Document:

Letter Agreement dated August 9, 2011

			
	

	  	EXHIBIT 10.38

 August 9, 2011 
 Michelle Gass 
 Dear Michelle: 
 Thank you for your contributions to the Company’s success and congratulations on your promotion to president, EMEA. I value your passion for the organization and look forward to you continuing in
your new position, which will begin on October 3, 2011. 
 Here are the specifics of your offer: 

Assignment 
 You will be working in
London, U.K. on an expatriate assignment. Starbucks anticipates the duration of your assignment to be three (3) years. Starbucks reserves the right to shorten or lengthen the duration of your assignment for any reason. 

Salary and Bonus 
 Salary and bonus
target changes for fiscal 2012 will be considered by the Compensation and Management Development Committee of the Board (the “Compensation Committee”) at their September meeting. Any approved changes will be effective October 3, 2011.

 Stock 
 You will remain
eligible for the Starbucks Corporation Amended and Restated 2005 Key Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan (the “Key Employee Plan”) and the Starbucks Corporation Employee Stock Purchase Plan – 1995 (S.I.P.)
while on assignment. 
 You should obtain tax advice before exercising stock options or selling shares while you are on assignment due to
potentially severe tax implications. (See the Tax section of the International Assignment Addendum for more information.) 
 The Company’s
executive stock ownership guidelines will continue to apply to you. Any changes to your minimum stock ownership level as president, EMEA will be considered by the Compensation Committee in September. 

Savings 
 As long as you are on the U.S.
Payroll, your service will be counted for purposes of determining eligibility for the Management Deferred Compensation Plan (MDCP) and the Future Roast 401(k) Savings Plan (401(k) Plan), while on expatriate assignment. If you have questions
about MDCP or the 401(k) Plan, please contact the Starbucks Savings Team at savings@starbucks.com. You may obtain more information about the plans on the Savings link at http://LifeAt.sbux.com. 

Medical Benefits 
 For the duration of
your international assignment, you will be enrolled in Starbucks Expatriate Health Plan insured by CIGNA International, which replaces your current health plan. (Please refer to the attached International Assignment Addendum for more details.)

 Michelle Gass 
 Page 2 
  

 Executive Physical Exam 
 You will continue to be eligible to participate in Starbucks executive physical program. 

Executive Life Insurance 
 You will
continue to receive partner life coverage equal to three (3) times your annualized base pay, paid for by Starbucks. You may purchase up to an additional two (2) times your annualized base pay (for a total of five (5) times pay) to a
maximum life insurance benefit of $2,000,000. 
 Relocation and Expatriate Benefits 

You are presently scheduled to relocate to London on or around August 15, 2011. Typical and customary expenses will be paid by Starbucks. Starbucks
wants your move to be a positive one. To assist you, we have partnered with Paragon to provide you with relocation services. You will be assigned a consultant who will be your central point of contact to address issues and questions you may have
regarding your relocation. Your relocation package is outlined in the attached International Assignment Addendum and further information on these benefits can be found in the Relocation Guidelines to be provided to you by Paragon. Typical expatriate
benefits while on assignment, such as tax equalization, host country housing and goods and services differential, are outlined in the attached International Assignment Addendum. 
 Section 16 Obligations 
 As president, EMEA, you will be subject to the reporting
requirements of Section 16 of the Securities Exchange Act of 1934, as amended, and responsible for filings with the Securities Exchange Commission. Starbucks legal counsel will assist you with your filings. 

Recovery of Incentive Compensation Policy 

As a Section 16 officer of the Company, you are also subject to the Starbucks Recovery of Incentive Compensation Policy (the “Clawback
Policy”). The Clawback Policy is included in the attached consent which you are required to sign indicating that you have read and agree to the terms and conditions of the policy. 
 Insider Trading Policy 
 As an executive of the Company, you will continue to be prohibited
from trading Starbucks securities (or, in some circumstances, the securities of companies doing business with Starbucks) from time to time in accordance with the Company’s Insider Trading Policy and Blackout Procedures. 

Coffee Hedging 
 As an officer of the
Company, you are prohibited from trading in coffee commodity futures for your own account. 
 Your employment with Starbucks Coffee Company will
be “at will,” meaning that either you or the Company will be entitled to terminate your employment at any time and for any reason, not prohibited by law. 
 On behalf of the entire team, I wish you the best in your new role and look forward to your continued success and partnership. 
 Warm regards, 
  

	
	/s/    Howard Schultz
	 Howard Schultz
 chairman,
president and chief executive officer

 Michelle Gass 
 Page 3 
  

			
	cc:	  	 partner file
 Kalen
Holmes

		
	Enc.	  	 International Assignment Addendum
 Non-Competition Agreement
 Starbucks Recovery of Incentive Compensation Policy
Consent

 I accept employment with Starbucks Corporation, and its wholly-owned subsidiaries, according to the terms set forth
above. 
  

