Document:

Credit Agreement

 Exhibit 10.1 
 CREDIT AGREEMENT 
 dated as of 

July 1, 2011 

among 
 STRATEGIC
STORAGE OPERATING PARTNERSHIP, L.P. 
 AND CERTAIN AFFILIATED ENTITIES, collectively as Borrower 

and 
 The Lenders
Party Hereto 
 and 
 KEYBANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	1	  
		
	 SECTION 1.01 Defined Terms
	  	 	1	  
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	17	  
	 SECTION 1.03 Terms Generally
	  	 	17	  
	 SECTION 1.04 Accounting Terms; GAAP
	  	 	18	  
	 SECTION 1.05 Designation of Lead Borrower as Agent for Borrower
	  	 	18	  
		
	 ARTICLE II The Loans
	  	 	19	  
		
	 SECTION 2.01 Commitments
	  	 	19	  
	 SECTION 2.02 Loans and Borrowings
	  	 	19	  
	 SECTION 2.03 Initial Borrowing
	  	 	20	  
	 SECTION 2.04 Requests for Additional Borrowings
	  	 	20	  
	 SECTION 2.05 Reserved
	  	 	21	  
	 SECTION 2.06 Reserved
	  	 	21	  
	 SECTION 2.07 Funding of Borrowings
	  	 	21	  
	 SECTION 2.08 Interest Elections
	  	 	21	  
	 SECTION 2.09 Intentionally Omitted
	  	 	23	  
	 SECTION 2.10 Repayment of Loans; Evidence of Debt
	  	 	23	  
	 SECTION 2.11 Prepayment of Loans
	  	 	24	  
	 SECTION 2.12 Fees
	  	 	24	  
	 SECTION 2.13 Interest
	  	 	25	  
	 SECTION 2.14 Alternate Rate of Interest
	  	 	26	  
	 SECTION 2.15 Increased Costs
	  	 	26	  
	 SECTION 2.16 Break Funding Payments
	  	 	27	  
	 SECTION 2.17 Taxes
	  	 	28	  
	 SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	29	  
	 SECTION 2.19 Mitigation Obligations; Replacement of Lenders
	  	 	30	  
	 SECTION 2.20 Extension
	  	 	31	  
		
	 ARTICLE III Representations and Warranties
	  	 	31	  
		
	 SECTION 3.01 Organization; Powers
	  	 	31	  
	 SECTION 3.02 Authorization; Enforceability
	  	 	32	  
	 SECTION 3.03 Governmental Approvals; No Conflicts
	  	 	32	  
	 SECTION 3.04 Financial Condition; No Material Adverse Change
	  	 	32	  
	 SECTION 3.05 Properties
	  	 	32	  
	 SECTION 3.06 Intellectual Property
	  	 	34	  
	 SECTION 3.07 Litigation and Environmental Matters
	  	 	34	  
	 SECTION 3.08 Compliance with Laws and Agreements
	  	 	36	  
	 SECTION 3.09 Investment and Holding Company Status
	  	 	36	  
	 SECTION 3.10 Taxes
	  	 	36	  
	 SECTION 3.11 ERISA
	  	 	37	  
	 SECTION 3.12 Disclosure
	  	 	37	  

  
 i 

					
	 SECTION 3.13 Insurance
	  	 	37	  
	 SECTION 3.14 Margin Regulations
	  	 	37	  
	 SECTION 3.15 Subsidiaries; REIT Qualification
	  	 	37	  
		
	 ARTICLE IV Conditions
	  	 	38	  
		
	 SECTION 4.01 Effective Date
	  	 	38	  
	 SECTION 4.02 Each Credit Event
	  	 	39	  
		
	 ARTICLE V Affirmative Covenants
	  	 	39	  
		
	 SECTION 5.01 Financial Statements; Ratings Change and Other Information
	  	 	39	  
	 SECTION 5.02 Financial Tests
	  	 	41	  
	 SECTION 5.03 Notices of Material Events
	  	 	41	  
	 SECTION 5.04 Existence; Conduct of Business
	  	 	41	  
	 SECTION 5.05 Payment of Obligations
	  	 	41	  
	 SECTION 5.06 Maintenance of Properties; Insurance
	  	 	42	  
	 SECTION 5.07 Books and Records; Inspection Rights
	  	 	44	  
	 SECTION 5.08 Compliance with Laws
	  	 	44	  
	 SECTION 5.09 Use of Proceeds
	  	 	45	  
	 SECTION 5.10 Fiscal Year
	  	 	45	  
	 SECTION 5.11 Environmental Matters
	  	 	45	  
	 SECTION 5.12 Property Pool
	  	 	46	  
	 SECTION 5.13 Further Assurances
	  	 	47	  
	 SECTION 5.14 Parent Covenants
	  	 	47	  
		
	 ARTICLE VI Negative Covenants
	  	 	48	  
		
	 SECTION 6.01 Liens
	  	 	48	  
	 SECTION 6.02 Fundamental Changes
	  	 	48	  
	 SECTION 6.03 Investments, Loans, Advances and Acquisitions
	  	 	49	  
	 SECTION 6.04 Hedging Agreements
	  	 	50	  
	 SECTION 6.05 Restricted Payments
	  	 	50	  
	 SECTION 6.06 Transactions with Affiliates
	  	 	50	  
	 SECTION 6.07 Parent Negative Covenants
	  	 	50	  
	 SECTION 6.08 Restrictive Agreements
	  	 	50	  
	 SECTION 6.09 Indebtedness
	  	 	51	  
	 SECTION 6.10 Management Fees
	  	 	51	  
		
	 ARTICLE VII Events of Default
	  	 	52	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	54	  
		
