(a) Except as otherwise expressly provided in clause (ii) below, throughout the term of this Agreement the Borrower shall
have and maintain at all times, on a consolidated basis in accordance with GAAP: 
 (i) a Loan to Value Ratio of not greater
than fifty five (55%); and 
 (ii) a Pool Debt Yield of at least ten and one half percent (10.5%), tested as of
September 30, 2016 and as of the close of each fiscal quarter thereafter. 
 (b) Throughout the term of this Agreement,
the Parent shall have and maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: 

(i) a Total Leverage Ratio no greater than sixty percent (60%); 

(ii) a Tangible Net Worth not at any time to be less than (i) $260,285,222.00, plus (ii) eighty-five percent
(85%) of the Net Equity Proceeds received after the Effective Date; 
 (iii) an Interest Coverage Ratio of not less
than 1.85:1.00; 
 (iv) a Fixed Charge Ratio of not less than 1.60:1.00; and 

(v) a ratio of (i) the Indebtedness that bears interest at a varying rate of interest or that does not have the interest
rate fixed, capped or swapped pursuant to a Hedging Agreement to (ii) the sum of the Indebtedness, not in excess of thirty percent (30%). 

  
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 Notwithstanding the foregoing, each of the Parent and the Borrower shall have ten (10) Business Days from
the date on which any violation of the above tests shall occur in which to cure such violation, to the extent such violation can be cured with a cash payment, which 10-day cure period shall be in lieu of, and not in addition to, any other cure
period provided for herein that may affect this Section 5.02. It shall be an Event of Default if Borrower fails to make such a prepayment not later than ten (10) Business Days after notice from the Administrative Agent to the
Borrower requesting the payment. 
 SECTION 5.03 Notices of Material Events. The Borrower will furnish to the Administrative Agent
and each Lender written notice of the following promptly after it becomes aware of same (unless specific time is set forth below): 

(a) the occurrence of any Default; 

(b) within five (5) Business Days after the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting any Credit Party or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) within five (5) Business Days after the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in liability of a Credit Party in an aggregate amount exceeding $10,000,000.00; and 

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of Borrower
setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.04 Existence; Conduct of Business. The Borrower will do or cause to be done all things reasonably necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except to the extent the failure to do so, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect. Each Person that is a Borrower must at all times be a wholly owned Subsidiary of SSOP. Each Borrower shall at all times comply with all organizational formalities necessary to maintain its
status as a single purpose entity and will hold itself out to creditors and the public as a legal entity separate and distinct from any other entity, provided the Mortgaged Properties may be operated under the Extra Space brand. 

SECTION 5.05 Payment of Obligations. The Borrower will pay its obligations, including liabilities for Taxes, that, if not paid, could
result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower has set aside on its
books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 5.06 Maintenance of Properties; Insurance. 

(a) The Borrower will (i) keep and maintain all property material to the conduct of the operations of the Mortgaged
Properties in good working order and condition, ordinary wear and tear excepted, and (ii) maintain, with financially sound and reputable insurance companies, insurance against such risks as are set forth below and in such amounts as are
reasonably required by Administrative Agent from time to time, with Administrative Agent named as loss payee and a beneficiary of such insurance on substantially similar policies and programs as are acceptable to Administrative Agent. 

(b) The Borrower shall maintain the following insurance coverages for each of the Mortgaged Properties in the Pool 

(i) An all-risk policy of permanent property insurance insuring the Mortgaged Property against all risks that are commonly
covered under real property insurance except those permitted by the Administrative Agent in writing to be excluded from coverage thereunder. 

(ii) A boiler and machinery insurance policy covering loss or damage to all portions of the Mortgaged Property comprised of
air-conditioning and heating systems, other pressure vessels, machinery, boilers or high pressure piping. 
 (iii) An
all-risk policy of insurance covering loss of earnings and/or rents from the Mortgaged Property in the event that the Mortgaged Property is not available for use or occupancy due to casualty, damage or destruction required to be covered by the
policies of insurance described in (i) and (ii) above. 
 (iv) Commercial general liability, auto liability,
umbrella or excess liability and worker’s compensation insurance against claims for bodily injury, death or property damage occurring on, in or about the Mortgaged Property in an amount and containing terms reasonably acceptable to the
Administrative Agent. 
 (v) Such other insurance against other insurable hazards, risks or casualties which at the time are
commonly insured against in the case of owners and premises similarly situated, due regard being given to the financial condition of the Borrower, the height and type of the Mortgaged Property, its construction, location, use and occupancy. 

(vi) All required insurance will be written on forms acceptable to the Administrative Agent and by companies having a
Best’s Insurance Guide Rating of not less than A or A+ and which are otherwise acceptable to the Administrative Agent, and such insurance (other than third party liability insurance) shall be written or endorsed so that all losses are payable
to the Administrative Agent, as 

  
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Administrative Agent for the Lenders. The original policies evidencing such insurance shall be delivered by the Borrower to the Administrative Agent and held by the Administrative Agent, unless
Administrative Agent expressly consents to accept insurance certificates instead. Each such policy shall expressly prohibit cancellation of insurance without thirty (30) days’ written notice to the Administrative Agent. The Borrower agrees
to furnish due proof of payment of the premiums for all such insurance to Administrative Agent promptly after each such payment is made and in any case at least fifteen (15) days before payment becomes delinquent. 

(c) The Borrower will pay and discharge all taxes, assessments, maintenance charges, permit fees, impact fees, development
fees, capital repair charges, utility reservations and standby fees and all other similar impositions of every kind and character charged, levied, assessed or imposed against any interest in any Mortgaged Property owned by it, as they become payable
and before they become delinquent and that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) the Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a
Material Adverse Effect. The Borrower shall furnish receipts evidencing proof of such payment to the Administrative Agent promptly after payment and before delinquency. 

(d) All proceeds of insurance with respect to any Mortgaged Property shall be paid to Administrative Agent and, at
Administrative Agent’s option, be applied to Borrower’s Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). If the
Cost To Repair does not exceed thirty-five percent (35%) of the Appraised Value of the subject Mortgaged Property, provided no Event of Default is then in existence, Administrative Agent shall release so much of the insurance proceeds as may be
required to pay for the actual Cost to Repair in accordance with and subject to the provisions of Section 5.06(e) below. 

