Document:

Guaranty

 Exhibit 10.7 
 GUARANTY 
 THIS GUARANTY dated as of July 1, 2011,
executed and delivered by each of the undersigned, whether one or more, (“Guarantor”), in favor of (a) KEYBANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Agent”) for the Lenders under that certain
Credit Agreement dated as of even date herewith, by and among STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. and its Subsidiaries party to the Credit Agreement (collectively, the “Borrower”), the financial institutions party thereto and
their assignees in accordance therewith (the “Lenders”), and the Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Credit Agreement”) and
(b) the Lenders. 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have made available to the
Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Borrower and Guarantor, though separate legal entities, are mutually dependent on each other in the conduct
of their respective businesses and have determined it to be in their mutual best interests to obtain financing from the Agent and the Lenders through their collective efforts; 

WHEREAS, Guarantor acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, Guarantor is willing to guarantee the Borrower’s obligations to the Agent and the Lenders on the terms and conditions contained herein; and

 WHEREAS, Guarantor’s execution and delivery of this Guaranty is one of the conditions precedent to the
Agent and the Lenders making, or continuing to make, such financial accommodations to the Borrower. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Guarantor, Guarantor agrees as follows: 
 Section 1. Guaranty. Guarantor hereby absolutely and unconditionally guaranties the due and punctual payment and performance of all of the following when due (collectively referred to as the
“Obligations”): (a) all indebtedness and obligations owing by the Borrower to any of the Lenders or the Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of
all principal of the Loans made by the Lenders to the Borrower under the Credit Agreement and the payment of all interest, fees, charges, reasonable attorneys fees and other amounts payable to any Lender or the Agent thereunder or in connection
therewith (including any Hedging Agreement); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; and (c) all expenses, including, without limitation, reasonable attorneys’ fees and
disbursements, that are incurred by the Lenders or the Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

 Section 2. Guaranty of Payment and Not of Collection. This
Guaranty is a guaranty of payment, and not of collection, and a debt of Guarantor for its own account. Accordingly, the Lenders and the Agent shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue
any right or remedy the Lenders or the Agent may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other
tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or
realize upon any collateral security held by the Lenders or the Agent which may secure any of the Obligations. In this connection, Guarantor hereby waives the right of such Guarantor to require any holder of the Obligations to take action against
the Borrower as provided by any legal requirement of any Governmental Authority. 
 Section 3. Guaranty
Absolute. Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any legal requirement now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of the Agent or the Lenders with respect thereto. The liability of Guarantor under this Guaranty shall be absolute and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and
shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than the full and final payment and performance of the Obligations), including, without limitation, the following
(whether or not such Guarantor consents thereto or has notice thereof): 
 (a)(i) any change in the amount,
interest rate or due date or other term of any of the Obligations; (ii) any change in the time, place or manner of payment of all or any portion of the Obligations; (iii) any amendment or waiver of, or consent to the departure from or
other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Obligations; or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion
from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Obligations or any other instrument or agreement referred to
therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack of
validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 

(c) any furnishing to the Agent or the Lenders of any security for the Obligations, or any sale, exchange, release or
surrender of, or realization on, any collateral security for the Obligations; 
 (d) any settlement or
compromise of any of the Obligations, any security therefor, or any liability of any other party with respect to the Obligations, or any subordination of the payment of the Obligations to the payment of any other liability of the Borrower;

 (e) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to any other Guarantor, the Borrower or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any nonperfection of any security interest or other Lien on any of the collateral securing any of the Obligations;

 (g) any act or failure to act by the Borrower or any other Person which may adversely affect such
Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 

(h) any application of sums paid by the Borrower or any other Person with respect to the liabilities of the Borrower to
the Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect,
limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 
 (j) any
other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor hereunder. 
 Section 4. Action with Respect to Obligations. The Lenders and the Agent may in accordance with the Credit Agreement, at any time and from time to time, without the consent of, or notice to,
any Guarantor, and without discharging any Guarantor from its obligations hereunder take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Obligations
(consistent with the requirements for amendment, modification, alteration or supplementation, if any, contained in the instruments giving rise to the Obligations), including, but not limited to, extending or shortening the time of payment of any of
the Obligations or the interest rate that may accrue on any of the Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document (consistent with the requirements for amendment, modification, alteration or
supplementation, if any, contained in the Credit Agreement or any of the Loan Documents); (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any Person liable
in any manner for the payment or collection of the Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower or any other Person (including, without limitation, any other Guarantor); and (f) apply any sum, by
whomsoever paid or however realized, to the Obligations in such order as the Lenders or the Agent shall elect in accordance with the Credit Agreement. 
 Section 5. Representations and Warranties. Guarantor hereby makes to the Agent and the Lenders all of the representations and warranties made by the Borrower with respect to or in any way
relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 
 Section 6. Covenants. Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply with under the terms of the Credit Agreement or any other Loan Documents.