							
	/s/    Michelle Gass	 		 	 8.14.2011
	 	
	Michelle Gass	 		 	Date	 	

 Please sign and return one copy of this letter, the International Assignment Addendum, the Non-Competition Agreement, and
the Starbucks Recovery of Incentive Compensation Policy Consent to Kalen Holmes.Letter Agreement dated September 16, 2011

			
	

	  	EXHIBIT 10.39

 September 16, 2011 
 Michelle Gass 
 Dear Michelle: 
 As I communicated to you in your August 9, 2011 letter, the Compensation and Management Development Committee (the “Committee”) was to consider further compensation changes for you in
recognition of your new role as president, Starbucks Coffee EMEA. At their September meeting, the Committee approved the changes as follows: 

Salary 
 Effective October 3, 2011,
you will be paid bi-weekly a base salary that annualizes to $490,000 USD. 
 Bonus 

You will continue to be eligible to participate in the Executive Management Bonus Plan (EMBP). For fiscal 2012 your bonus target will be 75% of
your eligible base salary. Payout will be based on achievement of objectives as approved each year by the Compensation Committee. 
 Stock
Ownership 
 The Company’s executive stock ownership guidelines will continue to apply to you. Effective October 3, 2011, your
minimum stock ownership level as president, Starbucks Coffee EMEA will increase from two (2) times to three (3) times your annual base salary. You will continue to have until December 1, 2013 to meet your initial two times
salary requirement, and an additional year (i.e., until December 1, 2014) to meet the additional multiple of salary. 
 On behalf of the
entire team, I wish you the very best in your new role and look forward to your continued success. 
 Warm regards, 

 

	
	/s/    Howard Schultz
	 Howard Schultz
 chairman,
president and chief executive officer

  

			
	cc:	  	 partner file
 Kalen
Holmes

 I accept employment with Starbucks Corporation, and its wholly-owned subsidiaries, according to the terms set forth
above. 
  

							
	/s/    Michelle Gass	 		 	 9.21.2011
	 	
	Michelle Gass	 		 	Date	 	

 Please sign and return one copy of this letter to Kalen Holmes.EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 dated as of 

November 15, 2011 
 among 
 STRATEGIC STORAGE OPERATING PARTNERSHIP, L.P. 

AND CERTAIN AFFILIATED ENTITIES, collectively as Borrower 
 and 
 The Lenders Party Hereto 

and 
 KEYBANK,
NATIONAL ASSOCIATION, 
 as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	2	  
		
	 SECTION 1.01 Defined Terms
	  	 	2	  
	 SECTION 1.02 Classification of Loans and Borrowings
	  	 	21	  
	 SECTION 1.03 Terms Generally
	  	 	21	  
	 SECTION 1.04 Accounting Terms; GAAP
	  	 	22	  
	 SECTION 1.05 Designation of Lead Borrower as Agent for Borrower
	  	 	22	  
		
	 ARTICLE II The Loans
	  	 	23	  
		
	 SECTION 2.01 Commitments
	  	 	23	  
	 SECTION 2.02 Loans and Borrowings
	  	 	23	  
	 SECTION 2.03 Requests for Revolving Borrowings
	  	 	24	  
	 SECTION 2.04 Increase of Commitments
	  	 	25	  
	 SECTION 2.05 Intentionally Reserved
	  	 	27	  
	 SECTION 2.06 Funding of Borrowings
	  	 	27	  
	 SECTION 2.07 Interest Elections
	  	 	28	  
	 SECTION 2.08 Intentionally Omitted
	  	 	29	  
	 SECTION 2.09 Repayment of Loans; Evidence of Debt
	  	 	29	  
	 SECTION 2.10 Prepayment of Loans
	  	 	30	  
	 SECTION 2.11 Fees
	  	 	31	  
	 SECTION 2.12 Interest
	  	 	31	  
	 SECTION 2.13 Alternate Rate of Interest
	  	 	32	  
	 SECTION 2.14 Increased Costs
	  	 	33	  
	 SECTION 2.15 Break Funding Payments
	  	 	34	  
	 SECTION 2.16 Taxes
	  	 	34	  
	 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	35	  
	 SECTION 2.18 Defaulting Lenders
	  	 	36	  
	 SECTION 2.19 Mitigation Obligations; Replacement of Lenders
	  	 	38	  
	 SECTION 2.20 Extension
	  	 	39	  
		
	 ARTICLE III Representations and Warranties
	  	 	40	  
		
	 SECTION 3.01 Organization; Powers
	  	 	40	  
	 SECTION 3.02 Authorization; Enforceability
	  	 	41	  
	 SECTION 3.03 Governmental Approvals; No Conflicts
	  	 	41	  
	 SECTION 3.04 Financial Condition; No Material Adverse Change
	  	 	41	  
	 SECTION 3.05 Properties
	  	 	41	  
	 SECTION 3.06 Intellectual Property
	  	 	43	  
	 SECTION 3.07 Litigation and Environmental Matters
	  	 	43	  
	 SECTION 3.08 Compliance with Laws and Agreements
	  	 	45	  
	 SECTION 3.09 Investment and Holding Company Status
	  	 	45	  
	 SECTION 3.10 Taxes
	  	 	45	  
	 SECTION 3.11 ERISA
	  	 	46	  
	 SECTION 3.12 Disclosure
	  	 	46	  

  
 i 

					
	 SECTION 3.13 Insurance
	  	 	46	  
	 SECTION 3.14 Margin Regulations
	  	 	46	  
	 SECTION 3.15 Subsidiaries; REIT Qualification
	  	 	46	  
		
	 ARTICLE IV Conditions
	  	 	47	  
		
	 SECTION 4.01 Effective Date
	  	 	47	  
	 SECTION 4.02 Each Credit Event
	  	 	48	  
		
