Document:

<PAGE>   1
                                                                   EXHIBIT 10.21

                              SECOND AMENDMENT TO
                   SECOND AMENDED AND RESTATED LOAN AGREEMENT

        THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT
(this "Second Amendment") is made as of December 16, 1999, by and among BANK OF
AMERICA, N.A., a national banking association, BANK ONE, NA, KEYBANK NATIONAL
ASSOCIATION, a national banking association, U.S. BANK NATIONAL ASSOCIATION, a
national banking association, LASALLE BANK NATIONAL ASSOCIATION, a national
banking association, THE BANK OF NOVA SCOTIA, a Canadian chartered bank (each
individually a "Lender" and collectively the "Lenders"), BANK OF AMERICA, N.A.,
a national banking association, as agent for Lenders (the "Agent"), and SHURGARD
STORAGE CENTERS, INC., a Washington corporation ("Borrower").

                                    RECITALS

        A. Lenders, Agent and Borrower are parties to that certain Second
Amended and Restated Loan Agreement dated as of September 30, 1999 which was
amended by that certain First Amendment to Second Amended and Restated Loan
Agreement dated as of September 30, 1999. Such Loan Agreement, as so amended and
as amended from time to time, is referred to in this Second Amendment as the
"Loan Agreement."

        B. Concurrently with the execution and delivery of this Second
Amendment, the parties hereto are entering into two Assignment and Assumption
Agreements through which Bank of America, N.A., KeyBank National Association,
U.S. Bank National Association and LaSalle Bank National Association (the
"Existing Lenders") are assigning and delegating to Bank One, NA and The Bank of
Nova Scotia (the "New Lenders") a portion of each Existing Lender's rights and
obligations under the Loan Agreement.

        C. The parties hereto are entering into this Second Amendment to add the
New Lenders as Lenders under the Loan Agreement and otherwise to conform the
Loan Agreement to the assignment and assumption contemplated by such Assignment
and Assumption Agreements.

        D. Upon giving effect to this Second Amendment and such Assignment and
Assumption Agreements, KeyBank National Association, U.S. Bank National
Association and Bank One, NA shall become Co-Agents and Bank of America, N.A.
shall become Administrative Agent and Lead Arranger under the Loan Agreement.

        NOW, THEREFORE, Lenders, Agent and Borrower agree as follows:

                                    AGREEMENT

        1. Capitalized Terms. Capitalized terms not otherwise defined in this
Second Amendment shall have the meanings set forth in the Loan Agreement.

                                       1
<PAGE>   2

        2. Amendments to Definitions in Loan Agreement.

                a. The definition of "Agent" shall be amended to read as
follows:

                "Agent" means Bank of America as administrative agent and any
        successor agent selected pursuant to Section 10.6, it being understood
        and agreed that "Agent" shall not include any co-agents such as KeyBank
        National Association, U.S. Bank National Association or Bank One, NA
        unless such co-agents are selected as successor agent pursuant to
        Section 10.6.

                b. The definition of "Commitment" shall be amended to read as
follows:

                "Commitment" means Two Hundred Million Dollars ($200,000,000).

                c. The definition of "Lenders" shall be amended to read as
follows:

                "Lenders" means Bank of America, N.A., Bank One, NA, KeyBank
        National Association, U.S. Bank National Association, LaSalle Bank
        National Association, and The Bank of Nova Scotia, and their respective
        Successors, and any additional lenders to whom any of the foregoing
        Lenders assigns its interest in the Loan Documents pursuant to this
        Agreement.

                d. The definition of "Pro Rata Share" shall be amended to read
as follows:

                "Pro Rata Share" means, with respect to each Lender, the
        percentage set forth opposite such Lender's signature on the signature
        pages at the end of the Second Amendment.

                e. The following is added as a new definition:

                "Second Amendment" means the Second Amendment to Second Amended
        and Restated Loan Agreement dated as of December 16, 1999 (the "Second
        Amendment") among Lenders, Agent and Borrower.

        3. Amendments to Sections in the Loan Agreement.

                a. Notes. The Second sentence of Section 2.6 of the Loan
Agreement is amended to read as follows:

                SECTION 2.6 NOTES. Each Lender's Revolving Loans shall be
        evidenced by a promissory note of Borrower substantially in the form
        attached to the Second Amendment as Exhibit A-1, A-2, A-3, A-4, A-5 or
        A-6, as applicable, payable to the order of such Lender, in the face
        amount of such Lender's Pro Rata Share of the Commitment (the "Notes").

                                       2
<PAGE>   3

                b. Addition of Lenders. Section 11.13 of the Loan Agreement is
        hereby deleted.

        4. Commitment Fee. Upon execution of this Second Amendment, Borrower
shall pay to each of Bank One, NA and The Bank of Nova Scotia for its own
account an amount equal to 0.2% of such Lender's Commitment. Such payment shall
satisfy any obligation Borrower may have to such Lenders under clause (i) of
Section 2.8(a) of the Loan Agreement. The other Lenders shall be entitled to
retain the full amount previously paid to them under clause (i) of Section
2.8(a) of the Loan Agreement. Amounts owing under clause (ii) of Section 2.8(a)
of the Loan Agreement shall be paid to Agent for the account of all Lenders
(including the New Lenders) as provided therein.

        5. Conditions to Effectiveness. Notwithstanding anything contained
herein to the contrary, this Second Amendment shall not become effective until
each of the following conditions is fully and simultaneously satisfied:

                (a) Delivery of Amendment. Borrower, Agent and each Lender shall
have executed and delivered counterparts of this Second Amendment to Agent.

                (b) Delivery of Notes. Borrower shall have executed and
delivered the applicable Note to each Lender.