	 ARTICLE IX Miscellaneous
	  	 	56	  
		
	 SECTION 9.01 Notices
	  	 	56	  
	 SECTION 9.02 Waivers; Amendments
	  	 	57	  
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver
	  	 	58	  
	 SECTION 9.04 Successors and Assigns
	  	 	59	  
	 SECTION 9.05 Survival
	  	 	62	  

  
 ii 

					
	 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several
	  	 	62	  
	 SECTION 9.07 Severability
	  	 	63	  
	 SECTION 9.08 Right of Setoff
	  	 	63	  
	 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	64	  
	 SECTION 9.10 WAIVER OF JURY TRIAL
	  	 	65	  
	 SECTION 9.11 Headings
	  	 	65	  
	 SECTION 9.12 Confidentiality
	  	 	65	  
	 SECTION 9.13 Interest Rate Limitation
	  	 	66	  
	 SECTION 9.14 USA PATRIOT Act
	  	 	66	  

  
 iii

 SCHEDULES: 
  

			
	Schedule 2.01 –	    	Commitments
	Schedule 3.05(f)	    	Earthquake or Seismic Area
	Schedule 3.07	    	Litigation Disclosure
	Schedule 3.15 –	    	Subsidiaries
	Schedule 5.12 –	    	Pool
	Schedule 6.01 –	    	Existing Liens

 EXHIBITS: 
  

					
	Exhibit A	  	–	  	Form of Assignment and Acceptance
	Exhibit B	  	–	  	Form of 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
	Exhibit G	  	–	  	Pledge Agreement

  
 iv 

 CREDIT AGREEMENT (“Agreement”) dated as of 

July 1, 2011, among 
 STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. 
 AND CERTAIN AFFILIATED ENTITIES,
collectively as Borrower, 
 the LENDERS party hereto, 
 KEYBANK, NATIONAL ASSOCIATION, as Administrative Agent 
 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 whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an
interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) 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. 

“Allocated Loan Amount” shall mean the amount listed below for each Mortgaged Property: 

 

					
	 Mortgaged Property
	  	Allocated Loan Amount	 
	 Hawthorne, California, Ann Road
and Rancho Drive, Las Vegas Nevada
	  	$	15,000,000.00	  
		
	 Hampton, Virginia
	  	$	3,000,000.00	  
		
	 Gilroy, California
	  	$	4,000,000.00	  

 “Alternate Base Rate” means, for any day, a rate per annum
equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the then applicable Adjusted LIBO Rate for one month interest periods, plus
1.00% per annum. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments 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 day, with respect to any ABR Loan, Daily Libor Loan or Eurodollar Loan, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread” or “Eurodollar/Daily Libor
Spread”: 
  

			
	 ABR

Spread
	 	 Eurodollar/Daily
 Libor
 Spread

	 2.00%
	 	3.00%

 “Appraisal” (whether one or more) means a written appraisal of the
Mortgaged Properties 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. 
 “Approved Fund” has the meaning set forth in
Section 9.04(b). 
 “Assignment and Acceptance” means an assignment and acceptance
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. 
 “Availability Period” means the period from and including the
Effective Date to the Maturity Date. 
 “Board” means the Board of Governors of the Federal
Reserve System of the United States of America. 

  
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 “Borrower” means, collectively, Strategic Storage Operating
Partnership, L.P., a Delaware limited partnership, SSTI 12714 S La Cienega BLVD, LLC, a Delaware limited liability company, SSTI 2025 N RANCHO DR, LLC, a Delaware limited liability company, SSTI 3155 W Ann RD, LLC, a Delaware limited liability
company and any other Person who from time to time 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 Base Leverage” means the ratio of the outstanding Loans to the Pool Value.

 “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 or a Daily Libor 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 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 

  
 - 3 -

 
body on the first day of such period, (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 (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); or 

(c) Parent shall cease to (i) either be the sole general partner of, or wholly own and control the
general partner of, Lead Borrower or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of Lead Borrower; or 

(d) Lead Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the
Equity Interests of each other 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, for purposes of Section 2.14(b), by any lending office of such Lender or
by such Lender’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 Act, Public Law 111-203, 12 U.S.C. 5301 et seq., enacted July 21, 2010, 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, regardless of the date enacted, adopted or issued. 

“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. 

“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 such Lender’s Credit Exposure 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 Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $22,000,000.00. 

  
 - 4 -

 “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” means aggregate cost basis of a Real Property. 
 “Cost To Repair” has the meaning set forth in Section 5.06(d). 
 “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 each Guarantor. 

“Current Survey” shall mean the boundary survey of each of the Mortgaged Properties that is more
particularly described on Schedule 1.01 hereto. 
 “Daily Libor” means for any day, the
rate for 1 month U.S. dollar deposits as reported on as shown on Reuters LIBOR01 Page or any successor service in Dow Jones Markets (formerly Telerate Page 3750) as of 11:00 a.m., London time, for such day, provided, if such day is not a Business
Day, the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source or interbank quotation) 

“Deed of Trust” (whether one or more) means a deed of trust and security agreement, a mortgage and
security agreement, or a security deed 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. 
 “Delinquent
Lender” means any Lender that shall fail or refuse to abide by its obligations under this Agreement, including without limitation its obligation to make available to Administrative Agent its pro rata share of any Loans,
expenses or setoff and such failure is not cured within five (5) days of receipt from the Administrative Agent of written notice thereof. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 

  
 - 5 -

 “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, 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, collectively, each Environmental Risk
Agreement of even date herewith executed by the Borrower and Guarantor and delivered to the Administrative Agent, together with each Environmental Risk 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 or any Subsidiary directly or indirectly resulting from or based upon (a) violation of 

  
 - 6 -

 
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. 
 “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 Percentage” means the aggregate ownership percentage of Borrower in each Unconsolidated Affiliate, which shall be calculated as Borrower’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 

  
 - 7 -

 
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. 