 Section 7. Waiver. Guarantor, to the fullest extent permitted by
applicable law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the
risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate Loan. If the Agent and/or the Lenders are prevented from demanding or accelerating payment thereof by reason of any automatic stay or otherwise, the Agent
and/or the Lenders shall be entitled to receive from Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Obligations. Guarantor agrees that this Guaranty shall continue to be effective
or be reinstated, as the case may be, with respect to any Obligations if at any time payment of any such Obligations is rescinded or otherwise must be restored by the Agent and/or the Lenders upon the bankruptcy or reorganization of the Borrower or
any Guarantor or otherwise. 
 Section 10. Subrogation. Until all of the Obligations shall have been
indefeasibly paid in full, any right of subrogation a Guarantor may have shall be subordinate to the rights of Agent and the Lenders and Guarantor hereby waives any right to enforce any remedy which the Agent and/or the Lenders now have or may
hereafter have against the Borrower, and Guarantor hereby waives any benefit of, and any right to participate in, any security or collateral given to the Agent and the Lenders to secure payment or performance of any of the Obligations other than as
may be expressly provided for in the Credit Agreement, including but not limited to payments as contemplated in Section 6.05 of the Credit Agreement. 
 Section 11. Payments Free and Clear. All sums payable by Guarantor hereunder shall be made free and clear of and without deduction for any Indemnified Taxes (as defined in the Credit
Agreement) or Other Taxes (as defined in the Credit Agreement); provided that if any Guarantor 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 Agent or any Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made; (ii) such Guarantor shall make such deductions; and (iii) such Guarantor shall pay the full amount deducted to the relevant Governmental Authority (as defined in the Credit Agreement) in accordance with applicable
law. 
 Section 12. Set-off. Guarantor hereby grants to Agent, on behalf of the Lenders, a security
interest in and lien on all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by Agent to or for the credit or the account of any Guarantor. In addition to any rights now or
hereafter granted under applicable law and not by way of limitation of any such rights, each Lender 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 (general or
special, time or demand, provisional or final but excluding any funds held by the Borrower on behalf of tenants or other third parties) at any time held and other obligations at any time owing by such Lender to or for the credit or the account of
any Guarantor against any of and all the obligations of such Guarantor now or hereafter existing under this Guaranty held 

 
by such Lender then due and payable. Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Note, whether or not acquired
pursuant to the applicable provisions of the Credit Agreement, may exercise rights of setoff or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Guarantor
in the amount of such participation. 
 Section 13. Subordination. Guarantor hereby expressly
covenants and agrees for the benefit of the Agent and the Lenders that all obligations and liabilities of the Borrower or any other Guarantor to such Guarantor of whatever description, including without limitation, all intercompany receivables of
such Guarantor from the Borrower or any other Guarantor (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Obligations; provided, however, that payment thereof may be made so long as no Event of
Default shall have occurred and be continuing. If an Event of Default shall have occurred and be continuing, then no Guarantor shall accept any direct or indirect payment (in cash, property, securities by setoff or otherwise) from the Borrower or
any other Guarantor on account of or in any manner in respect of any Junior Claim until all of the Obligations have been indefeasibly paid in full, except as expressly provided for in the Credit Agreement, including but not limited to payments as
contemplated in Section 6.05 of the Credit Agreement. 
 Section 14. Avoidance Provisions. It
is the intent of Guarantor, the Agent and the Lenders that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor
hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of applicable law, including without limitation, (a) Section 548 of
the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or
otherwise. The applicable laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) shall be determined in any such Proceeding
are referred to as the “Avoidance Provisions.” Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such
Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any
other obligations of such Guarantor to the Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent that
would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor nor any other Person shall have any right or claim under this Section as against the Agent and the Lenders that
would not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15.
Information. Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower, of the other Guarantors and of all other circumstances bearing upon the risk of nonpayment of any of the
Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any Lender shall have any duty whatsoever to advise any Guarantor of information regarding such
circumstances or risks. 

 Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 17. Jurisdiction; Venue;
JURY WAIVER. 
 (a) Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the state and federal courts in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty 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 Guaranty shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction.