(e) If Administrative Agent elects or is required to release insurance proceeds, Administrative Agent may impose, reasonable
conditions on such release which shall include, but not be limited to, the following: 
 (i) prior written approval by
Administrative Agent, which approval shall not be unreasonably withheld or delayed of plans, specifications, cost estimates, contracts and bonds for the restoration or repair of the loss or damage; 

(ii) waivers of lien, architect’s certificates, contractor’s sworn statements and other evidence of costs, payments
and completion as Agent may reasonably require; 

  
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 (iii) if the Cost To Repair does not exceed $500,000.00, the funds to pay
therefor shall be released to Borrower. Otherwise, funds shall be released upon final completion of the repair work, unless Borrower requests earlier funding, in which event partial monthly disbursements equal to 90% of the value of the work
completed shall be made prior to final completion of the repair, restoration or replacement and the balance of the disbursements shall be made upon full completion and the receipt by Administrative Agent of satisfactory evidence of payment and
release of all liens; 
 (iv) determination by Administrative Agent that the undisbursed balance of such proceeds on deposit
with Administrative Agent, together with additional funds deposited for the purpose, shall be at least sufficient to pay for the remaining Cost To Repair, free and clear of all liens and claims for lien; 

(v) all work to comply with the standards, quality of construction and Legal Requirements applicable to the original
construction of the Mortgaged Property; and 
 (vi) in Administrative Agent’s good faith judgment the repair work is
likely to be completed at least three (3) months prior to the Maturity Date. 
 (f) If there is any condemnation for
public use of a Mortgaged Property or of any Collateral, the awards on account thereof shall be paid to Administrative Agent and shall be applied to Borrower’s obligations, or at Administrative Agent’s discretion released to Borrower. If,
in the case of a partial taking or a temporary taking, in the sole judgment of Administrative Agent the effect of such taking is such that there has not been a material and adverse impairment of the viability of the Mortgaged Property or the value
of the Collateral, so long as no Default exists Administrative Agent shall release awards on account of such taking to Borrower if such awards are sufficient (or amounts sufficient are otherwise made available) to repair or restore the Mortgaged
Property to a condition reasonably satisfactory to Administrative Agent subject to the requirements of Section 5.06(e). 

SECTION 5.07 Books and Records; Inspection Rights. 

(a) The Borrower will keep proper books of record and account in which full, true and correct entries are made of all dealings
and transactions in relation to its business and activities. 
 (b) The Borrower will permit any representatives designated
by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and
independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.08 Compliance with Laws. The
Borrower will comply with all laws, rules, regulations and orders of any Governmental Authority (including, without limitation, Anti-Corruption Laws and Sanctions) applicable to it or its property, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 5.09 Use of Proceeds. The proceeds of the Loans will be used for acquisition,
acquisition fees and expenses, and financing of the Mortgaged Properties. No part of the proceeds of any Loan will be used, whether directly or indirectly, for financing, funding or completing the hostile acquisition of publicly traded Persons or
for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. 
 SECTION 5.10
Fiscal Year. Borrower shall maintain as its fiscal year the twelve (12) month period ending on December 31 of each year. 

SECTION 5.11 Environmental Matters. 

(a) Borrower shall comply and shall cause each Real Property owned or leased by Borrower to comply in all material respects
with all applicable Environmental Laws currently or hereafter in effect, except to the extent noncompliance could not reasonably be expected to have a Material Adverse Effect. 

(b) If the Administrative Agent or the Required Lenders at any time have a reasonable basis to believe that there may be a
material violation of any Environmental Law related to any Real Property owned or leased by Borrower, or Real Property adjacent to such Real Property, which could reasonably be expected to have a Material Adverse Effect, then Borrower agrees, upon
request from the Administrative Agent (which request may be delivered at the option of Administrative Agent or at the direction of Required Lenders), to provide the Administrative Agent, at the Borrower’s expense, with such reports,
certificates, engineering studies or other written material or data as the Administrative Agent or the Required Lenders may reasonably require so as to reasonably satisfy the Administrative Agent and the Required Lenders that any Credit Party or
Real Property owned or leased by them is in material compliance with all applicable Environmental Laws. 
 (c) Borrower
shall take such Remedial Action or other action as required by Environmental Law or any Governmental Authority except to the extent the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect. 
 (d) If the Borrower fails to timely take, or to diligently and expeditiously proceed to complete in a timely
fashion, any action described in this Section, the Administrative Agent may, after notice to the Borrower, with the consent of the Required Lenders, make advances or payments toward the performance or satisfaction of the same, but shall in no event
be under any obligation to do so. All sums so advanced or paid by the Administrative Agent (including reasonable counsel and consultant and investigation and laboratory fees and expenses, and fines or other penalty payments) and all sums advanced or
paid in connection with any judicial or administrative investigation or proceeding relating thereto, will become due and payable from the Borrower ten (10) Business Days after 

  
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demand, and shall bear interest at the Default Rate from the date any such sums are so advanced or paid by the Administrative Agent until the date any such sums are repaid by the Borrower.
Promptly upon request, the Borrower will execute and deliver such instruments as the Administrative Agent may deem reasonably necessary to permit the Administrative Agent to take any such action, and as the Administrative Agent may require to secure
all sums so advanced or paid by the Administrative Agent. If a Lien is filed against the Mortgaged Property by any Governmental Authority resulting from the need to expend or the actual expending of monies arising from an action or omission, whether
intentional or unintentional, of the Borrower or for which any Borrower is responsible, resulting in the Releasing of any Hazardous Material into the waters or onto land located within or without the state where the Mortgaged Property is located,
then the Borrower will, within thirty (30) days from the date that the Borrower is first given notice that such Lien has been placed against the Mortgaged Property (or within such shorter period of time as may be specified by the Administrative
Agent if such Governmental Authority has commenced steps to cause the Mortgaged Property to be sold pursuant to such Lien), either (i) pay the claim and remove the Lien, or (ii) furnish a cash deposit, bond or such other security with
respect thereto as is satisfactory in all respects to the Administrative Agent and is sufficient to effect a complete discharge of such Lien on the Mortgaged Property. 