	 ARTICLE V Affirmative Covenants
	  	 	48	  
		
	 SECTION 5.01 Financial Statements; Ratings Change and Other Information
	  	 	48	  
	 SECTION 5.02 Financial Tests
	  	 	50	  
	 SECTION 5.03 Notices of Material Events
	  	 	50	  
	 SECTION 5.04 Existence; Conduct of Business
	  	 	51	  
	 SECTION 5.05 Payment of Obligations
	  	 	51	  
	 SECTION 5.06 Maintenance of Properties; Insurance
	  	 	51	  
	 SECTION 5.07 Books and Records; Inspection Rights
	  	 	54	  
	 SECTION 5.08 Compliance with Laws
	  	 	54	  
	 SECTION 5.09 Use of Proceeds
	  	 	54	  
	 SECTION 5.10 Fiscal Year
	  	 	54	  
	 SECTION 5.11 Environmental Matters
	  	 	54	  
	 SECTION 5.12 Property Pool
	  	 	56	  
	 SECTION 5.13 Further Assurances
	  	 	57	  
	 SECTION 5.14 Parent Covenants
	  	 	57	  
	 SECTION 5.15 Partial Releases
	  	 	57	  
		
	 ARTICLE VI Negative Covenants
	  	 	58	  
		
	 SECTION 6.01 Liens
	  	 	58	  
	 SECTION 6.02 Fundamental Changes
	  	 	58	  
	 SECTION 6.03 Investments, Loans, Advances and Acquisitions
	  	 	59	  
	 SECTION 6.04 Hedging Agreements
	  	 	60	  
	 SECTION 6.05 Restricted Payments
	  	 	60	  
	 SECTION 6.06 Transactions with Affiliates
	  	 	60	  
	 SECTION 6.07 Parent Negative Covenants
	  	 	60	  
	 SECTION 6.08 Restrictive Agreements
	  	 	60	  
	 SECTION 6.09 Indebtedness
	  	 	61	  
	 SECTION 6.10 Management Fees
	  	 	61	  
		
	 ARTICLE VII Events of Default
	  	 	62	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	64	  
		
	 ARTICLE IX Miscellaneous
	  	 	66	  
		
	 SECTION 9.01 Notices
	  	 	66	  
	 SECTION 9.02 Waivers; Amendments
	  	 	67	  
	 SECTION 9.03 Expenses; Indemnity; Damage Waiver
	  	 	69	  
	 SECTION 9.04 Successors and Assigns
	  	 	70	  
	 SECTION 9.05 Survival
	  	 	73	  

  
 ii 

					
	 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several
	  	 	73	  
	 SECTION 9.07 Severability
	  	 	74	  
	 SECTION 9.08 Right of Setoff
	  	 	74	  
	 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	74	  
	 SECTION 9.10 WAIVER OF JURY TRIAL
	  	 	75	  
	 SECTION 9.11 Headings
	  	 	76	  
	 SECTION 9.12 Confidentiality
	  	 	76	  
	 SECTION 9.13 Interest Rate Limitation
	  	 	76	  
	 SECTION 9.14 USA PATRIOT Act
	  	 	77	  

  
 iii

 SCHEDULES: 
  

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

 EXHIBITS: 
  

					
	 Exhibit A
	 	–	  	Form of Assignment and Acceptance
	 Exhibit B
	 	–	  	Form of Compliance Certificate
	 Exhibit C
	 	–	  	Form of Guaranty
	 Exhibit D
	 	–	  	Form of Note
	 Exhibit E
	 	–	  	Form of Borrowing Request/Interest Rate Election
	 Exhibit F
	 	–	  	Joinder Agreement
	 Exhibit G
	 	–	  	Form of Borrowing Base Certificate

  
 iv 

 THIS AMENDED AND RESTATED CREDIT AGREEMENT AMENDS AND 

RESTATES THAT CERTAIN CREDIT AGREEMENT DATED JULY 1, 2011 (AS SAME 

WAS AMENDED FROM TIME TO TIME, THE “ORIGINAL CREDIT 

AGREEMENT”), ENTERED INTO BETWEEN STRATEGIC STORAGE OPERATING 

PARTNERSHIP, L.P. AND CERTAIN AFFILIATED ENTITIES, AS BORROWER, 

KEYBANK, NATIONAL ASSOCIATION, AS AGENT AND 
 KEYBANC CAPITAL MARKETS AS SOLE BOOKRUNNER AND SOLE LEAD 
 ARRANGER, AND

 THE VARIOUS LENDERS PARTY THERETO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS AMENDED
AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of the 15th day of November, 2011 by and among Borrower (as defined herein), the Lenders (as defined herein) and KeyBank (as defined herein).

 W I T N E S S E T H 

WHEREAS, the parties hereto entered into that certain Credit Agreement dated as of July 1, 2011 (the “Original
Agreement”), whereby the Administrative Agent and the Lenders made available to the Borrower a bridge loan facility in the initial amount of $22,000,000.00, on the terms and conditions contained therein. 

WHEREAS, Borrower initially borrowed an aggregate of $22,000,000.00 pursuant to the Original Agreement and has repaid $2,274,118.90,
leaving an outstanding principal balance of $19,725,881.10 as of the date hereof. 
 WHEREAS, Borrower has requested, and
KeyBank, as the Administrative Agent and the sole Lender has agreed, to amend and restate, in full, the Original Agreement in accordance with the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01 Defined Terms. As used in this Agreement,
the following terms have the meanings specified below: 
 “ABR” when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

 “Adjusted EBITDA” means, for a given testing period, EBITDA less the
Capital Expenditure Reserve. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means KeyBank, National Association, in its capacity as administrative agent for the Lenders
hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Allocated Guarantee Amount” for purposes of calculating the Indebtedness of a Person with respect to a Guarantee by such Person of the first mortgage security Indebtedness of an entity
in which such Person owns less than 100% of the ownership rights, means thirty percent (30%) of the positive result obtained by subtracting (i) the total amount of such first mortgage secured Indebtedness multiplied by such Person’s
Equity Percentage in such entity, from (ii) the amount of such first mortgage secured Indebtedness that is guaranteed by such Person. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on
such day plus 1/2 of 1%, and (c) the then applicable Adjusted LIBO Rate for one month interest periods, plus 1.00% per annum. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate, the
Daily Libor or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Daily Libor, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