 (a) Guarantor 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 Guaranty or any other Loan Document in any court referred to in paragraph
(a) 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. 

(b) 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 GUARANTY, 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 18. Loan Accounts. The Agent may maintain books and accounts setting forth the amounts of principal,
interest and other sums paid and payable with respect to the Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or 

 
receipt of Obligation or otherwise, the entries in such account shall be binding upon Guarantor as to the outstanding amount of such Obligations and the amounts paid and payable with respect
thereto absent manifest error. The failure of the Agent to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 19. Waiver of Remedies. No delay or failure on the part of the Agent or the Lenders in the exercise
of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent or the Lenders of any such right or remedy shall preclude other or further exercise
thereof or the exercise of any other such right or remedy. 
 Section 20. Successors and Assigns.
Each reference herein to the Agent or the Lenders shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Obligations) in whose favor the provisions of this Guaranty also
shall inure, and each reference herein to any Guarantor shall be deemed to include the Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders and the Agent may, in accordance with the applicable
provisions of the Credit Agreement, assign, transfer or sell any Obligation, or grant or sell participation in any Obligations, to any Person or entity without the consent of, or notice to, any Guarantor and without releasing, discharging or
modifying such Guarantor’s obligations hereunder. Guarantor hereby consents to the delivery by the Agent or any Lender to any assignee, transferee or participant of any financial or other information regarding the Borrower or any Guarantor.
Guarantor may not assign or transfer its obligations hereunder to any Person. 
 Section 21.
Amendments. This Guaranty may not be amended except as provided in the Credit Agreement. 

Section 22. Payments. All payments made by any Guarantor pursuant to this Guaranty shall be made in Dollars,
in immediately available funds to the Agent at the place and time provided for in the Credit Agreement on the date one (1) Business Day after written demand therefor to such Guarantor by the Agent. 

SECTION 23. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER AND UNDER OTHER LOAN
DOCUMENTS SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE OBLIGATIONS AND
ALL OF THE OBLIGATIONS AND UNDER OTHER LOAN DOCUMENTS. 
 Section 24. Notices. All notices, requests
and other communications hereunder shall be in writing and shall be given as provided in the Credit Agreement. Guarantor’s address for notice is set forth below its signature hereto. 

Section 25. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 Section 26. Headings. Section headings used in this Guaranty are
for convenience only and shall not affect the construction of this Guaranty. 
 Section 27.
Definitions. (a) For the purposes of this Guaranty: 
 “Proceeding” means any of
the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code or any other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any other applicable
bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor; (iii) any other proceeding under any applicable law, domestic or foreign, relating to bankruptcy, insolvency, reorganization,
winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any
such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall
be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act
indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

(b) Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date
and year first written above. 
  

			
	 STRATEGIC STORAGE TRUST, INC. a
 Maryland corporation

		
	By:	 	 /s/ H. Michael Schwartz

	Name:	 	H. Michael Schwartz
	Title:	 	President
	
	Address for Notices:
	
	Strategic Storage Trust, Inc
	111 Corporate Drive, Suite 120
	Ladera Ranch, CA 92694
	Attention: H. Michael Schwartz
	
	With a copy to:
	
	 Baker, Donelson, Bearman, Caldwell &
Berkowitz, PC

	Monarch Plaza
	3414 Peachtree Road, NE, Suite 1600
	Atlanta, Georgia 30326
	Attention: Mike Rafter, Esq.Pledge and Security Agreement

 Exhibit 10.8 
 PLEDGE AND SECURITY AGREEMENT 
 (Equity Issuance Proceeds)

 THIS PLEDGE AND SECURITY AGREEMENT (this “Agreement”) is
dated as of July 1, 2011 and is made by STRATEGIC STORAGE TRUST INC., a Maryland corporation having an address at 111 Corporate Drive, Suite 120, Ladera Ranch, CA 92694, (“Pledgor”) and KEYBANK NATIONAL
ASSOCIATION, a national banking association having a principal place of business at 225 Franklin Street,
18th Floor, Boston, Massachusetts 02110, as agent (in such
capacity, “Agent”) for itself and any other lenders who become Lenders under the Credit Agreement (as hereinafter defined) (collectively referred to as “Lenders” and each individually referred to as a
“Lender”). 
 RECITALS 