SECTION 5.12 Property Pool. 

(a) Each Real Property proposed by the Borrower as Collateral shall meet the requirements of a Mortgaged Property, shall not
be subject to a Lien in any manner, other than Permitted Encumbrances, and shall meet the following requirements: 
 (i) a
self-storage property located in the United States of America, which is 100% owned or will be 100% owned at the time it becomes a Mortgaged Property by a Borrower; 

(ii) the Administrative Agent shall have received an Appraisal with respect to the Real Property ordered by the Administrative
Agent; Administrative Agent shall have the right, but not the obligation, in its sole discretion, to order updated Appraisals of the Mortgaged Properties at the Lender’s expense for purposes of determining Pool Value, such updated Appraisals to
be obtained no more frequently than once per annum. Notwithstanding the previous limitation, Administrative Agent shall have the right, but not the obligation, in its sole discretion, to order updated Appraisals of the Mortgaged Properties at the
Borrower’s expense at any time after the occurrence and during the continuance of an Event of Default; 
 (iii) a final
certificate of occupancy, or the local equivalent has been issued by the appropriate Governmental Authority for all of the improvements on the Real Property; 

(iv) no material deferred maintenance and no material capital improvements are required or if required, adequate reserves,
pledged to the 

  
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Agent, are made therefor to continue operating as a self-storage property (or such other use as the Required Lenders may approve), as determined by an architectural or engineering report approved
by the Administrative Agent; 
 (v) (1) the Administrative Agent must have received Phase I environmental reports,
together with an acceptable reliance letter if required by Agent, from third-party independent consultants for each Mortgaged Property in, or to be added to, the Pool that do not disclose any adverse material environmental conditions and specifying
any further investigation or remedial work required to be undertaken, along with acceptable property condition reports and property zoning reports (with acceptable reliance letters), (2) the owner of the subject property must be able to make
the representations and warranties in Sections 3.05 and 3.07 as to each Mortgaged Property in, or to be added to, the Pool, (3) the owner of the subject Mortgaged Property must have provided a Current Survey, Title Insurance
Policy, Financing Statement, information for the Administrative Agent to obtain flood zone certification (if applicable), probable maximum loss study (if applicable) with a reliance letter if required by Agent, a rent roll, and all other documents
required for Collateral as the Administrative Agent may require (which will include, at a minimum, proof of flood insurance acceptable to Lenders (if applicable), proof of casualty and liability insurance complying with this Agreement (together with
an acceptable reliance letter(s)) if required by Agent, central and local Uniform Commercial Code searches, purchase agreement, and a Compliance Certificate) and in form and substance satisfactory to the Administrative Agent, (4) the Mortgaged
Property owner must have joined in, and assumed all obligations of a “Borrower” under, this Agreement and the other Loan Documents, all in form and substance reasonably satisfactory to the Administrative Agent, (5) such owner must
execute and deliver such other collateral documents with respect to the Mortgage Property in connection with such joinder as reasonably required by and in form and substance reasonably satisfactory to Administrative Agent (including without
limitation a Deed of Trust and an Assignment of Leases and Rents secured by the Mortgaged Property), and (6) such owner delivering such organizational documents, directors’ or comparable resolutions, secretary’s, incumbency and like
certificates, opinions of counsel and other documents as reasonably required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement; 

(vi) The Borrower shall have delivered to the Administrative Agent a Compliance Certificate evidencing compliance with
Section 5.02 and Section 5.12 after giving effect to such addition; 
 (vii) The Mortgaged Property
is otherwise approved by the Administrative Agent and the Required Lenders in their sole discretion. As of the Effective Date the Real Property assets to be included in the Pool are listed on Schedule 5.12 attached hereto; 

  
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 (viii) Such new Borrower shall have delivered evidence to Administrative Agent
that it is organized under the laws of a state of the United States or the District of Columbia; and 
 (ix) Such new
Borrower shall have delivered to Administrative Agent all information that any Lender reasonably requires in order to comply with such Lender’s “know your customer” requirements and similar laws and regulations. 

(b) Additional Mortgaged Properties. During the Availability Period, the Administrative Agent shall accept one or more
of the Additional Mortgaged Properties into the Pool as Collateral upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: 

(i) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of
Mortgaged Property and in Section 5.12(a) as to such real estate. 
 (ii) The Borrower shall have delivered to
the Administrative Agent a Compliance Certificate evidencing compliance with Section 5.02 and Section 5.12 after giving effect to such addition. 

(iii) The Borrower shall have delivered to the Administrative Agent a certification that the Real Property is free of any
material environmental, structural, architectural, mechanical or title defects. 
 (iv) The Borrower shall pay or reimburse
the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Mortgaged Property. 

(v) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission
or rejection of any Real Property as a Mortgaged Property. To the extent that an Real Property does not meet the requirements to qualify as a Mortgaged Property, as defined, the Borrower may nevertheless request that such Real Property be included
as a Mortgaged Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Real Property as an additional Mortgaged Property. 

SECTION 5.13 Further Assurances. At any time upon the request of the Administrative Agent, Borrower will, promptly and at its expense,
execute, acknowledge and deliver such further documents and perform such other acts and things as the Administrative Agent may reasonably request to evidence the Loans made hereunder and interest thereon in accordance with the terms of this
Agreement. The Administrative Agent has agreed in some instances that the maximum amount secured by a Deed of Trust may be limited in order to reduce fees or taxes paid by the Borrower in a particular jurisdiction. 