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

  
 - 2 -

 “Applicable Rate” means, for any day, with respect to any ABR Loan, Daily
Libor Loan or Eurodollar Loan, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread” or “Eurodollar/Daily Libor Spread”: 

 

									
	 Total Leverage Ratio
	  	ABR
Spread	 	 	Eurodollar/Daily Libor
Spread	 
	Category 1
< 40%	  	 	1.00	% 	 	 	2.00	% 
	Category 2
3 40% and < 50%	  	 	1.25	% 	 	 	2.25	% 
	Category 3
3 50%	  	 	1.50	% 	 	 	2.50	% 

 Each change in the applicable ABR Spread or Eurodollar/Daily Libor Spread (“Spread”), as the case may
be, shall apply during the period commencing on the date of the most recent Compliance Certificate delivered to the Administrative Agent and ending on the date of receipt of the next Compliance Certificate pursuant to Section 5.01(d). If
a Compliance Certificate is not delivered to the Administrative Agent in accordance with Section 5.01(d) the applicable Spread shall be deemed to be in Category 3 until the required Compliance Certificate is delivered to the
Administrative Agent. The provisions of this definition shall be subject to Section 2.09(f). 

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

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

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

“Availability Period” means the period from and including the Effective Date through the Business Day immediately
preceding the Maturity Date. 
 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” means, collectively, Strategic Storage Operating Partnership, L.P., a
Delaware limited partnership (“SSOP”), 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, SSTI 815 LASALLE AVE, LLC, a Delaware limited liability company, SSTI 8900 MURRAY AVE, LLC, a Delaware limited liability company and any other Person who from time to time becomes a “Borrower” as required by
Section 5.12. 

  
 - 3 -

 “Borrower Information” shall have the meaning set forth in
Section 2.09(f). 
 “Borrowing” means Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 

“Borrowing Base Availability” means, as adjusted from time to time pursuant to the terms hereof, the lesser of
(a) sixty percent (60%) of the Pool Value or (b) a loan amount which would provide a minimum Debt Yield of ten and one half percent (10.5%). 
 “Borrowing Base Certificate” means a certificate in the form of which is attached hereto as Exhibit G. 
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Boston, Massachusetts or New York, New York are authorized or required by law to
remain closed; provided that, when used in connection with a Eurodollar Loan or a Daily Libor Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London
interbank market. 
 “Capital Expenditure Reserve” means, on an annual basis, an amount equal to $0.15 per
square foot for each property owned by a Borrower or the Parent (or a Subsidiary thereof). 
 “Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Change in Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of fifty percent (50%) or more of the
Equity Interests of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire
pursuant to any option right); 

  
 - 4 -

 (b) during any period of twelve (12) consecutive months, a majority of
the members of the board of directors or other equivalent governing body of Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of
directors); or 
 (c) Parent shall cease to (i) either be the sole general partner of, or wholly own and
control the general partner of, Lead Borrower or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of Lead Borrower; or 

(d) Lead Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of
each other Borrower free and clear of any Liens (other than Liens in favor of Administrative Agent). 
 “Change in
Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement by any Governmental Authority, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any
Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. Without limiting the foregoing, Change in Law shall include the Dodd-Frank Act, Public Law 111-203, 12
U.S.C. §5301 et seq., enacted July 21, 2010, as well as all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, regardless of the date enacted, adopted or issued. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral” means all property, tangible or intangible, real, personal or mixed, now or hereafter subject to the liens and security interests of the Loan Documents, or intended so to be
under the Loan Documents, which Collateral shall secure the Obligations and the Hedging Obligations on a pari passu basis. 

  
 - 5 -

 “Commitment” means, with respect to each Lender, the commitment of such
Lender to make Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders’ Commitments is $30,000,000.00. 
 “Compliance
Certificate” has the meaning set forth in Section 5.01(d) hereof and a form of which is attached hereto as Exhibit B. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise, which includes the customary powers of a managing member of any limited liability company, any general partner of any limited partnership, or any board of directors of a corporation.
“Controlling” and “Controlled” have meanings correlative thereto. 
 “Cost”
means aggregate cost basis of a Real Property. 
 “Cost To Repair” has the meaning set forth in
Section 5.06(d). 
 “Credit Party” means each Borrower and each Guarantor. 

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

“Daily Libor” means for any day, the rate for 1 month U.S. dollar deposits as reported on as shown on Reuters LIBOR01
Page or any successor service in Dow Jones Markets (formerly Telerate Page 3750) as of 11:00 a.m., London time, for such day, provided, if such day is not a Business Day, the immediately preceding Business Day (or if not so reported, then as
determined by the Administrative Agent from another recognized source or interbank quotation) 
 “Deed of
Trust” (whether one or more) means a deed of trust and security agreement, a mortgage and security agreement, or a security deed and security agreement covering the Mortgaged Properties. 