Pursuant to the terms of that certain Credit Agreement of even date herewith among Strategic Storage Operating
Partnership LP, 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
(collectively, the (“Borrower”), Agent and Lenders, as may be amended from time to time the “Credit Agreement”), Lenders have severally agreed to make loans (the “Loan”) to
Borrower upon the terms and subject to the conditions set forth therein, such loan to be evidenced by Notes issued by Borrower to Lenders thereunder. It is a condition precedent to the obligation of Lenders to make the Loan available under the
Credit Agreement that Pledgor shall have executed and delivered this Agreement to Agent for the ratable benefit of Lenders. 
 NOW, THEREFORE, in consideration of the premises and to induce Agent and Lenders to enter into the Credit Agreement and to induce Lenders to make their respective loans to Borrower under the Credit
Agreement, Pledgor hereby agrees with Agent for the ratable benefit of Lenders as follows: 
 1. Pledge;
Grant of Security Interest. Pledgor hereby grants, assigns, transfers, grants a security interest in, sets over and delivers unto Agent, for the ratable benefit of Lenders, as collateral security for the prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise), of the Obligations, a security interest in, to and under all of Pledgor’s right, title and interest, whether now owned or hereafter acquired and whether now
existing or hereafter arising (all of which shall be collectively called the “Collateral”): 
 (a) all future purchase price, subscription, and other payments and contributions, , in each case, in cash (“Gross Equity Issuance Proceeds”) from the subscribers and stockholders (collectively,
the “Stockholders”) in exchange for each equity issuance by Pledgor (“Equity Issuance”), after deduction of sales commissions of 10% of Gross Equity Issuance Proceeds and offering expenses of 3% of
Gross Equity Issuance Proceeds (collectively, the “Net Equity Issuance Proceeds”); provided, however, with respect to any subscription payments payable by any investor pursuant to the associated offering
documents for Equity Interests in Pledgor 

 
(“Shares”), such pledge shall not be deemed effective until Pledgor has accepted the subscription (consistent with Section 7(j) hereof), which shall be no later than
when such funds are deposited into the Accounts; and provided further that such pledge shall in no event apply to any reinvestment by Stockholders pursuant to the Pledgor’s distribution reinvestment plan; 

(b) Account No. 485001642419 at Bank of America (the “Depository”) and all deposit and other accounts (the
“Accounts”) of Pledgor wherever located into which the Gross Equity Issuance Proceeds shall be deposited, after deduction and retention by DST Systems, Inc. (“DST”) of sales commissions of 8% of Gross Equity
Issuance Proceeds and all cash, certificates, interest, dividends, deposits, deposit accounts, instruments, credits, investments, claims, contract rights, chattel paper (whether tangible or electronic), money market certificates, repurchase
agreements, savings instruments, securities, securities entitlements, investment property, commercial paper, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), payment intangibles, and general intangibles at any
time and from time to time now or hereafter related to the Net Equity Issuance Proceeds which are Collateral and all such property received, receivable or otherwise distributed in respect of, in substitution or in exchange for, or in replacement of
the foregoing, and all supporting obligations; and 
 (c) all Proceeds and products of the foregoing;

 provided that (a) so long as no Event of Default then exists, the Collateral may be withdrawn by Pledgor from the
Accounts and after such permitted withdrawal the term “Collateral” shall not include any investment or transfer of any cash so withdrawn to any direct or indirect Subsidiary of Pledgor or to Borrower or the proceeds thereof, (b) for
avoidance of doubt, Collateral shall in no event include amounts that are withdrawn from Accounts and contributed to either Borrower or a taxable REIT subsidiary of Pledgor, regardless of whether such amounts would otherwise constitute Gross or Net
Equity Issuance Proceeds (or Proceeds thereof), unless such amounts are withdrawn in violation of the Credit Agreement while an Event of Default is in existence, and (c) Agent’s rights to withdraw funds from the Accounts shall be limited
to the Net Equity Issuance Proceeds contained therein from time to time. Agent acknowledges and agrees that the retention by DST of its 8% sales commission referenced shall not be deemed a violation of this Agreement. 

2. Defined Terms. Unless otherwise defined herein, terms which are defined in the Credit Agreement and used
herein shall have the same meanings given to them in the Credit Agreement. The following terms shall have the following meanings: 
 “Articles” means the Second Articles of Amendment and Restatement of Pledgor, dated as of June 16, 2011, as may be amended, supplemented, restated or otherwise modified from
time to time in accordance with the terms of the Loan Documents. 
 “Events of Default”
shall mean (i) the occurrence and continuance of an Event of Default as defined in the Credit Agreement (after taking in account all applicable grace periods); or (ii) the failure of Pledgor to pay and perform all of Pledgor’s
obligations to Agent and Lenders hereunder unless such failure is cured or remedied within the applicable grace period, if any, set forth or referred to herein or in the Credit Agreement. 