  
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 SECTION 5.14 Parent Covenants. The Parent will: 

(a) own, directly or indirectly, all of the general partner interests in SSOP and will not sell or transfer any of its limited
partner interests in SSOP (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); 

(b) maintain management and control of Borrower; 

(c) conduct substantially all of its operations through SSOP or one or more of SSOP’s Subsidiaries; and 

(d) comply with all Legal Requirements to maintain, and, will at all times elect, qualify as and maintain, its status as a
real estate investment trust under Section 856(c)(i) of the Code. 
 SECTION 5.15 Partial Releases. The Borrower may obtain the
release of any Mortgaged Property (the “Release Tract”) from the liens and security interests of the Loan Documents if it satisfies the following terms and conditions: 

(a) The Borrower shall submit to the Administrative Agent with such request a compliance certificate ( the “Release Compliance
Certificate”) prepared using the financial statements of the Borrower most recently provided or required to be provided to the Administrative Agent under Section 5.01, adjusted in the best good faith estimate of the Borrower, to
give effect to the proposed release and demonstrating that no Default or Event of Default shall exist after giving effect to such release, and after taking into account any prepayment of outstanding Loans necessary to maintain compliance with the
financial covenants herein. 
 (b) The release will be for the entire Release Tract, and not for just a portion thereof. 

(c) No less than thirty (30) days prior to the date of the requested release (“Partial Release Date”), the Borrower
shall deliver to the Administrative Agent a written request for such partial release. 
 (d) The Borrower shall pay the Release Price with
respect to the applicable Release Tract on or prior to the Partial Release Date. 
 (e) After giving effect to the release of the Release
Tract, there shall remain no fewer than five (5) Mortgaged Properties in the Pool. 
 (f) The Borrower shall pay all costs and
expenses reasonably incurred by the Administrative Agent in connection with such partial release, including, without limitation, reasonable attorneys’ fees, recording fees and any title policy endorsement fees. 

Subject to the satisfaction of the provisions of this Section, the Borrower owning the Release Tract and which has no other ownership interest
in any of the remaining Mortgaged Properties shall be released from all obligations under the Loan Documents, including without limitation, further payment and performance of the Loans on the Partial Release Date, other than pending obligations
under the Environmental Indemnity. 

  
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 SECTION 5.16 OFAC. 

(a) No Credit Party is, nor shall any Credit Party be at any time, a Person with whom the Lenders are restricted from doing
business under the regulations of OFAC (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 

(b) No Credit Party is, nor shall any Credit Party be at any time, knowingly engaged in any dealings or transactions or
otherwise be associated with such Persons referenced in clause (a) above. 
 SECTION 5.17 Qualified ECP Party. Each Borrower and
the Guarantor is a Qualified ECP Party. 
 ARTICLE VI 

Negative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid
in full, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01 Liens. The Borrower will not create, incur, assume
or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except for Permitted Encumbrances. 

SECTION 6.02 Fundamental Changes. Neither the Parent nor the Borrower will: 

(a) merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell,
transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower or SSOP or all or substantially all of the stock of their Subsidiaries (in each case, whether now
owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge into, or consolidate with, SSOP in
a transaction in which SSOP is the surviving entity, (ii) any Person not a Credit Party may merge into, or consolidate with, any Subsidiary in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary not a Credit
Party may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary, (iv) any Subsidiary not a Credit Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrower and is not materially 

  
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disadvantageous to the Lenders, (v) any Subsidiary which is a Credit Party may merge into (or consolidate with) or liquidate or dissolve into, any other Subsidiary which is a Credit Party,
and (vi) any Subsidiary which is a Credit Party may sell, transfer, lease or otherwise dispose of its assets to Borrower or to any other Subsidiary which is a Credit Party; provided that any such merger involving a Person that is not a wholly
owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.03. Parent or SSOP may propose for consideration the transfer of ownership interests in all or a portion of the Mortgaged Properties in
connection with the issuance or transfer of any Equity Interests to a joint venture partner. Any such transfer shall be subject to the unanimous approval of the Lenders in their sole discretion; 

(b) sell, transfer, lease or otherwise dispose of any of its assets, except in the normal course of business of owning and
operating a self-storage facility and, with respect to any Mortgaged Property, in accordance with Section 5.15; or 

(c) engage to any material extent in any business other than the ownership, development, operation and management primarily of
self-storage facilities and businesses reasonably related thereto. 
 SECTION 6.03 Investments, Loans, Advances and Acquisitions. The
Parent and its Subsidiaries will not purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness (subject to Section 6.09
below) or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or
purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except: 

(a) Permitted Investments; 

(b) investments directly or indirectly in Real Property operated primarily as self-storage facilities; 

(c) investments directly or indirectly in unimproved land not to exceed five percent (5%) of the Total Asset Value; 

(d) investments directly or indirectly in construction and development projects not to exceed fifteen percent (15%) of
the Total Asset Value; 
 (e) investments constituting mortgage loans on real estate (directly or indirectly) which are
primarily self-storage facilities not to exceed ten percent (10%) of the Total Asset Value; 
 (f) for investments in
real estate (directly or indirectly) which are not primarily self-storage facilities and which the Parent does not intend to convert to a self-storage facility within twenty-four (24) months, not to exceed ten percent (10%) of the Total
Asset Value; and 

  
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 (g) any purchase or acquisition, directly or indirectly, of any such capital
stock, evidence of indebtedness, or other securities of, or other investment in, a Person which is not a wholly owned Subsidiary of the Parent, or any assets of any other Person constituting a business unit, and any loan or advance to any other
Person where the amount of such loan or advance or the value of such purchase or acquisition does not exceed twenty percent (20%) of the Total Asset Value immediately before such loan, advance, purchase or acquisition. 

provided that the aggregate value of the investments described in Subsections (c) through (g) above shall not exceed twenty-five percent
(25%) of the Total Asset Value. 
 SECTION 6.04 Hedging Agreements. Neither the Parent nor the Borrower will, and will not
permit any of their Subsidiaries to, enter into any Hedging Agreement, other than the existing Hedging Agreement entered into with the Administrative Agent and other Hedging Agreements entered into in the ordinary course of business to hedge or
mitigate risks to which the Parent or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. If Borrower enters into any Hedging Agreement to mitigate its risks under this Agreement, Borrower shall
simultaneously collaterally assign such Hedging Agreement to Administrative Agent for the benefit of the Lenders. Such assignment shall create a first priority lien in favor of the Administrative Agent and shall be in form and substance reasonably
satisfactory to the Administrative Agent. 
 SECTION 6.05 Restricted Payments. No Borrower will make any Restricted Payment while any
Default or Event of Default shall be in existence. The Parent will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, during any calendar quarter, any Restricted Payment, except
that any of the following Restricted Payments are permitted: (a) Restricted Payments by the Parent required to comply with SECTION 5.14(d); (b) provided no Event of Default is in existence, Restricted Payments made by the Parent to
its equity holders, including in connection with the existing redemption and dividend reinvestment plans; provided, however, that upon an Event of Default, such Restricted Payments shall not be permitted after one hundred twenty (120) days
following such Event of Default; and (c) Restricted Payments declared and paid ratably by Subsidiaries to Parent with respect to their capital stock or equity interest; provided that notwithstanding the foregoing, the Parent may issue warrants,
options and other equity securities evidencing ownership interests and rights in the Parent.  
 SECTION 6.06 Transactions with
Affiliates. The Parent will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Parent or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties, (b) transactions between or among the Parent and its wholly owned Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.05 and (e) payment of management or
advisory fees permitted by Section 6.10. 