“Debtor Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
insolvency, fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including without limitation the United States Bankruptcy Code and all amendments thereto, as are in effect from
time to time during the term of this Agreement. 
 “Debt Yield” shall mean the sum of the Net Operating Income
for each Mortgaged Property in the Pool as of the end of a given quarter, multiplied by four, and then divided by the outstanding principal balance of the Loans as of the end of such quarter (or other date of determination). 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 

  
 - 6 -

 “Defaulting Lender” means any Lender that: (a) has failed to perform
any of its funding obligations hereunder, including in respect of its Commitment, within two (2) Business Days of the date required to be funded by it hereunder; (b) has notified the Borrower or Administrative Agent that it does not intend
to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notification or public statement relates to such Lender’s obligation to fund a Loan and
indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular Default, if any) to funding a Loan is not or cannot be satisfied) or under other
agreements in which it commits to extend credit; (c) has failed, within two (2) Business Days after written request by the Administrative Agent or a Borrower (and the Administrative Agent has received a copy of such request), to confirm in
a manner satisfactory to the Administrative Agent that it will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has: (i) become the subject of a proceeding under any Debtor Relief
Law; (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it; or (iii) in the good faith
determination of the Administrative Agent, taken any material action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority; provided, further, that such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Lender. 
 “Dollars” or “$”
refers to lawful money of the United States of America. 
 “EBITDA” means an amount derived from (a) net
income, plus (b) to the extent included in the determination of net income, depreciation, amortization, interest expense and income taxes, plus (c) asset management and property management fees in excess of three percent
(3%) of gross revenue, plus (d) property acquisition fees and expenses, plus or minus (e) to the extent included in the determination of net income, any extraordinary losses or gains, such as those resulting from
sales or payment of Indebtedness, in each case, as determined on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of EBITDA for the Borrower’s Unconsolidated Affiliates. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived
in accordance with Section 9.02). 
 “Environmental Assessment” shall mean a written assessment and
report approved by the Administrative Agent as to the status of any Mortgaged Properties regarding compliance with any Legal Requirements related to environmental matters and accompanied by a reliance letter satisfactory to the Administrative Agent.
Each Environmental Assessment must comply with all Legal Requirements. 

  
 - 7 -

 “Environmental Claim” means any notice of violation, action, claim,
Environmental Lien, demand, abatement or other order or direction (conditional or otherwise) by any Governmental Authority or any other Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage
to the environment, nuisance, pollution, contamination or other adverse effects on the environment, or for fines, penalties or restriction, resulting from or based upon (i) the existence, or the continuation of the existence, of a Release
(including, without limitation, sudden or non-sudden accidental or non-accidental Releases) of, or exposure to, any Hazardous Material, or other Release in, into or onto the environment (including, without limitation, the air, soil, surface water or
groundwater) at, in, by, from or related to any property owned, operated or leased by the Borrower or any of its Subsidiaries or any activities or operations thereof; (ii) the environmental aspects of the transportation, storage, treatment or
disposal of Hazardous Materials in connection with any property owned, operated or leased by the Borrower or any of its Subsidiaries or their operations or facilities; or (iii) the violation, or alleged violation, of any Environmental Laws or
Environmental Permits of or from any Governmental Authority relating to environmental matters connected with any property owned, leased or operated by the Borrower or any of its Subsidiaries. 

“Environmental Indemnity” means, collectively, each Environmental Risk Agreement of even date herewith executed by the
Borrower and Guarantor and delivered to the Administrative Agent, together with each Environmental Risk Agreement hereafter executed with respect to any of the Mortgaged Properties. 

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any
Hazardous Material or to health and safety matters and includes (without limitation) the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. §9601 et seq., the Hazardous
Materials Transportation Act, 49 U.S.C. §1801 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §136 et seq., the Resource Conservation and Recovery Act (“RCRA”), 42
U.S.C. §6901 et seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Clean Water Act, 33 U.S.C. §1251 et seq.,
the Occupational Safety and Health Act, 29 U.S.C. §651 et seq., (to the extent the same relates to any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. §2701 et seq., as such laws have been
amended or supplemented, and the regulations promulgated pursuant thereto, and all analogous state and local statutes. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) exposure to any Hazardous Materials in violation
of any Environmental Law, (c) the Release or threatened Release of any Hazardous Materials into the environment in violation of any Environmental Law or (d) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing. 

  
 - 8 -

 “Environmental Lien” means any lien in favor of any Governmental Authority
arising under any Environmental Law. 
 “Environmental Permit” means any permit required under any applicable
Environmental Law or under any and all supporting documents associated therewith. 
 “Equity Interests” means,
with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of
(or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such
shares, warrants, options, rights or other interests are outstanding on any date of determination. 
 “Equity
Percentage” means the aggregate ownership percentage of Borrower in each Unconsolidated Affiliate, which shall be calculated as Borrower’s nominal capital ownership interest in the Unconsolidated Affiliate as set forth in the
Unconsolidated Affiliate’s organizational documents. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether
or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”,
as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or
any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of
any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any
ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

  
 - 9 -

 “Eurodollar” when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Excess Amount” means the amount by which the Total Aggregate Asset Value attributable to the Parent’s Equity Percentage of non-wholly owned Subsidiaries exceeds thirty-five percent
(35%) of the Total Aggregate Asset Value. 
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United
States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)),
any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply
with Section 2.16(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect
to such withholding tax pursuant to Section 2.16(a). 
 “Federal Funds Effective Rate” means, for
any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for
such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

“Financial Officer” means the chief financial officer or the chief accounting officer of the Parent. 

“Financing Statements” means all such Uniform Commercial Code financing statements as the Administrative Agent shall
reasonably require, duly authorized by the Borrower and/or Parent to give notice of and to perfect or continue perfection of the Lenders’ security interest in all Collateral. 