  
 - 2 -

 “Obligations” shall mean all obligations of Pledgor
and Borrower to Agent or any Lender, whether now existing or hereafter arising, direct or indirect, absolute or contingent, under any one or more of this Agreement and the other Loan Documents. 

“Organizational Documents” means the Articles, the By-Laws of Pledgor, the Prospectus of Pledgor
dated April 27, 2011 (and all supplements thereto, replacements thereof, and any new prospectus relating to any offering of Shares). 
 “Proceeds” means all “proceeds” as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code in effect in the State of New York on the date hereof
and, in any event, shall include, without limitation, all dividends or other income from the Net Equity Issuance Proceeds, collections thereon or distributions with respect thereto. 

3. Absolute Assignment; License Back. The parties intend that this Agreement shall be a present, absolute
and unconditional assignment and shall, upon the occurrence and during the continuance of an Event of Default, give Agent the right to collect the Net Equity Issuance Proceeds and to apply such Net Equity Issuance Proceeds to payment of the
principal and interest and all other sums payable on the Obligations in accordance with the terms of the Credit Agreement. Prior to the occurrence and continuance of an Event of Default, Agent hereby grants to Pledgor the right, subject to the
provisions set forth herein, to collect all Net Equity Issuance Proceeds and the Proceeds thereof so long as Pledgor complies with the terms of the Credit Agreement and this Agreement. Pledgor shall promptly provide written notice to Agent in the
event that any Collateral is realized by Pledgor as a result of the remedies available pursuant to the Organizational Documents after the occurrence and continuance of an Event of Default. 

4. Representations and Warranties. Pledgor hereby represents and warrants that: 

(a) Pledgor is and shall be the owner of the Collateral free and clear of all pledges, liens, security interests and
other encumbrances of any nature whatsoever, except in favor of Agent. 
 (b) Pledgor has the corporate power
and authority to pledge the Collateral and to grant the security interest in the Collateral as herein provided. 

(c) There are no restrictions on the transfer of the Collateral to Agent hereunder or with respect to any subsequent
transfer thereof or realization thereupon by Agent except as set forth in the Organizational Documents. 
 (d)
The execution, delivery and performance of this Agreement by Pledgor does not and shall not result in the violation of any mortgage, indenture, material contract, instrument, agreement, judgment, decree, order, statute, rule or regulation to which
Pledgor is subject or by which it is bound. 
 (e) Pledgor shall not suffer or permit any lien or encumbrance to
exist on or with respect to the Collateral except in favor of Agent or as may be permitted by the Credit Agreement. 

  
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 (f) This Agreement (i) has been duly authorized, executed and delivered
by Pledgor and (ii) constitutes the legal, valid and binding obligation of Pledgor enforceable in accordance with the terms hereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership,
fraudulent conveyance, moratorium or similar laws affecting creditors’ rights generally, and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(g) There is no material litigation or administrative proceeding now pending, or to the its actual knowledge threatened,
against Pledgor which if adversely decided could materially impair the ability of Pledgor to pay or perform Pledgor’s obligations hereunder. 
 (h) Pledgor is a duly formed and validly existing corporation under the laws of the State of Maryland. Pledgor is duly qualified in each jurisdiction where the nature of its business is such that
qualification is required and has all requisite power and authority to conduct its business and to own its property, as now conducted or owned, and as contemplated by this Agreement to the extent that failure to do so could reasonably be expected to
have a Material Adverse Effect (as defined in the Credit Agreement) on the ability of Pledgor to pay and perform its obligations hereunder or under the other Loan Documents. The organizational number of Pledgor is D12076865; the taxpayer
identification number of Pledgor is 32-0211624. All required entity actions and proceedings have been duly taken so as to authorize the execution and delivery by Pledgor of the Loan Documents to which it is a party. 

5. Use of Net Equity Issuance Proceeds. So long as no Event of Default exists, the Net Equity Issuance
Proceeds may be withdrawn by Pledgor from the Accounts and used for any purpose permitted by the Organizational Documents or required under the Credit Agreement. Upon the occurrence, and during the continuance of, of an Event of Default, the Agent
shall use any Net Equity Issuance Proceeds called in accordance with Section 6(b) and any other Collateral to the extent permitted by and subject to the terms of the Credit Agreement. 