                (c) Consent of Guarantors. Shurgard Texas Limited Partnership, a
Washington limited partnership, Shurgard Evergreen Limited Partnership, a
Delaware limited partnership, and SSC Evergreen, Inc., a Delaware corporation,
shall have executed the Guarantor's Consents attached hereto.

        6. Representations and Warranties. Borrower hereby represents and
warrants to Lenders and Agent that each of the representations and warranties
set forth in Article 6 of the Loan Agreement is true and correct in each case as
if made on and as of the date of this Second Amendment and Borrower expressly
agrees that it shall be an additional Event of Default under the Loan Agreement
if any representation or warranty made hereunder shall prove to have been
incorrect in any material respect when made.

        7. No Further Amendment. Except as expressly modified by this Second
Amendment, the Loan Agreement and the other Loan Documents shall remain
unmodified and in full force and effect and the parties hereby ratify their
respective obligations thereunder. Without limiting the foregoing, Borrower
expressly reaffirms and ratifies its obligation to pay or reimburse Agent and
Lenders on request for all reasonable expenses, including legal fees, actually
incurred by Agent or such Lender in connection with the preparation of this
Second Amendment, the other amendment documents in connection with this Second
Amendment ("Amendment Documents"), and the closing of the transactions
contemplated hereby and thereby.

                                       3
<PAGE>   4

        8. Miscellaneous.

                (a) Entire Agreement. This Second Amendment and the other
Amendment Documents comprise the entire agreement of the parties with respect to
the subject matter hereof and supersedes all prior oral or written agreements,
representations or commitments.

                (b) Counterparts. This Second Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original, and all of
which taken together shall constitute one and the same Second Amendment.

                (c) Governing Law. This Second Amendment and the other
agreements provided for herein and the rights and obligations of the parties
hereto and thereto shall be construed and interpreted in accordance with the
laws of the State of Washington.

                (d) Oral Agreements Not Enforceable.

        ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
        FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER
        WASHINGTON LAW.

        IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment
to be executed by their respective officers or agents thereunto duly authorized
as of the date first above written.

                                    BORROWER:

                                    SHURGARD STORAGE CENTERS, INC.

                                    By  /s/ Harrell Beck
                                      ------------------------------------------
                                    Its   SR VP
                                       -----------------------------------------
                                    Address:   1155 Valley Street
                                               Suite 400
                                               Seattle, WA   98109-4426
                                               Attn:  Chris McKay
                                    Telephone: (206) 652-3854
                                    Telefax:   (206) 652-3710

                                       4
<PAGE>   5

                                    LENDERS:

Pro Rata Share of
Commitment

                                    BANK OF AMERICA, N.A.

$45,450,001       22.725%
                                    By /s/ William P. Stivers
                                      ------------------------------------------
                                    Its   V.P.
                                       -----------------------------------------
                                    Address:   Bank of America Tower
                                               Floor 11
                                               701 Fifth Avenue
                                               Seattle, WA  98104
                                               Attn:  Robert Peters
                                               Commercial Banking Division
                                    Telephone: (206) 358-3133
                                    Telefax:   (206) 585-1794

                                    BANK ONE, NA

$38,233,333       19.1166665%
                                    By  /s/ Timothy J. Carew
                                      ------------------------------------------
                                    Its   First Vice President
                                       -----------------------------------------
                                    Address:   Bank One, NA
                                               1 Bank One Plaza
                                               Chicago, Ill. 60670
                                               Attn:  Timothy Carew
                                    Telephone: (312) 732-5419
                                    Telefax:   (312) 732-1117

                                       5
<PAGE>   6

                                    KEYBANK NATIONAL ASSOCIATION

$38,233,333       19.1166665%
                                    By  /s/  Richard J. Ameny, Jr.
                                      ------------------------------------------
                                    Its   Assistant Vice President
                                       -----------------------------------------
                                    Address:      700 Fifth Avenue, Floor 46
                                                  Seattle, WA 98104
                                                  Attn:  Richard J. Ameny, Jr.
                                    Telephone:    (206) 684-6014
                                    Telefax:      (206) 684-6035

                                    U.S. BANK NATIONAL ASSOCIATION

$38,233,333       19.1166665%
                                    By  /s/ Miles Silverthorn
                                       -----------------------------------------
                                    Its   Vice President
                                       -----------------------------------------
                                    Address:      1420 Fifth Avenue,
                                                  Floor 11, WWH733
                                                  Seattle, WA  98101
                                                  Attn:  Miles Silverthorn
                                    Telephone:    (206) 344-4278
                                    Telefax:      (206) 344-2332

                                       6
<PAGE>   7

                                    LASALLE BANK NATIONAL ASSOCIATION

$29,850,000       14.925%
                                    By /s/ Klay Schmeisser
                                      ------------------------------------------
                                    Its      AVP
                                        ----------------------------------------
                                    Address:      135 South LaSalle Street
                                                  Suite 1225
                                                  Chicago, Illinois 60603
                                                  Attn:  Klay Schmeisser

                                    Telephone:    (312) 904-0647
                                    Telefax:      (312) 904-6991

                                    THE BANK OF NOVA SCOTIA

$10,000,000       5.000%
                                    By  /s/ Michael Brown
                                       -----------------------------------------
                                    Its      VP
                                        ----------------------------------------
                                    Address:      888 S.W. 5th Avenue, Suite 750
                                                  Portland, OR 97204-2078
                                                  Attn:  Patrik Norris
                                    Telephone:    (503) 222-3148
                                    Telefax:      (503) 222-5502

                                     AGENT:

                                     BANK OF AMERICA, N.A.