“Fixed Charge Coverage Ratio” shall mean the ratio of (a) the sum of the Parent’s Adjusted EBITDA for the
immediately preceding calendar quarter; to (b) all of the scheduled principal due and payable (excluding principal due at maturity) and principal paid on the Parent’s Indebtedness (including scheduled payments on Capital Lease
Obligations), plus all of 

  
 - 10 -

 
the Parent’s Interest Expense, plus the aggregate of all cash dividends payable on the preferred stock of the Parent or any of its Subsidiaries, in each case for the period used to calculate
Adjusted EBITDA, all of the foregoing calculated without duplication, and based (as applicable) on the Parent’s Equity Percentage of any unconsolidated Affiliate. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is organized. For purposes of this definition, the United States
of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America, subject to the provisions of
Section 1.04. 
 “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation
or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. 
 “Guarantor” means the Parent, and any other Person who from time to time has
executed a Guaranty as required by the terms of this Agreement. 
 “Guaranty” means a guaranty in the form of
Exhibit C attached hereto. 
 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of
any nature regulated pursuant to any Environmental Law; provided, that Hazardous Materials shall not include any such substances or wastes utilized or maintained at the Real Property in the ordinary course of business and in accordance with all
applicable Environmental Laws. 

  
 - 11 -

 “Hedging Agreement” means any interest rate protection agreement, foreign
currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Hedging Obligations” means, with respect to the Parent, any Borrower or any Subsidiary of the Parent or a Borrower, any obligations arising under any Hedging Agreement entered into with
the Administrative Agent. 
 “Increase Effective Date” has the meaning assigned to such term in
Section 2.04(d). 
 “Increase Option” has the meaning assigned to such term in
Section 2.04. 
 “Indebtedness” means, for any Person, without duplication, (a) all
obligations of such Person for borrowed money or with respect to deposits or advances of any kind; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred
stock; (c) all obligations of such Person upon which interest charges are customarily paid; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person;
(e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business); (f) all Indebtedness of others secured by (or for which
the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (g) all Guarantees by
such Person of Indebtedness of others other than customary non-recourse carveout guarantees and standard environmental indemnitees until such time as a carveout guarantee becomes a recourse obligation, except that, for any Guarantees of the
Indebtedness of an entity in which the Person owns less than 100% of the ownership rights of such entity, which Indebtedness is secured by a first mortgage lien on existing real properties, the amount for purposes of this clause (g) shall be
equal to the Allocated Guarantee Amount; (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty;
(j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; and (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements (calculated on a mark-to-market
basis as of the reporting date). The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefore as a result of
such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on a consolidated basis in
accordance with GAAP, unless otherwise indicated herein, and including (without duplication) the Equity Percentage of Indebtedness for the Borrower’s Unconsolidated Affiliates. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Initial Term” means the period ending November 15, 2014. 

  
 - 12 -

 “Interest Coverage Ratio” shall mean the ratio of (a) the
Parent’s Adjusted EBITDA for the immediately preceding calendar quarter to (b) all Interest Expense of the Parent for such period. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07. 

“Interest Expense” shall mean all of the Parent’s paid, accrued or capitalized interest expense on the
Parent’s Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt), and including (without duplication) the Equity Percentage of Interest Expense for the Parent’s
Unconsolidated Affiliates. 
 “Interest Payment Date” means the first Business Day of each calendar month.

 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such
Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months thereafter; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the immediately succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such immediately succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Borrowing,
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

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

“Lead Borrower” means Strategic Storage Operating Partnership, L.P., a Delaware limited partnership. 

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

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto
pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, a rate per annum equal to the rate for U.S. dollar deposits for the subject Interest Period as shown
on Reuters LIBOR01 Page or any successor service in Dow Jones Markets (formerly Telerate Page 3750) as of 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided, however, that if such rate does not
then appear on Reuters 

  
 - 13 -

 
LIBOR01 Page or any successor service, the “London Interbank Offered Rate” applicable to a particular Interest Period shall mean a rate per annum equal to the rate at which U.S.
dollar deposits in an amount approximately equal to the subject loan, and with maturities of equal to such Interest Period, are offered in immediately available funds in the London Interbank Market to the London office of the Administrative Agent by
leading banks in the Eurodollar market at 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
 “Lien” means, with respect to an asset, (a) any mortgage, deed of trust, lien (statutory or other), pledge, hypothecation, negative pledge, collateral assignment, encumbrance,
deposit arrangement, charge or security interest in, on or of such asset; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the
same economic effect as any of the foregoing) relating to such asset; (c) the filing under the Uniform Commercial Code or comparable law of any jurisdiction of any financing statement naming the owner of the asset to which such Lien relates as
debtor; (d) any other preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness or other obligation; and (e) in the case of securities, any purchase option, call or similar right of a third
party with respect to such securities, including any dividend reinvestment or redemption plans. 
 “Liquidity”
means the sum of unencumbered cash and cash equivalents plus marketable securities as are reasonably acceptable to the Administrative Agent. 
 “Loan Documents” means this Agreement, the Notes, the Guaranty, the Deed of Trust, the Financing Statements, the Environmental Indemnity, the Pledge, the Subordination of Management Fees,
and all other instruments, agreements and written obligations executed and delivered by any of the Credit Parties in connection with the transactions contemplated hereby. 
 “Loan” means each loan made by the Lenders to the Borrower pursuant to this Agreement and “Loans” means all loans made by the Lenders to the Borrower pursuant to this
Agreement. 
 “Majority Lenders” means, at any time, Lenders that are not Defaulting Lenders having Revolving
Credit Exposures and unused Commitments representing in excess of fifty percent (50%) of the sum of the total Revolving Credit Exposures and unused Commitments (excluding the Revolving Credit Exposures and unused Commitments of such Defaulting
Lenders) at such time. 
 “Management Company” means Strategic Storage Property Management, LLC, a Delaware
limited liability company. 
 “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, operations, or condition, financial or otherwise, of the Parent, Borrower and its Subsidiaries, taken as a whole, (b) the ability of any of the Credit Parties to perform their obligations under the Loan Documents or
(c) the rights of or benefits available to the Administrative Agent or the Lenders under the Loan Documents. 