“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. 

“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 and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(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). 
 “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. 

“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. 

“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. 

  
 - 8 -

 “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, 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” means, with respect to the Parent, any Borrower or any Subsidiary of the Parent or a Borrower, any obligations arising under any Hedging Agreement entered into with
the Administrative Agent. 

  
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 “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 environmental indemnitees until such time as a carveout guarantee becomes a recourse obligation, (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, (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances and (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements (calculated on a mark-to-market basis as of the reporting date). 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 Borrower’s Unconsolidated Affiliates. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in
accordance with Section 2.07. 
 “Interest Payment Date” means the first Business
Day of each calendar month. 
 “Interest Period” means with respect to any Eurodollar
Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months thereafter; provided, that (a) if any Interest Period would end on a day
other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day and (b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. 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. 

  
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 “KeyBank” means KeyBank, National Association, in its
individual capacity. 
 “Lead Borrower” means Strategic Storage Operating Partnership, L.P., a
Delaware limited partnership. 
 “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 Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, a rate per annum
equal to the rate for U.S. dollar deposits for the subject Interest Period as shown on Reuters LIBOR01 Page or any successor service in Dow Jones Markets (formerly Telerate Page 3750) as of 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period; provided, however, that if such rate does not then appear on Reuters LIBOR01 Page or any successor service, the “London Interbank Offered Rate” applicable to a particular Interest Period shall
mean a rate per annum equal to the rate at which U.S. dollar deposits in an amount approximately equal to the subject loan, and with maturities of equal to such Interest Period, are offered in immediately available funds in the London Interbank
Market to the London office of the Administrative Agent by leading banks in the Eurodollar market at 11:00 a.m., London time, two Business Days prior to the commencement of 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. 

“Loan Documents” means this Agreement, the Notes, the Guaranty, the Deed of Trust, the Financing
Statements, the Environmental Indemnity, the Pledge, the Subordination of Management Fees, 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” 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. 

  
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 “Majority Lenders” means, at any time, Lenders that are not
Delinquent Lenders having Credit Exposures and unused Commitments representing in excess of fifty percent (50%) of the sum of the total Credit Exposures and unused Commitments (excluding the Credit Exposures and unused Commitments of such
Delinquent Lenders) at such time. 
 “Management Company” means Strategic Storage Property
Management, 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 September 29, 2011, subject to extension pursuant to Section 2.20. 

“Maximum Loan Available Amount” means, on any date, an amount equal to the aggregate Commitments.

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

“Mortgaged Properties” means the Real Property described on Schedule 5.12 attached hereto which
is or is to become subject to the Liens 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 Majority Lenders; 

(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 or a Subsidiary of the Lead Borrower in
fee. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3)
of ERISA. 
 “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. 

  
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 “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. 
 “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, Inc., a Maryland corporation. 
 “Payment Event” means that the Borrowing Base Leverage is greater than sixty percent (60%). 
 “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) the Title Instruments, Liens and other matters described in the Title Insurance
Policy; 
 (e) uniform commercial code protective filings with respect to personal property leased to the
Borrower or any Subsidiary; and 
 (f) landlords’ liens for rent not yet due and payable; 

  
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 provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness other than the Loans.  
 “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. 
 “Pledge” shall mean the pledge and security agreement, substantially in the form of Exhibit G hereto, related to equity issuance proceeds granted by the Parent to the Administrative
Agent, together with such control, direction and consent letters and agreements as the Administrative Agent may reasonable require. 
 “Pool” has the meaning set forth in Section 5.12. 
 “Pool Value” means the aggregate Cost of the Mortgaged Properties which are then subject to a lien in favor of the Administrative Agent. 

“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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 “Proposed Facility” has the meaning set forth in
Section 2.20. 
 “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. 

“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 Delinquent Lenders having Credit Exposures and unused Commitments representing at least 66 2/3% of the sum of the total Credit Exposures and unused Commitments (excluding the Credit Exposures and unused Commitments of such Delinquent Lenders) at such time. 

“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. 

“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 

  
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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 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. 
 “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. 
 “Tangible
Net Worth” shall mean total assets (without deduction for accumulated depreciation) less (1) all intangible assets and (2) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP,
unless otherwise indicated in this definition. The term “intangibles” 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 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 aggregate Loan 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. 

  
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 “Total Asset Value” means the sum of (without duplication)
(a) the aggregate Cost of all of Borrower’s and its Subsidiaries’ real estate assets, plus (b) the amount of any cash and cash equivalents, excluding tenant security and other restricted deposits of the Borrower and its
Subsidiaries. For any non-wholly owned properties, Total Asset Value shall be adjusted for Borrower’s and Subsidiaries’ pro rata ownership percentage. 

“Total Leverage Ratio” shall mean the ratio (expressed as a percentage) of (a) the Borrower’s
Indebtedness plus the Parent’s Indebtedness to (b) Total Asset Value. 

“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, the Daily Libor 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. 
 “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. 

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 

  
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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, 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, as in effect from time to time; provided that, if the Lead 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 Lead 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 Designation of Lead Borrower as Agent for Borrower. 

(a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as that Borrower’s
agent to obtain loans and advances under this Agreement, the proceeds of which shall be available to each Borrower as set forth herein. As the disclosed principal for its agent, each Borrower shall be obligated to the Administrative Agent and the
Lenders on account of loans and advances so made under this Agreement as if made directly by the Lenders to that Borrower, notwithstanding the manner by which such loans and advances are recorded on the books and records of the Lead Borrower and/or
of any Borrower (including, without limitation, on account of any such treatment of said loan or advance as an equity investment in a Borrower by Lead Borrower). 