                                     By /s/ Dora A. Brown
                                       -----------------------------------------
                                     Its   Vice President
                                        ----------------------------------------
                                     Address:   Bank of America, N.A.
                                                701 Fifth Ave., Floor 16
                                                WA1-102-16-20
                                                Seattle, WA  98104-7001
                                                Attn: Agency Management Services
                                     Telephone: (206) 358-0101
                                     Telefax:   (206) 358-0971

                                       7
<PAGE>   8

                               GUARANTOR'S CONSENT

        Shurgard Texas Limited Partnership, a Washington limited partnership
(the "Guarantor"), is a guarantor of the indebtedness, liabilities and
obligations of Shurgard Storage Centers, Inc., a Washington corporation (the
"Borrower"), under the Second Amended and Restated Loan Agreement referred to in
the within and foregoing Second Amendment to Second Amended and Restated Loan
Agreement (the "Second Amendment") and the other Loan Documents described in the
Loan Agreement. The Guarantor hereby acknowledges that it has received a copy of
the Second Amendment and hereby consents to its contents, including all prior
and current amendments to the Loan Agreement, and the other Loan Documents
described therein (notwithstanding that such consent is not required). The
Guarantor hereby confirms that its guarantee of the obligations of Borrower
remains in full force and effect, and that the obligations of Borrower under the
Loan Documents shall include the obligations of Borrower under the Loan
Documents as amended by the Second Amendment.

DATED:  December 16, 1999

GUARANTOR:                          SHURGARD TEXAS LIMITED PARTNERSHIP,

                                    By: Shurgard Storage Centers, Inc.,
                                        its General Partner

                                        By /s/ Harrell Beck
                                          --------------------------------------
                                          Its   SR. V.P.
                                             -----------------------------------

                                       1
<PAGE>   9

                               GUARANTOR'S CONSENT

        Shurgard Evergreen Limited Partnership, a Delaware limited partnership
(the "Guarantor"), is a guarantor of the indebtedness, liabilities and
obligations of Shurgard Storage Centers, Inc., a Washington corporation (the
"Borrower"), under the Second Amended and Restated Loan Agreement referred to in
the within and foregoing Second Amendment to Second Amended and Restated Loan
Agreement (the "Second Amendment") and the other Loan Documents described in the
Loan Agreement. The Guarantor hereby acknowledges that it has received a copy of
the Second Amendment and hereby consents to its contents, including all prior
and current amendments to the Loan Agreement, and the other Loan Documents
described therein (notwithstanding that such consent is not required). The
Guarantor hereby confirms that its guarantee of the obligations of Borrower
remains in full force and effect, and that the obligations of Borrower under the
Loan Documents shall include the obligations of under the Loan Documents as
amended by the Second Amendment.

DATED:  December 16, 1999

GUARANTOR:                          SHURGARD EVERGREEN LIMITED PARTNERSHIP,

                                    By: Shurgard Storage Centers, Inc.,
                                        its General Partner

                                        By /s/ Harrell Beck
                                          --------------------------------------
                                          Its   SR. V.P.
                                             -----------------------------------

                                       1
<PAGE>   10

                               GUARANTOR'S CONSENT

        SSC Evergreen, Inc., a Delaware corporation (the "Guarantor"), is a
guarantor of the indebtedness, liabilities and obligations of Shurgard Storage
Centers, Inc., a Washington corporation (the "Borrower"), under the Second
Amended and Restated Loan Agreement referred to in the within and foregoing
Second Amendment to Second Amended and Restated Loan Agreement (the "Second
Amendment") and the other Loan Documents described in the Loan Agreement. The
Guarantor hereby acknowledges that it has received a copy of the Second
Amendment and hereby consents to its contents, including all prior and current
amendments to the Loan Agreement, and the other Loan Documents described therein
(notwithstanding that such consent is not required). The Guarantor hereby
confirms that its guarantee of the obligations of Borrower remains in full force
and effect, and that the obligations of Borrower under the Loan Documents shall
include the obligations of Borrower under the Loan Documents as amended by the
Second Amendment.

DATED:  December 16, 1999

GUARANTOR:                              SSC EVERGREEN, INC.

                                        By /s/ Harrell Beck
                                          --------------------------------------
                                          Its   SR. V.P.
                                             -----------------------------------

                                       1
<PAGE>   11

                                   EXHIBIT A-1

                            REVOLVING PROMISSORY NOTE

$45,450,001                                             Date:  December 16, 1999

        FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS, INC., a
Washington corporation ("Borrower"), hereby promises to pay to the order of BANK
OF AMERICA, N.A. ("Lender"), the unpaid principal balance of all Revolving Loans
evidenced by this Note in a maximum amount not to exceed Forty-Five Million Four
Hundred Fifty Thousand and One Dollars ($45,450,001), together with interest
thereon from the date advanced until due as hereinafter provided. This Note
replaces that certain Revolving Promissory Note dated September 30, 1999 by
Borrower in favor of Lender in the amount of $60,600,000, and is one of the
Revolving Notes issued by the Borrower pursuant to that certain Second Amended
and Restated Loan Agreement of September 30, 1999 (as the same may be amended,
renewed, modified or supplemented from time to time, the "Loan Agreement"), by
and among Lender, KeyBank National Association, U.S. Bank National Association,
LaSalle Bank National Association, Bank One, NA and The Bank of Nova Scotia as
Lenders, Bank of America, N.A., as Agent for the Lenders, and Borrower.
Capitalized terms not otherwise defined in this Note shall have the meanings set
forth in the Loan Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of Forty-Five
Million Four Hundred Fifty Thousand and One Dollars ($45,450,001), at any time
on or before the Revolving Loan Maturity Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

                                 Exhibit A-1 - 1
<PAGE>   12

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

        11. This Note amends, restates and continues that certain Revolving
Promissory Note made by Borrower in favor of Lender dated as of May 1, 1998.