  
 - 14 -

 “Material Contract” means any contract or other arrangement (other than
Loan Documents), whether written or oral, to which any Credit Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 

“Maturity Date” means November 15, 2014, subject to extension pursuant to Section 2.20. 

“Maximum Loan Available Amount” means, on any date, an amount equal to the lesser of (a) the aggregate Commitments
or (b) the aggregate Borrowing Base Availability. 
 “Maximum Rate” shall have the meaning set forth in
Section 9.13. 
 “Mortgaged Properties” means the Real Property described on Schedule 5.12
attached hereto which is or is to become subject to the Liens of a Deed of Trust in accordance with this Agreement which shall meet each of the following criteria: 

(a) such property is a self-storage property located in the United States; 

(b) such property is free of any material environmental or structural defect unless otherwise approved by Majority
Lenders; 
 (c) such property is insured in form and substance reasonably satisfactory to Administrative Agent;
and 
 (d) such property is wholly owned 100% by a Borrower or a Subsidiary of the Lead Borrower in fee.

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

“Net Operating Income” shall mean, for any operating Real Property, the difference between (a) any rentals,
proceeds and other income received from such property, but excluding any early lease termination penalties during the determination period, less (b) an amount equal to all costs and expenses (excluding Interest Expense, depreciation and
amortization expense, acquisition fees and expenses, and any expenditures that are capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of such property during the
determination period (excluding, however, asset management fees and property management fees above six percent (6%) of gross revenue), less (c) the Capital Expenditure Reserve. Net Operating Income shall be calculated based on the
immediately preceding calendar quarter unless the Real Property has not been owned by the Borrower or its Subsidiaries for the entirety of such calendar quarter, in which event Net Operating Income shall be grossed up for such ownership period and
may be adjusted as reasonably approved by the Administrative Agent. 
 “Note” means a promissory note in the
form attached hereto as Exhibit D payable to a Lender evidencing certain of the obligations of the Borrower to such Lender and executed by Borrower, as the same may be amended, supplemented, modified or restated from time to time;
“Notes” means, collectively, all of such Notes outstanding at any given time. 

  
 - 15 -

 “Obligations” means all liabilities, obligations, covenants and duties of
any Credit Party to the Administrative Agent and/or any Lender arising under or otherwise with respect to any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now
existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or other insolvency proceeding naming such person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceedings. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, and not including the Excluded Taxes. 

“Parent” means Strategic Storage Trust, Inc., a Maryland corporation. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with
Section 5.05; 
 (b) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (c) deposits
to secure the performance of bids, trade contracts, purchase, construction or sales contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of
business; 
 (d) the Title Instruments, Liens and other matters described in the Title Insurance Policy;

 (e) uniform commercial code protective filings with respect to personal property leased to the Borrower or any
Subsidiary; and 
 (f) landlords’ liens for rent not yet due and payable; 

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

  
 - 16 -

 “Permitted Investments” means: 

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

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having an investment
grade credit rating on the date of acquisition; 
 (c) investments in certificates of deposit, banker’s
acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under
the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than 90 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria
described in clause (c) above; and 
 (e) investments in Subsidiaries and Unconsolidated Affiliates made in
accordance with, or not otherwise prohibited by, this Agreement. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of
ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledge” shall mean the pledge and security agreement, substantially in the form of Exhibit G hereto, related to
equity issuance proceeds granted by the Parent to the Administrative Agent, together with such control, direction and consent letters and agreements as the Administrative Agent may reasonable require. 

“Pool” has the meaning set forth in Section 5.12. 

“Pool Value” means the aggregate Appraised Value of the Mortgaged Properties. During the Initial Term, Administrative
Agent shall have the right, but not the obligation, in its sole discretion, to order updated Appraisals of the Mortgaged Properties at the Borrower’s expense for purposes of determining Pool Value, such updated Appraisals to be obtained no more
frequently than once per annum. Notwithstanding the previous limitation, Administrative Agent shall have the right, but not the obligation, in its sole discretion, to order updated Appraisals of the Mortgaged Properties at the Borrower’s
expense in connection with any requested extension of the Maturity Date in accordance with the terms hereof. 

  
 - 17 -

 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by KeyBank, National Association, as its prime rate in effect at its principal office in Cleveland, Ohio; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Real Property” means, collectively, all interest in any land and improvements located thereon
(including direct financing leases of land and improvements owned by a Credit Party), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection with the land and all
appurtenances, additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by a Credit Party. 
 “Register” has the meaning set forth in Section 9.04. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

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

“Remedial Action” means all actions, including without limitation any capital expenditures, required or necessary to
(i) clean up, remove, treat or in any other way address any Hazardous Material; (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material so it does not migrate or endanger public health or
the environment; (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care; or (iv) bring facilities on any property owned or leased by the Borrower or any of its Subsidiaries into compliance with all
Environmental Laws. 
 “Required Lenders” means, at any time, Lenders that are not Defaulting Lenders having
Revolving Credit Exposures and unused Commitments representing at least 66-2/3% of the sum of the total Revolving Credit Exposures and unused Commitments (excluding the Revolving Credit Exposures and unused Commitments of such Defaulting Lenders) at
such time. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any ownership interests in the Parent, Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such ownership interests in the Parent or Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Parent or the Borrower. 