(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) The Lead Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a loan or other advance under this Agreement.

 (d) The proceeds of each loan and advance provided under this Agreement which is requested by
the Lead Borrower shall be advanced as and when otherwise provided herein or as otherwise indicated by the Lead Borrower. The Lead Borrower shall cause the transfer of the proceeds thereof to the Borrower(s) on whose behalf such loan and advance was
obtained. Neither the Administrative Agent nor any Lender shall have any obligation to see to the application of such proceeds. 

  
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 (e) Each Borrower hereby irrevocably designates and appoints
the Lead Borrower as that Borrower’s attorney-in-fact to act in the Borrower’s name and stead and to do and perform all matters, to grant to the Administrative Agent for the benefit of the Lenders a security interest in the Collateral,
transact all business, and make, execute and acknowledge all Loan Documents and other instruments relating to this Agreement including but not limited to, this Agreement, the Note, and the Mortgage. The Borrowers hereby acknowledge and agree that
the power of attorney created hereby is coupled with an interest. 
 (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. 

ARTICLE II 

The Loans 
 SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrower from time to time to finance (i) with respect to the Initial
Borrowing, the acquisition of certain self storage real properties by a Subsidiary of the Lead Borrower and (ii) with respect to subsequent Borrowings, the acquisition of the Hampton, Virginia and Gilroy, California Mortgaged Properties during
the Availability Period in an aggregate principal amount that will not result in such Lender’s Credit Exposure exceeding such Lender’s Commitment, with the aggregate amount advanced for each Mortgaged Property, or group of Mortgaged
Properties, as the case may be, being equal to the Allocated Loan Amount for such Mortgaged Property or group of Mortgaged Properties. Loans 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, Daily Libor 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.

  
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 (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 and not less than $1,000,000. 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 and not less than $1,000,000, 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 five (5) 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 Initial Borrowing. On the Effective Date,
Lender agrees to advance $15,000,000 to Borrowers as an initial Borrowing under this Agreement (the “Initial Borrowing”). 
 SECTION 2.04 Requests for Additional Borrowings. To request a Borrowing after the Initial Borrowing, Lead Borrower (on behalf of the 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) in the case of an ABR Borrowing or a Daily Libor
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 hereby made a part hereof and signed by Lead Borrower, 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, and, for new Loans being advanced, the Allocated Loan
Amount and the Mortgaged Property to be financed with such Borrowing; 
 (ii) the date of such
Borrowing, which shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR
Borrowing, Daily Libor 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 2.07. 

  
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 If no election as to the Type of Borrowing is specified in the Borrowing
Request, then the requested Borrowing shall be a Daily Libor 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 2.05 Reserved. 

SECTION 2.06 Reserved. 
 SECTION 2.07 Funding of Borrowings. 
 (a)
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof 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. 

(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 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. In such event, if a 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 2.08 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 

  
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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 Lead 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.

 (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, Daily Libor 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 a Daily Libor Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is

  
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continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Lead 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 2.09 Intentionally Omitted. 

SECTION 2.10 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) Commencing on September 1, 2011 and on Monday of any week thereafter to the extent
the Payment Event shall be in existence during such week, the Borrower shall make a payment of principal in an amount equal to the lesser of (a) one hundred percent (100%) of the net cash proceeds (after deduction of net sales commission
and other reasonable expenses of such equity raises, not to exceed 13% of gross proceeds in the aggregate) of equity raised by the Parent during the prior calendar week (but in no event earlier than September 1, 2011), and (b) the amount
necessary to reduce the principal balance of the Loan such that the Payment Event shall no longer be in existence. 
 (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 (b) or (c) 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. 

  
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 SECTION 2.11 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay, 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 2.16, if applicable. 

(b) The Lead 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 or a Daily Libor 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 and not less than $500,000. 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 2.13. 
 SECTION 2.12 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee,
which shall accrue at .25% per annum on the average daily unused amount of the Commitment of such Lender during the period from and including the date of this Agreement to, but excluding, the earlier of (i) the date on which such
Commitment terminates and (ii) the Maturity Date. Facility fees accrued through and including the Maturity Date shall be payable on the Maturity Date and on the date on which the Commitments terminate, commencing on the first such date to occur
after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day) and shall be based on the then existing Commitments of the Lenders. 
 (b) The Borrower agrees to pay to the Administrative Agent, for its own account, (i) a commitment fee of $110,000.00 and (ii) upon the repayment in full of the Obligations, an exit fee in the
amount of $220,000.00, provided such exit fee shall be waived if the Loans are repaid in full in connection with the closing of the Proposed Facility. 

(c) 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 shall not be refundable under any circumstances. 

  
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 SECTION 2.13 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) The Loans comprising each Daily Libor Borrowing shall bear interest at the lesser of (a) the
Daily Libor plus the Applicable Rate, or (b) the Maximum Rate 
 (d) 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. 

(e) 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. 

(f) 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, Daily Libor, 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 2.14 Alternate Rate of Interest. If prior to the commencement
of any Interest Period for a Eurodollar Borrowing or Daily Libor 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, the Daily Libor 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 Lead Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the
Lead 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 2.15 Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit 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 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. 

(b) If any Lender determines that any Change in Law regarding capital 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 

  
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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 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 Lead 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 2.16 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 but excluding any such payment made pursuant to a Payment Event),
(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 2.11(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 Lead
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 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 10 days after receipt thereof. 

  
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 SECTION 2.17 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 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 Lead Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by
applicable law or reasonably requested by the Lead Borrower as will permit such payments to be made without withholding or at a reduced rate. 