  
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 SECTION 6.07 Parent Negative Covenants. The Parent will not (a) own any Property
other than its indirect ownership interests of Borrower, and other assets, other than its partnership interests in SSOP, with no more than $20,000,000.00 in value; (b) give or allow any Lien on the ownership interests of Borrower; or
(c) engage to any material extent in any business other than the ownership, development, operation and management of primarily self-storage facilities, except as otherwise permitted by Section 6.03. 

SECTION 6.08 Restrictive Agreements. The Borrower will not, directly or indirectly, enter into, incur or permit to exist any agreement
or other arrangement that prohibits, restricts or imposes any condition upon the ability of the Borrower to create, incur or permit to exist any Lien upon any of its property or assets; provided that the foregoing shall not apply to
(i) restrictions and conditions imposed by law or by this Agreement or as otherwise approved by the Administrative Agent or (ii) customary provisions in leases restricting the assignment thereof. 

SECTION 6.09 Indebtedness. Neither the Guarantor nor any Borrower shall, without the prior written consent of the Administrative Agent,
create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to any Indebtedness, except: (a) Indebtedness under this Agreement; (b) Indebtedness of Parent to Administrative Agent pursuant to the
Revolving Credit Facility and Subordinate Facility; (c) Indebtedness under any Hedging Obligations or any Hedging Agreements permitted by Section 6.04 hereof, (d) Indebtedness of the Parent (related to first mortgage or other
property level debt of its Subsidiaries) whose recourse is solely for so-called “bad-boy” acts, including without limitation, (i) failure to account for a tenant’s security deposits, if any, for rent or any other payment
collected by a borrower from a tenant under a lease, all in accordance with the provisions of any applicable loan documents, (ii) fraud or a material misrepresentation made by a Subsidiary or Guarantor, or the holders of beneficial or ownership
interests in a Subsidiary or any Guarantor, in connection with the financing evidenced by the applicable loan documents; (iii) any attempt by a Subsidiary or any Guarantor to divert or otherwise cause to be diverted any amounts payable to the
applicable lender in accordance with the applicable loan documents; (iv) the misappropriation or misapplication of any insurance proceeds or condemnation awards relating to a Property; (v) voluntary or involuntary bankruptcy by a
Subsidiary or any Guarantor; and (vi) any environmental matter(s) affecting any Property which is introduced or caused by a Subsidiary or any Guarantor or any holder of a beneficial or ownership interest in a Subsidiary or any Guarantor;
(e) provided the Parent has a Tangible Net Worth equal to or greater than: (i) $100,000,000.00, Indebtedness of the Parent, including, without limitation, that under recourse Guarantees (but excluding that relating to this Agreement), in
an aggregate amount not to exceed ten percent (10%) of Total Asset Value, or (ii) $250,000,000,00, Indebtedness of the Parent, including, without limitation, that under recourse Guarantees (but excluding that relating to this Agreement),
in an aggregate amount not to exceed fifteen percent (15%) of Total Asset Value; (f) Indebtedness for trade payables and operating expenses incurred in the ordinary course of business; and (g) Indebtedness of Parent under any standard
environmental indemnity. Nothing contained herein shall be deemed to prohibit or prevent a Subsidiary of the Parent which is not a Borrower from assuming or incurring any Indebtedness in connection with any investment allowed under Section 6.03
above. Borrower shall use its best efforts to cause all future non-recourse carve-out guarantees and standard environmental indemnities on first mortgage or other property-related loans incurred by Borrower or any Parent Subsidiary to be provided by
the Guarantor, but in no event shall any such guaranty or indemnity be provided by any Borrower. 

  
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 SECTION 6.10 Management Fees. All asset, property management, acquisition or other fees
payable to Strategic Storage Advisor II, LLC or its affiliates or any successor thereof or to any other Credit Party or to any Subsidiary or Affiliate shall be subordinated to the Loans. At any time that any Default or Event of Default exists under
this Agreement or any other Loan Document, then in any of such event(s), no Credit Party may pay any property or asset management fees or similar fees to Strategic Storage Advisor II, LLC or its affiliates or any successor thereof or to any other
Credit Party or to any Subsidiary or Affiliate; provided, however, such fees shall accrue and become payable upon the cure of the Default or Event of Default. All such parties shall execute subordination agreements in form and substance acceptable
to the Administrative Agent with respect to such fees. 
 ARTICLE VII 

Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Credit Party shall fail to pay any
interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan Documents, when and as the same shall become due and payable, and such failure shall continue
unremedied for a period of more than three days (such three day period commencing after written notice from the Administrative Agent as to any such fee); 

(c) any representation or warranty made or deemed made by or on behalf of any Credit Party in or in connection with any Loan
Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in Articles V (as to Section 5.02, subject to the cure period described therein) or VI other than Sections 5.04, 5.05, 5.06,
5.07(a), 5.08, and 5.11; 
 (e) any Credit Party shall fail to observe or perform any covenant,
condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of over 30 days after notice thereof
from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender) and if such default is not curable within thirty (30) days and the Credit Party is diligently pursuing cure of same, the cure period may be
extended for thirty (30) days (for a total of 60 days after the original notice from the Administrative Agent) upon written request from the Borrower to the Administrative Agent; 