                                                  SHURGARD STORAGE CENTERS, INC

                                                  By:___________________________
                                                          Its:__________________

                                 Exhibit A-1 - 2
<PAGE>   13

                                   EXHIBIT A-2

                            REVOLVING PROMISSORY NOTE

$38,233,333                                             Date:  December 16, 1999

                FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS,
INC., a Washington corporation ("Borrower"), hereby promises to pay to the order
of KEYBANK NATIONAL ASSOCIATION ("Lender") the unpaid principal balance of all
Revolving Loans evidenced by this Note in a maximum amount not to exceed
Thirty-Eight Million Two Hundred Thirty-Three Thousand Three Hundred and
Thirty-Three Dollars ($38,233,333), together with interest thereon from the date
advanced until due as hereinafter provided. This Note replaces that certain
Revolving Promissory Note dated September 30, 1999 by Borrower in favor of
Lender in the amount of $49,800,000, and is one of the Revolving Notes issued by
the Borrower pursuant to that certain Second Amended and Restated Loan Agreement
of September 30, 1999 (as the same may be amended, renewed, modified or
supplemented from time to time, the "Loan Agreement"), by and among Lender, Bank
of America, N.A., U.S. Bank National Association, LaSalle Bank National
Association, Bank One, NA and The Bank of Nova Scotia, as Lenders, Bank of
America, N.A., as Agent for the Lenders, and Borrower. Capitalized terms not
otherwise defined in this Note shall have the meanings set forth in the Loan
Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of
Thirty-Eight Million Two Hundred Thirty-Three Thousand Three Hundred and
Thirty-Three Dollars ($38,233,333), at any time on or before the Revolving Loan
Maturity Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

                                 Exhibit A-2 - 1

<PAGE>   14

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

        11. This Note amends, restates and continues that certain Revolving
Promissory Note made by Borrower in favor of Lender dated as of May 1, 1998.

                                             SHURGARD STORAGE CENTERS, INC.

                                             By:________________________________
                                                Its:____________________________

                                Exhibit A-2 - 2
<PAGE>   15

                                   EXHIBIT A-3

                            REVOLVING PROMISSORY NOTE

$38,233,333                                             Date:  December 16, 1999

        FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS, INC., a
Washington corporation ("Borrower"), hereby promises to pay to the order of U.S.
BANK NATIONAL ASSOCIATION ("Lender") the unpaid principal balance of all
Revolving Loans evidenced by this Note in a maximum amount not to exceed
Thirty-Eight Million Two Hundred Thirty Three Thousand Three Hundred and
Thirty-Three Dollars ($38,233,333), together with interest thereon from the date
advanced until due as hereinafter provided. This Note replaces that certain
Revolving Promissory Note dated September 30, 1999 by Borrower in favor of
Lender in the amount of $49,800,000, and is one of the Revolving Notes issued by
the Borrower pursuant to that certain Second Amended and Restated Loan Agreement
of September 30, 1999 (as the same may be amended, renewed, modified or
supplemented from time to time, the "Loan Agreement"), by and among Lender, Bank
of America, N.A., KeyBank National Association, LaSalle Bank National
Association, Bank One, NA and The Nova Scotia Bank, as Lenders, Bank of America,
N.A., as Agent for the Lenders, and Borrower. Capitalized terms not otherwise
defined in this Note shall have the meanings set forth in the Loan Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of
Thirty-Eight Million Two Hundred Thirty-Three Thousand Three Hundred and
Thirty-Three Dollars ($38,233,333), at any time on or before the Revolving Loan
Maturity Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

                                 Exhibit A-3 - 1
<PAGE>   16

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

        11. This Note amends, restates and continues that certain Revolving
Promissory Note made by Borrower in favor of Lender dated as of May 1, 1998.

                                             SHURGARD STORAGE CENTERS, INC.

                                             By:________________________________
                                                Its:____________________________

                                Exhibit A-3 - 2
<PAGE>   17

                                   EXHIBIT A-4

                            REVOLVING PROMISSORY NOTE

$29,850,000                                             Date:  December 16, 1999

        FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS, INC., a
Washington corporation ("Borrower"), hereby promises to pay to the order of
LASALLE BANK NATIONAL ASSOCIATION ("Lender") the unpaid principal balance of all
Revolving Loans evidenced by this Note in a maximum amount not to exceed
Twenty-Nine Million Eight Hundred Fifty Thousand Dollars ($29,850,000), together
with interest thereon from the date advanced until due as hereinafter provided.
This Note replaces that certain Revolving Promissory Note dated September 30,
1999 by Borrower in favor of Lender in the amount of $39,800,000, and is one of
the Revolving Notes issued by the Borrower pursuant to that certain Second
Amended and Restated Loan Agreement of September 30, 1999 (as the same may be
amended, renewed, modified or supplemented from time to time, the "Loan
Agreement"), by and among Lender, Bank of America, N.A., KeyBank National
Association, U.S. Bank National Association, Bank One, NA and The Bank of Nova
Scotia, as Lenders, Bank of America, N.A., as Agent for the Lenders, and
Borrower. Capitalized terms not otherwise defined in this Note shall have the
meanings set forth in the Loan Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of Twenty-Nine
Million Eight Hundred Fifty Thousand Dollars ($29,850,000), at any time on or
before the Revolving Loan Maturity Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

                                Exhibit A-4 - 1
<PAGE>   18

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

        11. This Note amends, restates and continues that certain Revolving
Promissory Note made by Borrower in favor of Lender dated as of May 1, 1998.