  
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 SECTION 2.18 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 Section 2.15, 2.16 or 2.17, 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 2.15, 2.16, 2.17 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. 
 (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 Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the 

  
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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 Lead 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
2.07(b) or 2.18(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. 
 SECTION
2.19 Mitigation Obligations; Replacement of Lenders. 
 (a) Each Lender will notify the
Lead Borrower of any event occurring after the date of this Agreement which will entitle such Person to compensation pursuant to Sections 2.13 and 2.15 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 2.13, 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 2.15, 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 2.13 or 2.15, 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. 

  
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 (b) If any Lender requests compensation under
Section 2.13, 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 2.15, 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 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 2.13 or payments required to be made pursuant to Section 2.15, 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 Extension. So long as no Event of Default or Default shall be
in existence on the date on which notice is given in accordance with the following clause (a) and on the Maturity Date, Borrower may extend the Maturity Date to December 28, 2011, upon satisfaction of the following: (a) delivery of a
written request to Administrative Agent at least thirty (30) days, but no more than forty five (45) days, prior to the Maturity Date then in effect; (b) payment to Administrative Agent for the benefit of the Lenders of a facility
extension fee equal to $55,000.00, which fee shall be payable on or before the then applicable Maturity Date, which fee shall be credited towards any commitment fee payable upon the closing of the Proposed Facility, if such closing occurs;
(c) the Administrative Agent and the Lead Borrower have executed a terms sheet or application for a proposed $25,000,000 revolving line of credit (the “Proposed Facility”) between the Administrative Agent and the Lead Borrower and,
from the date of execution thereof, are actively working towards a closing of the Proposed Facility; and (d) payment by Borrower of all fees and expenses to Administrative Agent and the Lenders to the extent then due. Such extension shall be
evidenced by delivery of written confirmation of the same by Administrative Agent to Borrower. 
 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. 

  
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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 of the Borrower’s Subsidiaries 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
Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Credit Party or any of the Borrower’s Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of
any Credit Party or any of the Borrower’s Subsidiaries, except pursuant to the Deed of Trust and the Pledge. 
 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 fiscal year ended December 31, 2010 reported on by Reznick Group, independent public
accountants, for Borrower and the Parent. 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 December 31, 2010, 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 of the Borrower and its
Subsidiaries 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. 

  
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 (b) Subject to the property conditions reports obtained by
the Borrower or a Subsidiary 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 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 is dependent for its access, operation or utility on any land, building or other improvement not included in the Real Property owned or leased by the Borrower or its Subsidiaries, 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 

  
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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(f). 

(f) There are no Persons operating or managing any Mortgaged Property other than the Borrower and the
Management Company pursuant to (i) the management agreements delivered to Administrative Agent as of the Effective Date, and (ii) such other management agreements in form and substance reasonably satisfactory to the Administrative Agent.
To Borrower’s actual knowledge, except as disclosed on the Current Survey 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. 

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, 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 or any of the Borrower’s Subsidiaries (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 or a Subsidiary 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 or any of
its Subsidiaries 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; 

  
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 (ii) to the actual knowledge of the Credit Parties, the
operations of Borrower and its Subsidiaries, and the operations at the Real Property leased or owned by Borrower or any of its Subsidiaries 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; 
 (iii) neither the Borrower nor any
of its Subsidiaries have 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 its Subsidiaries and all Real Property owned or leased by Borrower or its Subsidiaries 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 any of its Subsidiaries, 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 or any
of its Subsidiaries, 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; 

  
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 (vii) neither the Borrower nor any of its Subsidiaries 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 or any of its Subsidiaries, 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; 
 (viii) none of the operations of the
Borrower or any of its Subsidiaries or, to the actual knowledge of each Credit Party, of any owner of premises currently leased by Borrower or any of its Subsidiaries or of any tenant of premises currently leased from Borrower or any of its
Subsidiaries, 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 its Subsidiaries, 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. Neither
any of the Credit Parties nor any of the Borrower’s Subsidiaries 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 and each of the Borrower’s Subsidiaries 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. 

  
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 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. The Borrower does not have 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. 
 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, any other Credit Party, or any of its Subsidiaries 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 Insurance. Borrower has provided to Administrative Agent an
insurance schedule which accurately sets forth, in all material respects, as of the Effective Date all insurance policies and programs currently in effect with respect to the Mortgaged Properties, specifying for each such policy and program,
(i) the amount thereof, (ii) the risks insured against thereby, (iii) the name of the insurer and each insured party thereunder, (iv) the policy or other identification number thereof and (v) the expiration date thereof,
with Administrative Agent, for the benefit of the Lenders, being named as mortgagee, additional insured and loss payee, as applicable. Such insurance policies and programs (or such other similar policies as are permitted pursuant to
Section 5.06) are currently in full force and effect, and, together with payment by the insured of scheduled deductible payments, are in amounts sufficient to cover the replacement value of the respective assets of the Borrower and its
Subsidiaries. 
 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 Subsidiaries; REIT Qualification. As of the Effective Date, the Parent has only the Subsidiaries
listed on Schedule 3.15 attached hereto. The Borrower qualifies as a “qualified REIT subsidiary” under Section 856 of the Code. 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. The Parent conducts its business in a manner which enables it to qualify as a real estate investment trust under, and to be entitled to the benefits
of, §856 of the Code, and has elected to be treated as and will be entitled to the benefits of a real estate investment trust thereunder. 

  
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 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 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 BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, 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 (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. 

  
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 (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 Policy), property condition assessments, insurance certificates, and such other due diligence information as the Administrative Agent may require for each Mortgaged Property. 