6. Call for Equity Issuance Proceeds.  

(a) Agent has the right at any time following the occurrence of, and during the continuance of, an Event of Default to
direct Depository to transfer to Agent all Collateral then or thereafter held by Depository for the purposes set forth in and subject to the terms of the Credit Agreement and the Loan Documents. 

(b) Upon the occurrence and during the continuance of an Event of Default, this Agreement shall constitute an irrevocable
direction to and full authority to Depository to pay all Net Equity Issuance Proceeds to Agent in accordance with the terms of the Credit Agreement. Pledgor hereby irrevocably authorizes Depository to rely upon and comply with any notice or demand
by Agent for the payment to Agent of any such Net Equity Issuance Proceeds due or to become due. Agent shall promptly after any such notice or demand is sent to Depository send a copy thereof to Pledgor. 

  
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 7. Covenants. Pledgor covenants and agrees that: 

(a) Pledgor shall keep the Collateral free and clear of all liens, encumbrances, attachments, security interest pledges
and charges except for this Agreement and as otherwise permitted by the Credit Agreement. 
 (b) Pledgor shall
faithfully perform and discharge in all material respects all obligations of Pledgor under the Organizational Documents. Pledgor shall appear in and defend, at no cost to Agent, any action or proceeding arising under or in any manner connected with
the Organizational Documents or the Collateral in which Pledgor is named as a party. 
 (c) Nothing contained
herein shall be construed to impose any liability or obligation on Agent under or with respect to the Organizational Documents. Pledgor shall indemnify and hold Agent and Lenders harmless from and against any and all actual and out-of-pocket
liabilities, losses, damages and reasonable costs and expenses which Agent and Lenders may incur by reason of the Organizational Documents or by reason of this Agreement, and from and against any and all claims and demands whatsoever which may be
asserted against Agent and Lenders by Stockholders or any other third party by reason of any alleged obligations to be performed or discharged by Agent or Lenders under the Organizational Documents or this Agreement unless due to its gross
negligence or willful wrongdoing or breach of this Agreement or the Organizational Documents. Should Agent and Lenders incur any such liability, loss, damage, cost or expense except if due to their gross negligence or willful misconduct or breach of
this Agreement or the Organizational Documents, Pledgor shall within ten (10) Business Days after written demand reimburse Agent and Lenders for the amount thereof together with all reasonable costs and expenses and reasonable attorneys’
fees incurred by Agent and Lenders. If the foregoing sums are not paid within ten (10) Business Days, they shall bear interest from the date of demand until paid at the default rate set forth in the Credit Agreement. Pledgor shall have the
right to defend (as appropriate) and settle any claim made by Stockholders or any third party (other than any Agent, Lenders or participants) relating to a possible indemnification obligation to Agent or any of the Lenders under this Agreement.
Agent, on behalf of the Lenders shall promptly, upon discovery of any such claim made by Stockholders or another third party against Agent of any of the Lenders, give notice to Pledgor of such claim which notice shall set forth such claim in
reasonable detail. 
 (d) Pledgor shall execute all such instruments, documents and papers, and will do all such
acts as Agent may reasonably request from time to time to carry into effect the provisions and intent of this Agreement including, without limitation, the execution of notifications to obligors on the Collateral, and will use good faith reasonable
efforts to do all such other acts as Agent may reasonably request with respect to the perfection and protection of the pledge and security interest granted herein and the assignment effected hereby. Within eight (8) Business Days (subject to
such extensions as the Agent may approve in its reasonable discretion) from the date of execution hereof the Pledgor shall cause the Depository to execute such Control Agreements and direction letters as the Agent may require in order to implement
the pledge and other agreements set forth herein. 

  
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 (e) Pledgor shall not sell, assign, transfer or otherwise dispose of the
Collateral or any interest therein to any other person, firm, corporation or entity except as permitted by the Credit Agreement and the other Loan Documents. 
 (f) While an Event of Default exists, Pledgor shall deliver to Agent, if and when received by Pledgor, any item representing or constituting any of the Collateral received by Pledgor; and if, under any
circumstance whatsoever, any of such proceeds should be paid to or come into the hands of Pledgor, Pledgor shall hold the same in trust for prompt delivery to Agent to be held as additional Collateral. 

(g) Pledgor shall not permit Depository or the Accounts to be changed as the bank/accounts into which Net Equity Issuance
Proceeds are deposited or the Collateral to be moved from the Depository, in each case without the prior written consent of Agent (which consent shall not be unreasonably withheld or delayed), except as otherwise permitted by the Loan Documents.