                                             SHURGARD STORAGE CENTERS, INC.

                                             By:________________________________
                                                Its:____________________________

                                Exhibit A-4 - 2
<PAGE>   19

                                   EXHIBIT A-5

                            REVOLVING PROMISSORY NOTE

$38,233,333                                             Date:  December 16, 1999

        FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS, INC., a
Washington corporation ("Borrower"), hereby promises to pay to the order of BANK
ONE, NA ("Lender") the unpaid principal balance of all Revolving Loans evidenced
by this Note in a maximum amount not to exceed Thirty-Eight Million Two Hundred
Thirty-Three Thousand Dollars ($38,233,333), together with interest thereon from
the date advanced until due as hereinafter provided. This Note is one of the
Revolving Notes issued by the Borrower pursuant to that certain Second Amended
and Restated Loan Agreement of September 30, 1999 (as the same may be amended,
renewed, modified or supplemented from time to time, the "Loan Agreement"), by
and among Lender, Bank of America, N.A., KeyBank National Association, U.S. Bank
National Association, LaSalle Bank National Association and The Bank of Nova
Scotia, as Lenders, Bank of America, N.A., as Agent for the Lenders, and
Borrower. Capitalized terms not otherwise defined in this Note shall have the
meanings set forth in the Loan Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of
Thirty-Eight Million Two Hundred and Thirty-Three Thousand Three Hundred and
Thirty-Three Thousand Dollars ($38,233,333), at any time on or before the
Revolving Loan Maturity Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

                                Exhibit A-5 - 1
<PAGE>   20

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

                                             SHURGARD STORAGE CENTERS, INC.

                                             By:________________________________
                                                Its:____________________________

                                Exhibit A-5 - 2
<PAGE>   21

                                   EXHIBIT A-6

                            REVOLVING PROMISSORY NOTE

$10,000,000                                             Date:  December 16, 1999

        FOR VALUE RECEIVED, the undersigned SHURGARD STORAGE CENTERS, INC., a
Washington corporation ("Borrower"), hereby promises to pay to the order of THE
BANK OF NOVA SCOTIA ("Lender") the unpaid principal balance of all Revolving
Loans evidenced by this Note in a maximum amount not to exceed Ten Million
Dollars ($10,000,000), together with interest thereon from the date advanced
until due as hereinafter provided. This Note is one of the Revolving Notes
issued by the Borrower pursuant to that certain Second Amended and Restated Loan
Agreement of September 30, 1999 (as the same may be amended, renewed, modified
or supplemented from time to time, the "Loan Agreement"), by and among Lender,
Bank of America, N.A., KeyBank National Association, U.S. Bank National
Association, LaSalle Bank National Association and Bank One, NA, as Lenders,
Bank of America, N.A., as Agent for the Lenders, and Borrower. Capitalized terms
not otherwise defined in this Note shall have the meanings set forth in the Loan
Agreement.

        Borrower further agrees as follows:

        1. This Note evidences a revolving line of credit to Borrower from
Lender and, subject to the terms and conditions of the Loan Agreement, Borrower
may borrow, repay and reborrow up to the maximum principal amount of Ten Million
Dollars ($10,000,000), at any time on or before the Revolving Loan Maturity
Date.

        2. Borrower shall repay the principal balance of the Revolving Loans
evidenced hereby on or before the Revolving Loan Maturity Date.

        3. Interest shall accrue on the unpaid principal balance of all
Revolving Loans evidenced by this Note from the date hereof until due at a per
annum rate equal to the Applicable Interest Rate, and if default shall occur in
the payment when due of principal of any such Loan, from maturity until it is
paid in full at a per annum rate equal to three percent (3%) above the Prime
Rate (changing as the Prime Rate changes). Notwithstanding anything herein to
the contrary, in no event shall interest accrue at a rate which exceeds the
maximum rate permitted by applicable law. Accrued but unpaid interest shall be
payable on dates set forth in Section 2.5(a) of the Loan Agreement.

        4. The unpaid principal balance shall be the total amount advanced
hereunder, less the amount of the principal payments made hereon. This Note is
given to avoid the execution of an individual note for each Revolving Loan by
Lender to Borrower.

                                Exhibit A-6 - 1
<PAGE>   22

        5. All payments of principal and of interest on this Note shall be made
to the Agent at its Commercial Loan Processing Center, in U.S. Dollars, as
provided in Section 2.7(a) of the Loan Agreement.

        6. Each maker, surety, guarantor and endorser of this Note expressly
waives all notices, demands for payment, presentations for payment, notices of
intention to accelerate the maturity, protest and notice of protest as to this
Note.

        7. In the event this Note is placed in the hands of an attorney for
collection, or suit is brought on the same, or the same is collected through
bankruptcy or other judicial proceedings, then Borrower agrees and promises to
pay reasonable attorney's fees and collection costs, including all out-of-pocket
expenses incurred by Agent or Lenders.

        8. Moneys received from or for account of the Borrower shall be applied
in accordance with the terms of the Loan Agreement.

        9. Upon the occurrence of an Event of Default, the entire remaining
unpaid balance of the principal and interest may, in accordance with Section 9.2
of the Loan Agreement, be declared to be immediately due and payable.

        10. This Note is issued in connection with and is subject to the terms
of the Loan Agreement.

                                             SHURGARD STORAGE CENTERS, INC.

                                             By:________________________________
                                                Its:____________________________

                                Exhibit A-6 - 2<PAGE>   1
                                                                   EXHIBIT 10.22

                              SEPARATION AGREEMENT
                           AND MUTUAL GENERAL RELEASE

This Separation Agreement and Mutual General Release ("Agreement") is made and
entered into as of the 26th day of January, 2000, at Seattle, Washington by and
among SHURGARD STORAGE CENTERS, INC., a Washington corporation ("Shurgard"), on
the one hand; and MICHAEL ROWE, an individual ("Rowe") and TINA ROWE, an
individual, on the other hand.