The Administrative Agent shall notify the Lead Borrower and the Lenders 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 or 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,
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. 
 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 notes thereto, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on by Reznick Group or other independent public accountants of recognized 

  
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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, 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, and (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, operating statements, rent roll and accounts receivable aging for each Mortgaged Property; 

(c) concurrently with the delivery thereof, copies of all quarterly and annual reporting provided to the
investors in the Parent; 
 (d) 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; 

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

  
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 SECTION 5.02 Financial Tests. The Parent and the Borrower shall have
and maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: 
 (a) a Total Leverage Ratio no greater than sixty two and one half percent (62.5%) at all times; 

(b) a Tangible Net Worth of at least $175,000,000.00; 

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 the Borrower and its Subsidiaries 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, and will cause each of its Subsidiaries to, 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; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under
Section 6.01 and shall not apply to the real estate investment trust status of the Parent until such time as the Parent has made its initial election to be treated as a real estate investment trust under the Code. Each Person that is a
Borrower must at all times be a wholly owned Subsidiary of Parent or a wholly owned Subsidiary of the Lead Borrower. 
 SECTION 5.05 Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, 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 or such Subsidiary 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 in such amounts and against such risks as are set forth in the
schedule provided pursuant to Section 3.13, 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 Administrative Agent for the Lenders. The original
policies evidencing such insurance shall be delivered by the Borrower to the Administrative Agent and held 

  
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by the Administrative Agent, unless Administrative Agent expressly consents to accept insurance certificates instead. Each such policy shall expressly prohibit cancellation or modification 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 of the 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 or such Subsidiary 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 twenty percent (20%) of the Pool 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; 
 (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 

  
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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; 
 (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; and 
 (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 Administrative 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, and will cause each of its Subsidiaries to, 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, and will cause each of its Subsidiaries to, 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, and will cause each of its Subsidiaries to, comply with all
laws, rules, regulations and orders of any Governmental Authority 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 and other real properties to be acquired by Subsidiaries of the Lead Borrower. 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 of its Subsidiaries and each Real Property owned or leased
by such parties 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 any of its Subsidiaries, 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, and shall cause each of its Subsidiaries to, 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 Lead 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 

  
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or proceeding relating thereto, will become due and payable from the Borrower ten (10) Business Days after demand, and shall bear interest at the rate for past due interest provided in
Section 2.13(c) 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 Mortgaged Property (the “Pool”) shall meet the
requirements of a Mortgaged Property, shall not subject to a Lien in any manner, other than Permitted Encumbrances, and shall meet the following requirements: 

(i) A self-storage property located in states in the United States of America, which is 100% owned by
Borrower; 
 (ii) 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; 
 (iii)
no material deferred maintenance and no material capital improvements are required or if required, adequate reserves, pledged to the Agent, are made therefor to continue operating as a self-storage property (or such other use as the Majority Lenders
may approve), as determined by an architectural or engineering report approved by the Administrative Agent; 
 (iv) (1) the Administrative Agent must have received Phase I environmental reports, together with an acceptable reliance letter, 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, (2) the owner of the subject property must be able to make the representations and 

  
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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, flood zone certification, probable maximum loss study (if applicable, with the probable maximum loss study on the Hawthorne, California Mortgaged Property being submitted within 45 days of closing), a rent
roll, and all other documents required for Collateral as the Administrative Agent may require (which will include, at a minimum, proof of casualty and liability insurance complying with this Agreement, architect’s or engineer’s inspection
report (together with an acceptable reliance letter(s)), central and local Uniform Commercial Code searches, purchase agreement, recent photographs, a Compliance Certificate) and in form and substance satisfactory to the Administrative Agent, and
(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;

 (v) the Mortgaged Property is otherwise approved by the Administrative Agent and the Majority
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. 
 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. 
 SECTION 5.14 Parent Covenants. The Parent will: 
 (a) own, directly or indirectly, all of the general partner interests in Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Borrower (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 Borrower and one or more of Borrower’s
Subsidiaries; 
 (d) comply with all Legal Requirements to maintain, and, after its initial
election, 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; and 

  
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 (e) promptly contribute to Borrower the net proceeds of any
stock sales or debt offerings, except as may otherwise be provided in the Pledge. 
 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: 

(a) Permitted Encumbrances; 

(b) any Lien on any property or asset of the Borrower existing on the date hereof and set forth in
Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations (whether present or future) set forth in
the governing loan documents, as of the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; and 

(c) any Lien on any property or asset acquired by any Subsidiary of the Borrower after the date hereof
which is not a Mortgaged Property. 
 SECTION 6.02 Fundamental Changes. The Borrower will not, and will
not permit any Subsidiary to: 
 (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 all or substantially all of the
stock of its 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, Lead Borrower in a transaction in which Lead Borrower 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 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 

  
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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. 
 (b) sell, transfer, lease or otherwise dispose of any of its assets to a Person other than pursuant to clause (a) above if the value of the assets disposed of in any twelve (12) month period
exceeds twenty-five percent (25%) of the value of the Borrower’s and its Subsidiaries’ Real Property. 
 (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, except as
allowed by Section 6.03. 
 SECTION 6.03 Investments, Loans, Advances and Acquisitions. The
Borrower will not, and will not permit any of its Subsidiaries to, 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 in real estate operated primarily as self-storage facilities; 

(c) investments in unimproved land not to exceed ten percent (10%) of the value of the
Borrower’s and its Subsidiaries’ real estate assets; 
 (d) investments in construction
and development projects not to exceed fifteen percent (15%) of the value of the Borrower’s and its Subsidiaries’ real estate assets; 

(e) investments constituting mortgage loans on real estate (directly or indirectly) which are primarily
self-storage facilities not to exceed fifteen percent (15%) of the value of the Borrower’s and its Subsidiaries’ real estate assets; 

(f) investments in real estate (directly or indirectly) which are not primarily self-storage facilities
which the Borrower does not intend to convert to a self-storage facility within 24 months, not to exceed ten percent (10%) of the value of the Borrower’s and its Subsidiaries’ real estate assets; 

(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 Borrower where the value of such purchase or acquisition does not exceed fifteen percent (15%) of the value of the
Borrower’s and its Subsidiaries’ real estate assets immediately before such purchase or acquisition. 