  
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 (f) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Credit Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law
now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(g) any Credit Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Person or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any
of the foregoing; 
 (h) any Credit Party shall become unable, admit in writing its inability or fail generally to pay its
debts as they become due; 
 (i) one or more judgments for the payment of money in an aggregate amount in excess of
$10,000,000.00 shall be rendered against any Credit Party and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of such Person to enforce any such judgment; 
 (j) an ERISA Event shall
have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower in an aggregate amount exceeding $10,000,000.00; 

(k) the Guaranty of the Loan by the Guarantor shall for any reason terminate or cease to be in full force and effect; 

(l) any Credit Party shall default under any Material Contract; 

(m) any Credit Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party or
shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document; 

  
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 (n) any provision of any Loan Document with respect to the Collateral shall for
any reason ceases to be valid and binding on, enforceable against, any Credit Party resulting in a Material Adverse Effect, or any lien created under any Loan Document ceases to be a valid and perfected first priority lien in any of the Collateral
purported to be covered thereby; 
 (o) a Change in Control shall occur; 

(p) the Parent defaults under any recourse indebtedness (including Hedging Obligations), or the Parent or any of its
Subsidiaries defaults under any non-recourse indebtedness (including Hedging Obligations) in an aggregate amount equal to or greater than $50,000,000 at any time; or 

(q) there occurs any event of default under any Hedging Obligations secured by any Collateral, 

then, and in every such event (other than an event described in clause (f) (subject to the cure period provided for therein), (g) or
(h) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take some or all of the following actions,
at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not
so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) exercise any other rights or remedies provided
under this Agreement or any other Loan Document, or any other right or remedy available by law or equity; and in case of any event described in clause (f) (subject to the cure period provided for therein), (g) or
(h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the
enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of Credit Parties (including amounts in any pledged accounts), such monies shall be distributed for application as
follows: 
 (i) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent for or in
respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Administrative Agent in accordance with the terms of the Loan Documents to protect or preserve the Collateral
or in connection with the 

  
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collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the
Administrative Agent or the Lenders under this Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law
shall have, or may have, priority over the rights of the Administrative Agent or the Lenders to such monies; 
 (ii) Second,
to the payment of, or (as the case may be) the reimbursement of the Lenders, ratably among them, for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the
Lenders in accordance with the terms of the Loan Documents; 
 (iii) Third, to the payment of all other Obligations
(including any interest, expenses or other obligations incurred after the commencement of a bankruptcy) in such order or preference as the Required Lenders shall determine; provided, that (x) distributions in respect of such other
Obligations shall include, on a pari passu basis, any Administrative Agent’s fee payable pursuant to 2.11; (y) in the event that any Lender shall be a Defaulting Lenders at any time, advances made by other Lenders during the pendency of
such failure or refusal shall be entitled to be repaid as to principal and accrued interest in priority to the other Obligations and Hedge Obligations described in this subsection (y); and (z) Obligations owing to the Lenders with respect to
each type of Obligation such as interest, principal, fees and expenses shall be made among the Lenders, pro rata; and provided, further that the Required Lenders may in their discretion make proper allowance to take into account any
Obligations not then due and payable; 
 (iv) Fourth, to any Hedge Obligations owed to the Administrative Agent or the
Lenders or their respective Affiliates, pro rata; and 
 (v) Fifth, the excess, if any, shall be returned to the Borrower or
to such other Persons as are entitled thereto. 
 ARTICLE VIII 

The Administrative Agent 

Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. In the event of conflicting instructions or notices given
to the Borrower by the Administrative Agent and any Lender, the Borrower is hereby directed and shall rely conclusively on the instruction or notice given by the Administrative Agent. 

  
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 The bank serving as the Administrative Agent hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower, Parent or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby
that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except
as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity, with the exception of specific notices given to it in its capacity as Administrative Agent hereunder. The Administrative Agent shall not be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or
willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender or the Administrate Agent otherwise has actual
knowledge of such Default, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the
contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent. The Administrative Agent agrees that, in fulfilling its duties hereunder, it will use the same standard of care it utilizes in servicing loans for its own account. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in good faith in accordance with the advice of any such counsel, accountants or experts. 

  
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 The Administrative Agent may perform any and all its duties and exercise its rights and powers by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The
exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a
successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower, and may be removed by the Required Lenders in the event of the Administrative Agent’s gross
negligence or willful misconduct. Upon any such resignation or removal, the Required Lenders shall have the right, with the approval of Borrower (provided no Default has occurred and is continuing), which approval shall not be unreasonably withheld,
to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation or is removed,
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a Lender, or a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent for its own behalf shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. The Administrative Agent shall cooperate with any successor Administrative Agent in fulfilling its duties hereunder.

 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document
furnished hereunder or thereunder. 

  
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 ARTICLE IX 

Miscellaneous 

SECTION 9.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(a) if to the Borrower, to Borrower in care of Strategic Storage Trust II, Inc., at 111 Corporate Drive, Suite 120, Ladera
Ranch, California 92694, Attention: Michael S. McClure (Telephone No. (949) 429-6600 and Telecopy No. (949) 429-6606); copies to: Michael McClure (Telephone No. (949) 429-6600 and Telecopy No. (949) 429-6606) and Charles Mersky,
Esquire (Telephone No. (214) 922-8800 and Telecopy No. (214) 922-8801). 
 (b) if to the Administrative Agent, to
KeyBank, National Association, 225 Franklin Street, Boston, Massachusetts 02110, Attention: Christopher T. Neil, (Telephone No. (617) 385-6202 and Telecopy No. (617) 385-6293); and 

(c) if to any other Lender, to it at its address (or telecopy number) set forth on the signature pages of this Agreement, or
as provided to Borrower in writing by the Administrative Agent or the Lender. 
 Any party hereto may change its address or telecopy number for
notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i) if given
by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section and the appropriate confirmation is received (or if such day is not a Business Day, on the next Business Day); (ii) if given by mail (return receipt
requested), on the earlier of receipt or three (3) Business Days after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid; or (iii) if given by any other means, when delivered at the
address specified in this Section; provided that notices to the Administrative Agent under Article II shall not be effective until received. 