                                 R E C I T A L S

A. Rowe has been employed by Shurgard or its predecessor from October 1, 1982
through the present, most recently as Executive Vice President and Chief
Operating Officer and as an officer and director of various affiliates and
subsidiaries of Shurgard.

B. Shurgard and Rowe have determined that Rowe will end his employment as an
officer of Shurgard, and as an officer and/or director of Shurgard's
subsidiaries and affiliates effective January 27, 2000.

C. Rowe and Shurgard desire to determine their respective rights, benefits,
duties and obligations, and therefore enter into this Agreement upon the terms
and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual promises, covenants,
representations and agreements herein contained, the parties hereto agree as
follows:

                                A G R E E M E N T

1. Payments to Rowe. Commencing January 28, 2000 or such other date as the
parties may agree (the "Commencement Date"), Shurgard shall pay Rowe (i) salary
continuation benefits equal to his 1999 base salary ($240,000.00) in equal
bi-weekly monthly payments for twelve (12) months, each installment to be paid
on Shurgard's regular payroll dates, and (ii) an amount necessary for Rowe to
continue medical benefits for himself and his dependents on the same basis as
Rowe currently receives such benefits as of the date of execution of this
Agreement in accordance with COBRA. All payments made under this Section 1 shall
be subject to ordinary withholding and payroll taxes. In the event that Rowe
accepts employment with an employer offering medical benefits substantially
similar to those he currently receives at Shurgard, Shurgard may discontinue the
COBRA payments following Rowe's enrollment in such benefit program. Rowe will
cease to accrue vacation, sick leave or other paid leave benefits as of January
27, 2000.

2. Benefits. In addition to the compensation described above, Rowe shall be
entitled to the following additional benefits:

                (a) Rowe shall be eligible to participate in Shurgard's bonus
program for calendar year 1999 as approved by Shurgard's Board of Directors, to
be paid in accordance with standard company procedures. Rowe shall also be
entitled to any vested benefits under Shurgard's 401(k) plan and ESOP plan
contributed to and/or earned in 1999, to be distributed to Rowe in accordance
with standard company procedure for departing employees.

                (b) Rowe shall be eligible for performance awards under
Shurgard's 1995 Long-Term Incentive Compensation Plan based on Shurgard's

<PAGE>   2

business results for the measurement period commencing January 1, 1997 and
ending December 31, 1999, to be paid in accordance with standard company
procedures.

                (c) Rowe will be reimbursed the balance of his community-giving
fund established by him, which balance is approximately $6,500.00.

                (d) The post-termination exercise period of all of Rowe's
nonqualified stock options which have vested as of the Commencement Date will be
extended to January 27, 2001, unless the options by their respective terms
expire sooner. In the event Rowe wishes to sell more than 15,000 shares of
Shurgard stock at one time, Rowe agrees to cooperate with Shurgard in the
orderly disposition of such shares.

                (e) Rowe will be entitled to reimbursement for outplacement
services to be given by Lee Hecht Harrison or other provider reasonably
acceptable to Shurgard, up to a maximum of $11,000.00.

3. Status of Other Agreements. Rowe shall be entitled to his proportional share
of the remaining proceeds to be distributed from Shurgard Institutional I and II
in accordance with his status as a shareholder of Shurgard. The provisions of
this Agreement shall supercede the Senior Management Business Combination
Agreement previously entered into between Rowe and Shurgard.

4. Change of Control. In the event of a "change of control," as defined below,
(i) all payments pursuant to Section 1 of this Agreement shall immediately
become due and payable, and (ii) the noncompetition provisions of Paragraph 8
below shall be deemed void. For purposes of this Agreement, "change of control"
shall mean (i) the sale of fifty percent (50%) or more of the common stock or
assets of Shurgard by any party not approved by the Board of Directors of
Shurgard, or (ii) during any twelve (12) month period, the replacement of more
than half of the incumbent Board members with people nominated other than by the
incumbent Board.

5. General Release of Shurgard. Except for the obligations set forth herein and
any obligation to indemnify Rowe imposed by operation of law or provided in
Shurgard's Certificate of Incorporation or Bylaws, Rowe and Tina Rowe hereby
acknowledge full and complete satisfaction of and do hereby release and fully
discharge Shurgard, its predecessor, successor, parent, subsidiary and
affiliated entities, past and present as well as its partners, officers,
directors, shareholders, agents, servants, employees, representatives,
attorneys, heirs, successors and assigns, past and present, and each of them
(collectively referred to as the "Shurgard Releasees"), from any and all claims,
demands, and causes of action of every kind and nature (including, without
limitation, claims for damages, costs, expenses, loss of services, loss of
consortium, and attorneys' and accountants' fees and expenses), whether known or
unknown, suspected or unsuspected, which Rowe and Tina Rowe now owns or holds or
at any time heretofore has owned or held against the Shurgard Releasees, or any
of them, arising out of, resulting from, or in any way related to any
transaction, agreement, occurrence, act, or omission whatsoever occurring,
existing, or omitted at any time before the date hereof, including, without
limiting the generality of the foregoing, such claims, demands, and causes of
action:

                (a) Arising out of or in any way connected with Rowe's
employment by Shurgard.

                (b) Arising out of any federal, state or other government
statute or ordinance, including without limitation, Title VII of the Civil

                                      -2-
<PAGE>   3

Discrimination in Employment Act of 1967 (29 U.S.C. Section 21 et seq.), the
California Fair Employment and Housing Act, or any other legal limitation on the
employment relationship.