  
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 Provided that the aggregate value of the investments described in Subsections
(c) through (g) above shall not exceed twenty percent (20%) of the value of the Borrower’s and its Subsidiaries’ real estate assets. 
 SECTION 6.04 Hedging Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary
course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. 

SECTION 6.05 Restricted Payments. 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(e), (b) Restricted Payment made by the Parent or the Lead Borrower to its equity holders, including in connection with the existing redemption and dividend reinvestment plans, and (c) Restricted Payments declared and paid
ratably by Subsidiaries to Borrower and/or Parent with respect to their capital stock or equity interest. 

SECTION 6.06 Transactions with Affiliates. The Borrower 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 Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its
wholly owned Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.05. 
 SECTION 6.07 Parent Negative Covenants. The Parent will not (a) own any Property other than the ownership interests of Borrower and other assets with no more than $20,000,00.00 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, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or
any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay
loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement
or as otherwise approved by the Administrative Agent, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a 

  
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Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) clause (a) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness or Liens permitted by this Agreement, if such restrictions or conditions apply only to the property or assets securing such
Indebtedness and (iv) clause (a) of the foregoing shall not apply to 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 to Administrative Agent; (c) Indebtedness under any Hedging Obligations, (d) Indebtedness of the
Parent 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) Indebtedness of the Parent
under recourse Guarantees in an aggregate amount not to exceed ten percent (10%) of Total Asset Value; (f) Indebtedness for trade payables and operating expenses incurred in the ordinary course of business and (g) Indebtedness under
any standard environmental indemnity. Nothing contained herein shall be deemed to prohibit or prevent a Subsidiary of the Parent or of the Lead Borrower 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 have all future non-recourse carve-out guarantees and standard environmental indemnitees on first mortgage or other property-related loans incurred by
Subsidiaries to be provided by the Guarantor. 
 SECTION 6.10 Management Fees. 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 management, property, asset or similar fees to any other Credit Party or to any Subsidiary or Affiliate.
All such parties shall execute subordination agreements in form and substance acceptable to the Administrative Agent with respect to such fees. 

  
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 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 over three Business Days (such three
Business 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 Article V or VI other than Sections 5.02, 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 Lead
Borrower (which notice will be given at the request of any Lender) and if such default is not cureable within thirty (30) days and the Credit Party is diligently pursuing cure of same, the cure period may be extended for 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; 
 (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 

  
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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 shall be rendered against any Credit Party, any Subsidiary of the Borrower or any combination thereof and the same shall remain undischarged for a period of 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 and its Subsidiaries in an aggregate amount exceeding $10,000,000; 

(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; 

(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; or 

(p) Any Borrower or the Guarantor defaults under (a) any recourse indebtedness in an aggregate amount
equal to or greater than $10,000,000 at any time, or (b) any non-recourse indebtedness in an aggregate amount equal to or greater than $50,000,000 at any time. 
 then, and in every such event (other than an event described in clause (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 Lead Borrower, take some or all 

  
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 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 (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. 
 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. 
 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 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. 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 

  
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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, 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. 
 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 Lead 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 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 

  
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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. 

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 the Lead Borrower in care of Strategic Storage Trust, Inc., at 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694, Attention: H. Michael Schwartz (Telephone
No. 949-249-6600 and Telecopy No. 949-429-6600); copy to: Michael K. Rafter, Esquire (Telephone No. 404-443-6702 and Telecopy No. 404-238-9626). 

(b) if to the Administrative Agent, to KeyBank, National Association, 225 Franklin Street, Boston,
Massachusetts, 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

  
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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 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 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) 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 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 Section 2.18(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” 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) waive or modify any conditions of extending the Loans set forth
in Section 2.19 without the written consent of each Lender affected thereby, 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. 

  
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 (c) 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 syndication of the credit facilities provided for herein, the preparation and administration 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), and (ii) 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 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 of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its
Subsidiaries, 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, 

  
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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 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 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
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 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 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 

  
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 (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. 
 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. 

  
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 (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, (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. 

  
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 (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 Lead 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. 
 SECTION
9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower 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. 

  
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 (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) 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.” 
 (e) Each Borrower 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 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 Borrower is reasonably worth at least as much as the liability and obligation of each Borrower incurred or arising under the Loan Documents. Each Borrower has
determined that such liability and obligation may reasonably be expected to substantially benefit each Borrower directly or indirectly. Each Borrower 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 Borrower is fully informed of all circumstances which bear upon the risks of executing the Loan Documents and which a diligent inquiry would reveal.
Each Borrower has adequate means to obtain from each other Borrower on a continuing basis information concerning such other Borrower’s financial condition, and is not depending on the Administrative Agent or the Lenders to provide such
information, now or in the future. Each Borrower agrees that neither the Administrative Agent nor any of the Lenders shall have any obligation to advise or notify any Borrower or to provide any Borrower with any data or information regarding any
other Borrower. 
 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 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 Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made 

  
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any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to notify the Lead 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 Property directly, and the
other Loan Documents with respect to the 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 Property as
such terms are used in this Loan Agreement, the Environmental Indemnity and the other Loan Documents 

  
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 (c) The Borrower 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, any of its rights or obligations under this Agreement, (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 

  
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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; 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 USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “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 Act. 
 [Signature page to follow] 

  
 - 66 -

 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. 
  