SECTION 9.02 Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted 

  
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by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified, nor may any Default or Event of
Default be waived, except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such
agreement shall (i) reduce or increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender affected thereby, (iii) postpone the Maturity Date or the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Sections 2.17(b) or (c) in a manner that would alter
the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders”, “Applicable Percentage”, or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) release any
Credit Party from its obligations under the Loan Documents or release any Collateral, except as specifically provided for herein, without the written consent of each Lender, (vii) subordinate the Loans or any Collateral without the written
consent of each Lender, (viii) intentionally deleted, or (ix) consent to the Collateral securing any other Indebtedness, without the written consent of each Lender; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

(c) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Commitment of any Defaulting Lender may not be increased or extended, nor shall there be any waiver, forgiveness or reduction of the principal amount of any Obligations owing to such Defaulting Lender, without the consent of
such Lender; and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such
Defaulting Lender. 
 (d) Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances
as set forth above: (1) each Lender is entitled to vote as 

  
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such Lender sees fit on any reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous
consent provisions set forth herein; and (2) the Required Lenders may consent to allow a Borrower to use cash collateral in the context of a bankruptcy or insolvency proceeding. Administrative Agent may, after consultation with the Borrower,
agree to the modification of any term of this Credit Agreement or any other Loan Document to correct any printing, stenographic or clerical errors or omissions that are inconsistent with the terms hereof. 

(e) If Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination,
consent or exercise of rights covered by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by Administrative Agent, as the case may be, such Lender shall
be deemed to have given its consent to the request. 
 (f) Notwithstanding any provision of this Agreement to the contrary
none of the Lenders or the existing Borrower will be required to execute assumption or amendment documents to add a Person as a Borrower or as a Guarantor. If Real Property assets are added to the Pool in accordance with this Agreement and the owner
is not already a Borrower, then such owner may be added as a Borrower as required by Section 5.12 pursuant to a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative
Agent, and in each case Borrower, Guarantor, such owner and the Administrative Agent will enter into an amendment to the Environmental Indemnity. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the closing of the credit facilities provided for herein (including any and all due diligence performed in connection
therewith), the syndication of the credit facilities provided for herein, and the preparation of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all mortgage taxes and other charges incurred or required to be paid by the Administrative Agent in connection with the Loan Documents, and (iii) all reasonable out-of-pocket expenses incurred by the
Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement,
including its rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred (including any Appraisal costs) during any waivers, workout, restructuring or negotiations in respect of such
Loans. 
 (b) The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being 

  
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called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges
and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument
contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom,
(iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower, or any Environmental Liability related in any way to the Borrower, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee as determined by a court of law in a final non-appealable judgment,
or the breach of this Agreement by the Indemnitee, including without limitation, the failure of the Indemnitee to make advances pursuant to its Commitment in breach of its obligations hereunder. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its
capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower and each other Credit Party shall not
assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 

(e) All amounts due under this Section shall be payable not later than ten (10) days after written demand therefor. 

SECTION 9.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted


  
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hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees (other than to a natural Person, any Credit Party or any Affiliate or Subsidiary of any Credit Party) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 

(A) the Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an
Affiliate of a Lender, an Approved Fund or, if a Default has occurred and is continuing, any other assignee, and (ii) such consent shall be deemed granted unless Borrower objects within five (5) Business Days of a receipt of written notice
of the proposed assignment; and 
 (B) the Administrative Agent. 

Provided, no consent of the Borrower or Administrative Agent shall be required in connection with any assignment to an entity
acquiring, or merging with, a Lender. 
 (ii) Assignments shall be subject to the following additional conditions:

 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000.00 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if a Default has occurred
and is continuing and such consent shall not be unreasonably withheld; 
 (B) each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500.00; and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 


  
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 For the purposes of this Section 9.04(b), the term “Approved
Fund” has the following meaning: 
 “Approved Fund” means any Person (other than a natural person) that is engaged
in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.14, 2.15, 2.16 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of the
Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, 

  
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(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Borrower, the Administrative Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) Borrower’s obligations hereunder shall not be increased. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.
Subject to paragraph (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.17(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that, except in
the case of a Participant asserting any right of set-off pursuant to Section 9.08., no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or
other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (d) A Participant shall not be entitled to receive
any greater payment under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.16(e) as though it were a Lender. 

(e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 SECTION 9.05 Survival. All covenants, agreements, representations and warranties made by
the Borrower and each other Credit Party herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the
execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of
any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. 
 (b) This Agreement
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. 
 (c) Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 (d) The Guarantor and each Person constituting the Borrower shall be
bound jointly and severally with one another to make, keep, observe and perform the representations, warranties, covenants, agreements, obligations and liabilities imposed by this Agreement and the other Loan Documents upon the “Borrower”
or any other Credit Party. 
 (e) Each Credit Party agrees that it shall never be entitled to be subrogated to any of the
Administrative Agent’s or any Lender’s rights against any Credit 

  
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Party or other Person or any collateral or offset rights held by the Administrative Agent or the Lenders for payment of the Loans until the full and final payment of the Loans and all other
obligations incurred under the Loan Documents and final termination of the Lenders’ obligations, if any, to make further advances under this Agreement or to provide any other financial accommodations to any Credit Party. The value of the
consideration received and to be received by each Credit Party is reasonably worth at least as much as the liability and obligation of each Credit Party incurred or arising under the Loan Documents. Each Credit Party has determined that such
liability and obligation may reasonably be expected to substantially benefit each Credit Party directly or indirectly. Each Credit Party has had full and complete access to the underlying papers relating to the Loans and all of the Loan Documents,
has reviewed them and is fully aware of the meaning and effect of their contents. Each Credit Party is fully informed of all circumstances which bear upon the risks of executing the Loan Documents and which a diligent inquiry would reveal. Each
Credit Party has adequate means to obtain from each other Credit Party on a continuing basis information concerning such other Credit Party’s financial condition, and is not depending on the Administrative Agent or the Lenders to provide such
information, now or in the future. Each Credit Party agrees that neither the Administrative Agent nor any of the Lenders shall have any obligation to advise or notify any Credit Party or to provide any Credit Party with any data or information
regarding any other Credit Party. 
 (f) Keepwell. Each Credit Party that is a Qualified ECP Party at the time that
this Agreement becomes effective with respect to any Hedging Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other
Credit Party that is not then an “eligible contract participant” under the Commodity Exchange Act (a “Specified Credit Party”) to honor all of its obligations under this Agreement and the other Loan Documents in respect of
Hedging Obligations (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Party’s obligations and undertakings under this SECTION 9.06(f) voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Party under this Section shall remain in full force and effect until the Obligations
have been indefeasibly paid and performed in full. Each Qualified ECP Party intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other
agreement” for the benefit of, each Specified Credit Party for all purposes of the Commodity Exchange Act. 
 SECTION 9.07
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits of any 