6. Review and Revocation Period; Effective Date. Shurgard and Rowe agree that
Rowe shall have twenty-one (21) days to review this Agreement and consult legal
counsel if he so chooses, during which time the proposed terms of this Agreement
shall not be amended, modified or revoked by Shurgard. Rowe may revoke this
Agreement if he so chooses by providing notice of his decision to revoke the
Agreement to Shurgard within seven days following the date he signs this
Agreement. This Agreement shall become effective and enforceable upon expiration
of such seven (7)-day revocation period. Rowe acknowledges and agrees that the
compensation and benefits he is receiving pursuant to this Agreement is greater
than the compensation and benefits to which he would otherwise have been
entitled to upon termination of his employment with Shurgard.

7. General Release of Rowe. Except for the obligations set forth herein, any
claims for willful misconduct or fraud, and any loans or borrowings by Rowe from
any deferred compensation plan or agreement, Shurgard for itself and for its
subsidiaries and affiliate corporations hereby acknowledges full and complete
satisfaction of and does hereby release and fully discharge Rowe, his agents,
servants, employees, representatives, attorneys, heirs, successors and assigns,
past and present, and each of them (collectively referred to as the "Rowe
Releasees"), from any and all claims, demands, and causes of action of every
kind and nature (including, without limitation, claims for damages, costs,
expenses, loss of services, and attorneys' and accountants' fees and expenses),
whether known or unknown, suspected or unsuspected, which Shurgard or its
subsidiary or affiliate corporations now own or hold or at any time heretofore
has owned or held against the Rowe Releasees, or any of them, arising out of,
resulting from, or in any way related to any transaction, agreement, occurrence,
act, or omission whatsoever occurring, existing, or omitted at any time before
the date hereof, including, without limiting the generality of the foregoing,
such claims, demands, and causes of action arising out of or in any way
connected with Rowe's employment by Shurgard.

8. Noncompetition.

                (a) As used herein, the term "Competitive Activity" shall mean
any participation in, assistance of business from, engagement in business with,
or assistance, promotion or organization of, any person, partnership,
corporation, firm, association or other business organization, entity or
enterprise by Rowe (other than the Company) which, directly or indirectly, is
engaged in, or hereinafter engages in the acquisition, development, and/or
operation of self storage facilities, containerized or other portable storage
activities (other than ownership not to exceed two percent in any publicly
traded company).

                (b) During the period commencing on January 28, 2000 and ending
on the later of (i) the termination of this Agreement, or (ii) January 27, 2001,
Rowe shall not engage in any Competitive Activity in (i) any of the metropolitan
statistical areas listed on Exhibit "A" attached to this Agreement and hereby
incorporated by reference, or (ii) any of the following countries: (A) Belgium;
(B) Canada; (C) Denmark; (D) Finland; (E) France; (F) Germany; (G) Italy; (H)
Norway; (I) Spain; (J) Sweden, (K) Switzerland, and (L) the United Kingdom.

                (c) Solicitation of Customers. During the period commencing on
the execution of this Agreement and ending on the later of (i) the termination
of this Agreement, or (ii) January 27, 2001, Rowe shall not directly or
indirectly, either for his own benefit or purposes or for the benefit or
purposes of any other person, solicit, call on, interfere with, accept any

                                      -3-
<PAGE>   4

business from, attempt to divert or entice away any person or firm who was or
is a customer of the Company, if such business involves the development,
operation, and/or disposition of self storage facilities.

                (d) Solicitation of Employees. During the period commencing on
the execution of this Agreement and ending on the later of (i) the termination
of this Agreement, or (ii) January 27, 2001, Rowe shall not directly or
indirectly, employ or offer to employ, call on, solicit, interfere with, attempt
to direct or entice away any current employee or independent contractor of the
Company in any capacity if that person possesses or has knowledge of any trade
secrets.

                (e) Trade Secrets. Rowe shall not, without the prior written
consent of the Company, except as may be required by law, governmental rules and
regulations or litigation between the parties, disclose or use, in any way, any
confidential business or technical information or trade secret of the Company,
whether or not conceived of or prepared by Rowe (the "Trade Secrets"), including
without limitation any information concerning any procedures, operations,
investments, techniques, data, compilations of information, records, financing,
costs, employees, purchasing, accounting, marketing, merchandising, sales,
customers, salaries, pricing, profits, plans for future development, and the
identity, requirements, preferences, practices and methods of doing business of
specific parties with whom the Company transacts business, and all other
information which is related to any service or business of the Company; all of
which Trade Secrets are the exclusive and valuable property of the Company.

                (f) Injunctive Relief. Rowe hereby acknowledges and agrees that
it would be difficult to fully compensate the Company for damages resulting from
the breach or threatened breach of the foregoing provisions and, accordingly,
that the Company, without being required to post any bond, shall be entitled to
(i) discontinue any severance and/or benefit payments due to Rowe; and (ii)
temporary and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, to enforce such provisions.
This provision with respect to injunctive relief shall not, however, diminish
the Company's right to claim and recover damages. Notwithstanding the foregoing,
the Company agrees that in the event that Rowe engages in the development,
operation and/or disposition of self storage facilities, containerized or other
portable storage activities in violation of subsection (a) above, and further
providing that Rowe has not violated any other subsection of this Section 8, and
is not otherwise in default of this Agreement, the Company's remedy for such
violation shall be limited to (i) immediate discontinuance of any further
severance and/or benefit payments in excess of three (3) months' worth of
severance and/or benefit payments which Rowe shall be entitled to retain, due to
Rowe, and recovery of any severance and/or benefits paid to Rowe from the
commencement date of such violation, and (ii) in the event that such a breach
occurs after April 3, 2000, Rowe shall no longer be entitled to exercise any
vested but unexercised stock options.