					
	 STRATEGIC STORAGE OPERATING
 PARTNERSHIP, L.P.,
 a Delaware limited partnership

 

	By:    	 	 Strategic Storage Trust, Inc., a Maryland
 corporation, its General Partner
  

		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

  
 - 67 -

 The Guarantor joins in the execution of this Agreement to evidence its
agreement to the provisions of Sections 5.01, 5.14, 6.05 and 6.07 of this Agreement. 
  

			
	STRATEGIC STORAGE TRUST, INC.,
	 a Maryland corporation

 

	By:	 	 /s/ H. Michael Schwartz

		
	Name:	 	H. Michael Schwartz
	Title:	 	President

  
 - 68 -

 Signature page to Credit Agreement with Strategic Storage Operating Partnership, L.P. 

 

			
	KEYBANK, NATIONAL ASSOCIATION,
	 individually and as Administrative Agent,

 

	 By:    
	 	 /s/ Christopher T. Neil

		 	 Christopher T. Neil

		 	 Senior Relationship Manager

  
 - 69 -

 Signature page to Credit Agreement with Strategic Storage Operating Partnership, L.P. 

 

					
	SSTI 12714 S La Cienega BLVD, LLC,
	  a Delaware limited liability company
  

		 	 By: Strategic Storage Trust, Inc.,
  a Maryland corporation, its Manager
  

		 	By:	 	 /s/ H. Michael Schwartz

			
		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

  

					
	SSTI 2025 N RANCHO DR, LLC,
	  a Delaware limited liability company
  

		 	 By: Strategic Storage Trust, Inc.,
  a Maryland corporation, its Manager
  

		 	By:	 	 /s/ H. Michael Schwartz

			
		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

  

					
	SSTI 3155 W Ann RD, LLC,
	  a Delaware limited liability company
  

		 	 By: Strategic Storage Trust, Inc.,
  a Maryland corporation, its Manager
  

		 	By:	 	 /s/ H. Michael Schwartz

			
		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

  
 - 70 -

 SCHEDULE 2.01 

 

					
	LENDER	  	LOAN COMMITMENT	 
		
	 	  	(Percentage)	 
		
	 KEYBANK, NATIONAL ASSOCIATION
	  	$	22,000,000.00	  
		  	 	(100	%)Note

 Exhibit 10.2 
 NOTE 
  

			
	$22,000,000.00	 	July 1, 2011

 FOR VALUE RECEIVED, STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P., SSTI 12714 LA
CIENEGA BLVD, LLC, SSTI 3155 W ANN RD, LLC AND SSTI 2025 N RANCHO DR, LLC (collectively, the “Maker”) jointly and severally promise to pay without offset or counterclaim to the order of KEYBANK, NATIONAL ASSOCIATION,
(“Payee”), the principal amount equal to the lesser of (x) TWENTY-TWO MILLION AND 00/100 DOLLARS ($22,000,000.00) or (y) the outstanding amount advanced by Payee as a Loan (or Loans) under the Credit Agreement (as hereinafter
defined), payable in accordance with the terms of the Credit Agreement. 
 Maker also promises to pay interest
on the unpaid principal amount of this Note (this “Note”) at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit Agreement dated of even date herewith, among Maker, the Lenders
named therein, and KeyBank, National Association, as Administrative Agent for itself and the Lenders (as hereafter amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein
without definition shall have the meanings set forth in the Credit Agreement. 
 Amounts paid and prepaid may
not be reborrowed. No Lender shall have any obligation to make a Loan to the extent such Loan would cause the sum of the total Credit Exposures to exceed the total Maximum Loan Available Amount. 

This Note is subject to (a) mandatory prepayment and (b) prepayment at the option of the Maker, as provided in
the Credit Agreement. 
 This Note is issued pursuant to the Credit Agreement and is entitled to the benefits of
the Credit Agreement, reference to which is hereby made for a more complete statement of the terms and conditions under which the Loan evidenced hereby is made and is to be repaid. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. MAKER AGREES THAT
JURISDICTION AND VENUE FOR ANY ACTION REGARDING THIS NOTE SHALL BE AS SET FORTH IN THE CREDIT AGREEMENT. 
 Upon
the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 

Maker promises to pay all fees, costs and expenses incurred in the collection and enforcement of this Note in accordance
with the terms of the Credit Agreement. Maker and any endorser of this Note hereby consents to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of
every kind (except such notices as may be expressly required under the Credit Agreement or the other Loan Documents) and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder.

 Whenever possible, each provision of this Note shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Note. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered by its duly
authorized officer, as of the day and year first written above. 
  

					
	 STRATEGIC STORAGE OPERATING
 PARTNERSHIP, L.P.,

	a Delaware limited partnership
		
	By:	 	 Strategic Storage Trust, Inc., a
 Maryland corporation, its General
 Partner

			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	SSTI 12714 S LA CIENEGA BLVD, LLC,
	a Delaware limited liability company
		
	By:	 	 Strategic Storage Trust, Inc., a
 Maryland corporation, its Manager

			
		 	By:	 	 /s/ H. Michael Schwartz

			
		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	SSTI 2025 N RANCHO DR, LLC,
	a Delaware limited liability company
		
	By:	 	 Strategic Storage Trust, Inc., a
 Maryland corporation, its Manager

			
		 	By:	 	 /s/ H. Michael Schwartz

			
		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President
	
	SSTI 3155 W ANN RD, LLC,
	a Delaware limited liability company
		
	By:	 	 Strategic Storage Trust, Inc., a
 Maryland corporation, its Manager

			
		 	By:	 	 /s/ H. Michael Schwartz

		 	Name:	 	H. Michael Schwartz
		 	Title:	 	President

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