  
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Borrower (general or special, time or demand, provisional or final), at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of a
Credit Party against any of and all the obligations of the Credit Party now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. Each Lender agrees promptly to notify Borrower after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. The
rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the state and federal courts in Boston, Massachusetts and in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such State or, to the extent permitted by law, in
such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any
jurisdiction. 
 Notwithstanding the foregoing choice of law: 

(i) matters relating to the creation, perfection, priority and enforcement of the liens on and security interests in a
Mortgaged Property or other assets situated in another jurisdiction(s), including by way of illustration, but not in limitation, actions for foreclosure, for injunctive relief, or for the appointment of a receiver, shall be governed by the laws of
such state; 
 (ii) Administrative Agent shall comply with applicable law in such state to the extent required by the law of
such jurisdiction(s) in connection with the foreclosure of the security interests and liens created under the Deed of Trust or exercising any rights with respect to the Mortgaged Property directly, and the other Loan Documents with respect to the
Mortgaged Property or other assets situated in another jurisdiction; and 
 (iii) provisions of Federal law and the law of
such other jurisdiction(s) shall apply in defining the terms Hazardous Materials, Environmental Laws and Legal Requirements applicable to the Mortgaged Property as such terms are used in this Agreement, the Environmental Indemnity and the other Loan
Documents 

  
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 (c) Each Credit Party hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in
(other than a competitor of Borrower or Guarantor), 

  
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any of its rights or obligations under this Agreement; provided that such prospective assignee or participant shall agree to destroy or return all such Information if it does not become a Lender
or Participant hereunder, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from any Credit Party relating to the Credit Party or its
business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit Party or subsequently becomes publicly available other than as a result of a
disclosure of such information by the Administrative Agent or any Lender; provided that, in the case of information received from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information. 
 SECTION 9.13 Interest Rate Limitation. If at any
time there exists a maximum rate of interest which may be contracted for, charged, taken, received or reserved by the Lenders in accordance with applicable law (the “Maximum Rate”), then notwithstanding anything herein to the
contrary, at any time the interest applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed such
Maximum Rate, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been paid in
respect of such Loan but were not payable as result of the operation of this Section shall be cumulated and the interest and Charges payable to the Lenders in respect of other Loans or periods shall be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by the Lenders. If, for any reason whatsoever, the Charges paid or received on the Loans
produces a rate which exceeds the Maximum Rate, the Lenders shall credit against the principal of the Loans (or, if such indebtedness shall have been paid in full, shall refund to the payor of such Charges) such portion of said Charges as shall be
necessary to cause the interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums paid or agreed to be paid to the holders of the Loans for the use, forbearance or detention of the Loans shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this Agreement, so that the interest rate is uniform throughout the full term of this Agreement. The provisions of this Section shall control all
agreements, whether now or hereafter existing and whether written or oral, between the parties hereto. Without notice to the Borrower or any other person or entity, the Maximum Rate, if any, shall automatically fluctuate upward and downward as and
in the amount by which such maximum nonusurious rate of interest permitted by applicable law fluctuates. 
 SECTION 9.14 USA PATRIOT
Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the Borrower in accordance with the PATRIOT Act. 

  
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 SECTION 9.15 Fiduciary Duty/No Conflicts. 

The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lender
Parties”), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their Affiliates. Each Credit Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender Party, on the one hand, and such Credit Party, its stockholders or its Affiliates, on the other. The Credit Parties acknowledge and agree that
(i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lender Parties, on the one hand, and the Credit Parties,
on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender Party has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its Affiliates with respect to
the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender Party has advised, is currently advising or will advise any Credit Party, its
stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender Party is acting hereunder solely as principal and not as the
agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it
is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender Party has rendered advisory services of any nature or respect,
or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto in its capacity as a Lender Party. 

[Signature page to follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	BORROWER:
	
	 SST II 189 W LINTON BLVD, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 2320 NE 5TH AVE, LLC,

a Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 10719 SOUTHERN BLVD, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 10325 W BROWARD BLVD, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 









					
	SST II 2581 JUPITER PARK DR, LLC,
	a Delaware limited liability company
		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 1341 S STATE RD 7, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 8135 LAKE WORTH RD, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 7755 PRESERVE LN, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 









					
	SST II 501 NW BUSINESS CENTER DR, LLC,
	a Delaware limited liability company
		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II 10451 NW 33RD ST, LLC,

a Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	 SST II ROSSVILLE BLVD, LLC,
 a
Delaware limited liability company

		
	By:	 	Strategic Storage Trust II, Inc.,
		 	a Maryland corporation, its Manager
			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 








 The Guarantor joins in the execution of this Agreement to evidence its agreement to the
provisions of Sections 5.01, 5.02, 5.14, 5.16, 5.17, 6.05, 6.07, 6.09, 9.05, 9.08, 9.09, 9.10, and 9.15 of this Agreement. 

 

			
	STRATEGIC STORAGE TRUST II, INC.,
	a Maryland corporation
		
	By:	 	 /s/ H. Michael Schwartz

	Name:	 	H. Michael Schwartz
	Title:	 	President


 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [Signature Page to
Credit Agreement] 








 
			
	KEYBANK, NATIONAL ASSOCIATION,
	individually and as Administrative Agent,
		
	By:	 	 /s/ Jessica Lauerhass

	Name:	 	Jessica Lauerhass
	Title:	 	Assistant Vice President



  
 [Signature Page to
Credit Agreement]