 (h) Pledgor shall comply with all Legal Requirements applicable to the Collateral to the extent that such
matter could reasonably be expected to materially impair the ability of Borrower to pay and perform their obligations under the Loan Documents or which could reasonably be expected to cause the financial covenants in Section 5.02 of the Credit
Agreement to be violated. 
 (i) Pledgor shall not make any amendments or waive any provisions of any of the
Organizational Documents which would materially and adversely affect the Collateral without the prior written consent of Agent, not to be unreasonably withheld or delayed. 

(j) Gross Equity Issuance Proceeds will be contingent upon verification of suitability and verification of properly
completed subscription documents by DST. Upon DST’s verifications set forth in the foregoing sentence, the Pledgor is deemed to have accepted such Stockholder and the related Net Equity Issuance Proceeds shall be transferred to Depository.

 8. Rights of Agent. Pledgor hereby grants to Agent the following rights: 

(a) Upon any sale or transfer by Agent of the Credit Agreement and the indebtedness evidenced thereby, subject to the
requirements of the Credit Agreement, Agent may assign or transfer its rights and interest under this Agreement in whole or in part to the purchaser or transferee, who shall thereupon become vested with all powers and rights given to Agent in
respect thereto, and Agent and Lenders shall be thereafter forever relieved and fully discharged from any liability or responsibility thereafter arising or accruing in connection therewith. 

(b) Pledgor shall maintain books and records in connection with the Organizational Documents as books and records are
generally required to be maintained and provided to Agent under the Credit Agreement. Such books and records shall contain, among other matters, a copy of the Organizational Documents and information relating to Accounts balances and transactions
relating to the Accounts and the other Collateral. Pledgor shall cause Depository to send to Agent information relating to the Accounts as reasonably requested by Agent. 

  
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 (c) Pledgor shall furnish to Agent at any time and from time to time such
other duly executed documents or instruments relating to the creation or continuation of a perfected security interest in the Net Equity Issuance Proceeds as Agent may reasonably require. So long as any Obligations remain due and owing hereunder,
Agent or any of its officers is hereby irrevocably made, constituted and appointed the true and lawful attorney for Pledgor to execute, after twenty (20) Business Days notice to Pledgor (except in the case where Agent believes its security is
in imminent risk of impairment, then no such notice shall be required) in the name of Pledgor any financing statements, continuation statements or any other documents which Agent may deem reasonably necessary to perfect the security interest created
hereunder. 
 (d) Prior to or contemporaneously with the delivery hereof, Pledgor shall deliver to Agent
appropriate financing statements for filing under the Uniform Commercial Code of the appropriate jurisdictions as Agent may reasonably request and shall during the term of this Agreement take all other action as Agent shall reasonably request in
order to perfect Agent’s security interest in the Equity Issuance Proceeds. 
 9. Rights After
Trigger Event. If an Event of Default has occurred and is continuing, subject to Sections 3 and 5 of this Agreement: 
 (a) Agent may exercise all of its rights with respect to the Collateral, including, but not limited to, notifying Depository (the “Control Notice”) to comply with instructions given by
Agent with respect to the Collateral held by Depository and, if requested by Agent, to pay any such Net Equity Issuance Proceeds directly to Agent and all other steps reasonably necessary to protect and enforce Agent’s rights with respect to
the Net Equity Issuance Proceeds. Agent may make a request to Depository for immediate payment to Agent of the Net Equity Issuance Proceeds that are otherwise due and payable pursuant to the Organizational Documents, may receive such amounts, and
may apply such amounts for the purposes set forth in Section 5 above. 
 (b) Agent may exercise, in
addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the Uniform Commercial Code of the
appropriate jurisdiction to the extent of its interest in the Collateral as set forth in this Agreement so long as all Net Equity Issuance Proceeds received hereunder are used in connection with the Obligations. To the extent permitted by applicable
law, Pledgor waives all claims, damages and demands it may acquire against Agent and Lenders arising out of the exercise by Agent of any of its rights hereunder. 

(c) The rights of Agent hereunder shall not be conditioned or contingent upon the pursuit by Agent of any right or remedy
against any other person which may be or become liable in respect of all or any part of the Obligations or against any other collateral security therefor, guaranty thereof or right of offset with respect thereto. Agent shall not be liable for any
failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other person or to take
any other action whatsoever with regard to the Collateral or any part thereof. 