9. Consultation With Counsel. Each party hereto acknowledges and represents that
he or it has consulted with legal counsel before effecting this settlement and
executing this Agreement and that he or it understands its meaning, including
the release of any claims under the Age Discrimination in Employment Act of 1967
(20 U.S.C. Section 21, et. seq.), and expressly consents that this Agreement
shall be given full force and effect according to each and all of its express
terms and provisions, including those relating to the release of unknown and
unsuspected claims, demands, and causes of action.

10. No Admissions. This Agreement is part of the compromise and settlement of
contested claims. No action taken by the parties hereto, either previously or in
connection with the compromise reflected in this Agreement, shall be deemed or
construed to be an admission of the truth or falsity of any matter pertaining to
any claim, demand, or cause of action referred to herein or relating to the
subject matter of this Agreement, or any acknowledgment by them, or any of them,
of any fault or liability to any party hereto or to any other person in
connection with any matter or thing.

                                      -4-
<PAGE>   5

11. Non-Disparagement. Rowe shall not disparage or negatively criticize
Shurgard, its management, its products, or any of its employees to any other
person in any manner whatsoever. Shurgard shall not disparage or negatively
criticize Rowe in any manner whatsoever.

12. No Assignments. Each party hereto represents and warrants to each other
party hereto, and each of them, that no portion of any claim, demand, cause of
action, or other matter released herein, nor any portion of any recovery or
settlement to which one party might be entitled from another party, has been
assigned or transferred to any other person or entity, either directly or by way
of subrogation or operation of law. Each party hereby agrees to indemnify,
defend, and hold harmless each other party, and each of them, from all loss,
cost, claim, or expense (including, but not limited to, all expenses of
investigation and defense of any such claim or action, including reasonable
attorneys' and accountants' fees and expenses) arising out of any claim made or
action instituted by any person or entity who claims to be the beneficiary of
such assignment or transfer, and to pay and satisfy any judgment resulting from
or any settlement of any such claim or action.

13. Governing Law. This Agreement and its terms and conditions shall be governed
by the laws and construed solely in accordance with the laws of the of State of
Washington.

14. Failure or Delay Not a Waiver. No failure or delay on the part of any party
to exercise any right hereunder, nor any other indulgence of such party, shall
operate as a waiver of any other rights hereunder, nor shall any single exercise
by any party of any right hereunder preclude any other or further exercise
thereof. The rights and remedies herein provided are cumulative and not
exclusive of any rights or remedies provided by law.

15. No Representations. Each party hereto acknowledges that he or it has relied
wholly upon his or its own judgment, belief and knowledge of the existence,
nature and extent of each claim, demand, or cause of action that he or it may
have against another which is hereby released and that he or it has not been
influenced to any extent in entering into this Agreement by any representations
or statements regarding any such claim, demand, or cause of action made by any
other party hereto. Each party acknowledges that he or it is executing and
delivering this Agreement after having received from legal counsel of his or its
own choosing legal advice as to her or its rights hereunder and the legal effect
hereof.

16. Attorneys' Fees and Costs. In the event any litigation, arbitration or other
proceeding is brought for the interpretation or enforcement of this Agreement,
or because of an alleged dispute, default, misrepresentation, or breach arising
out of or relating to any of the provisions of this Agreement, the successful or
prevailing party or parties shall be entitled to recover reasonable attorneys'
fees, costs, and expenses actually incurred in connection therewith, in addition
to any other relief to which she, it, or they may be entitled.

17. Integration. This Agreement constitutes the entire understanding between the
parties hereto pertaining to the subject matter hereof and fully supersedes any
and all prior agreements and understandings, whether written or oral, between
the parties hereto pertaining to the subject matter hereof.

18. Amendments. No changes in, additions to, or modifications of this Agreement
shall be valid unless set forth in writing executed by all parties hereto.

                                      -5-
<PAGE>   6

19. Successors and Assigns. The provisions of this Agreement shall be binding
upon and inure to the benefit of the respective parties and their heirs,
executors, administrators, agents, representatives, successors, and assigns.

20. Additional Documents. The parties hereto agree to execute such additional
documents and perform such further acts as may be reasonably necessary to
effectuate the purpose of this Agreement.

21. Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

22. Headings. The Headings in this Agreement are for convenience or reference
only, and shall not limit or otherwise affect the meaning hereof.

23. Authority to Execute. Each individual signing this Agreement, and any other
documents executed in connection with this Agreement, whether signed
individually or on behalf of any person or entity, warrants and represents that
he or he has full authority to so execute the Agreement on behalf of the parties
on whose behalf he so signs. Each separately acknowledges and represents that
this representation and warranty is an essential and material provision of this
Agreement and shall survive execution of this Agreement. Shurgard represents and
warrants that it has the authority and capacity to perform each of its
obligations under this Agreement or that it will cause such obligation to be
fulfilled.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date and year first written above.

                                             SHURGARD STORAGE CENTERS, INC.
                                             a Washington corporation

                                             By:  /s/ Charles K. Barbo
                                                --------------------------------

                                                Name: Charles K. Barbo

                                                Its: Chairman & CEO

                                                Date Signed:   1/26/2000

                                      -6-
<PAGE>   7

                                             /s/ Michael Rowe
                                             -----------------------------------

                                                MICHAEL ROWE

                                             Date Signed: 1/26/2000

                                             /s/  Tina Rowe
                                             -----------------------------------

                                             TINA ROWE

                                             Date Signed: 1/26/2000

                                      -7-

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