  
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 All of the foregoing rights and remedies of Agent are cumulative, and Agent
shall also have upon the occurrence of any Event of Default all other rights and remedies provided under the other Loan Documents and any other agreement between Pledgor, Borrower, Agent, Lenders, or otherwise available at law or in equity or by
statute. 
 10. ERISA and REIT Limitation. Notwithstanding anything contained herein to the
contrary or in the Credit Agreement, Agent shall not acquire or take any other action with respect to the interests of Pledgor or Stockholders (i) to the extent that such acquisition or such other action constitutes a non-exempt
“prohibited transaction” (as such term is defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA) or (ii) to the extent that such action causes the Pledgor to no longer qualify as a REIT. 

11. Limitation on Duties Regarding Collateral. Agent’s sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Uniform Commercial Code or otherwise, shall be to deal with it in the same manner as Agent deals with similar securities and property for its
own account. Neither Agent, any Lender, nor any of their respective directors, officers, employees shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to
sell or otherwise dispose of any Collateral upon the request of Pledgor or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof. 

12. No Waiver. Failure of Agent to avail itself of any terms, covenants or conditions of this Agreement for
any period of time or for any reason shall not constitute a waiver thereof. 
 13. Additional Rights.
Agent may take or release other security, may release any party primarily or secondarily liable for any Obligations secured hereby, may grant extensions, renewals or indulgences with respect to such Obligations, may amend, modify or cancel all
or any of the terms of the Obligations, and may apply any other security therefor held by Agent to the satisfaction of such Obligations without prejudice to any of Agent’s rights hereunder or under the other Loan Documents. The rights of Agent
to collect the Obligations and to enforce any other security therefor held by Agent may be exercised by Agent either prior to, simultaneously with or subsequent to any action by Agent hereunder. Agent shall have the full right, power and authority
to enforce this Agreement or any of the terms, covenants or conditions hereof, at any time or times that Agent shall deem fit. 
 14. Amendments. Any change, amendment, modification, abridgment, cancellation or discharge of this Agreement or any term or provision hereof shall be in writing signed by Agent and Pledgor.

 15. Termination. Upon the date of payment to Agent of the full amount of all Obligations, this
Agreement shall be void and of no further effect except that Section 7(d) shall continue to survive and Agent shall, within five (5) Business Days of Pledgor’s written demand, execute and deliver to Pledgor in recordable form
all necessary documents, if any, for the removal of this Agreement and any related financing statement from the public record. 

  
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 16. Successors and Assigns. The terms and conditions of this
Agreement shall be binding upon Pledgor, and its successors and assigns, and shall inure to the benefit of Agent and its successors and assigns as permitted pursuant to the Credit Agreement. 

17. Notices. Notices required or permitted to be given hereunder and all other communications hereunder
shall be in writing and shall be sent or delivered in accordance with the Credit Agreement and shall be deemed to have been given when sent or delivered in accordance with the terms of the Credit Agreement. 

18. Severability. If any provision hereof is determined to be illegal or unenforceable for any reason, the
remaining provisions hereof shall not be affected thereby. 
 19. Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York. 
 20. Waiver of
Trial by Jury. PLEDGOR AND AGENT EACH WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS RELATED TO ANY
OF THE LOAN DOCUMENTS. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY PLEDGOR AND AGENT AND EACH ACKNOWLEDGES THAT NEITHER THE OTHER NOR ANY PERSON ACTING ON BEHALF OF THE OTHER HAS OR HAVE MADE ANY REPRESENTATIONS OF FACT TO INDUCE
THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. PLEDGOR AND AGENT EACH FURTHER ACKNOWLEDGE THAT IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. PLEDGOR AND AGENT EACH FURTHER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING OF THIS WAIVER PROVISION. 

21. Inconsistency. In the event of any inconsistency or conflict between the terms and provisions of this
Agreement and the terms and provisions of the Credit Agreement, the terms and provisions of the Credit Agreement shall prevail. 
 22. Counterparts. This Agreement may be executed by different parties hereto on any number of separate counterparts, each of which, when so executed and delivered, shall be an original, and
all such counterparts shall together constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 WITNESS the due execution hereof as of the day and year first above written. 

 

					
	PLEDGOR:
	
	 STRATEGIC STORAGE TRUST, INC.,
 a Maryland corporation

		
	By:	 	 /s/ H. Michael Schwartz

	Name:	 	H. Michael Schwartz
	Title: President
	
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Christopher T. Neil

	Name:	 	Christopher T. Neil
	Title:	 	Senior Relationship Manager

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