  
 - 18 -

 “Revolving Credit Exposure” means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender’s Loans. 
 “Revolving Loan” means a Loan made
pursuant to Section 2.01. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established
by the Governmental Authority to which the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent provided, however, that for purposes of Sections 3.03, 3.05, 3.07, 3.09, 3.10, 3.13, 5.04, 5.05, 5.07, 5.08. 5.11, 6.02, 6.03, 6.04, 6.05, 6.06, 6.08 and 6.10 and Subsections (i), (j) and (p) of
Article VII, the term “Subsidiary” shall mean only any corporation, limited liability company, partnership, association or other entity that is Controlled by the Borrower. 

“Tangible Net Worth” shall mean total assets (without deduction for accumulated depreciation) less (1) all
intangible assets and (2) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP, unless otherwise indicated in this definition. The term “intangible assets” shall include,
without limitation, (i) deferred charges, and (ii) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names,
goodwill, treasury stock, experimental or organizational expenses and other like intangibles (other than amounts related to the purchase price of a real property which are allocated to lease intangibles). The term “liabilities”
shall include, without limitation, (i) Indebtedness secured by Liens on Property of the Person with respect to which Tangible Net Worth is being computed whether or not such Person is liable for the payment thereof, (ii) deferred
liabilities, and (iii) Capital Lease Obligations. Tangible Net Worth shall be calculated on a consolidated basis in accordance with GAAP, unless otherwise indicated in this definition. 

  
 - 19 -

 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority. 
 “Title Instruments” means true
and correct copies of all instruments of record in the Office of the County Clerk, the Real Property Records or of any other Governmental Authority affecting title to all or any part of the Mortgaged Properties, including but not limited to those
(if any) which impose restrictive covenants, easements, rights-of-way or other encumbrances on all or any part of the Mortgaged Properties. 
 “Title Insurance Policy” means, collectively, the policies of title insurance in the aggregate face amounts equal to the aggregate Loan Commitment, issued in favor of the Administrative
Agent by a title insurance company satisfactory to the Administrative Agent and insuring that title to the Mortgaged Properties is vested in Borrower, free and clear of any Lien, objection, exception or requirement, and that each Deed of Trust
creates a valid first and prior lien on all the Mortgaged Properties, subject only to the Permitted Encumbrances and such other exceptions as may be approved in writing by the Administrative Agent. The Title Insurance Policy shall include such
provisions and endorsements as necessary to provide coverage on a revolving credit basis (excluding creditor’s rights endorsements). 
 “Total Aggregate Asset Value” means the sum of (without duplication) (a) the aggregate Value of all of Borrower’s, the Parent’s and their Subsidiaries’ Real Property,
plus (b) the amount of any cash and cash equivalents, excluding tenant security and other restricted deposits of the Borrower and its Subsidiaries. For any non-wholly owned Real Properties, Total Aggregate Asset Value shall be adjusted for the
Borrower’s and Subsidiaries’ pro rata ownership. 
 “Total Asset Value” means the Total Aggregate
Asset Value minus the Excess Amount. 
 “Total Leverage Ratio” shall mean the ratio (expressed as a
percentage) of (a) the Borrower’s Indebtedness plus the Parent’s Indebtedness to (b) Total Asset Value. 

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

“Unconsolidated Affiliate” means, without duplication, in respect of any Person, any other Person (other than a Person
whose stock is traded on a national trading exchange) in whom such Person holds a voting equity or ownership interest and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated
financial statements of such Person. 
 “Unused Fee” has the meaning provided for in
Section 2.11(a). 

  
 - 20 -

 “Value” means the sum of: 

(a) for an existing Real Property that is not in the Pool, (i) during the first twenty-four (24) months of the
Initial Term, cost basis and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one half percent (7.5%); plus 
 (b) for a Real Property that is under development or is undeveloped land, (i) cost basis until the date that is twenty-four (24) months after the commencement of operations on such Real Property
and (ii) thereafter, annualized prior quarter Net Operating Income divided by seven and one half percent (7.5%); plus 
 (c) for Real Property that is in the Pool, the aggregate Pool Value. 
 For Real
Property not owned for the entire prior quarter, for purposes of the Value calculation, Net Operating Income shall be grossed up for such ownership period and may be adjusted as reasonably approved by Administrative Agent. Further, Net Operating
Income from Real Property no longer owned at the end of a fiscal quarter in question shall be excluded from the Value calculation. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 “Working Capital Loan” means that certain loan in the current, maximum
principal amount of $10,000,000.00 made on or about the same date hereof by KeyBank, National Association, as administrative agent on the behalf of certain lenders, to the Borrower, which loan is evidenced by the Working Capital Loan Documents,
including, without limitation, the Working Capital Loan Agreement. 
 “Working Capital Loan Agreement” means
that certain Credit Agreement dated on or about the same date hereof by and between Borrower, the Administrative Agent and the Lenders regarding the Working Capital Loan. 
 “Working Capital Loan Documents” means any and all documents and instruments evidencing, relating to or securing the Working Capital Loan, and shall include, by way of example only, the
Working Capital Loan Agreement. 
 SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such 

  
 - 21 -

 
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 SECTION 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP (provided that, notwithstanding any provision herein to the contrary, the financial covenants set forth herein shall be calculated based on the
Parent’s Equity Percentage of Subsidiaries which are not wholly owned directly or indirectly by the Parent, notwithstanding that GAAP requires that such Subsidiaries be consolidated), as in effect from time to time; provided that, if the Lead
Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Lead Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 
 SECTION 1.05 Designation of Lead Borrower as Agent for Borrower. 

(a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as that Borrower’s agent to obtain
loans and advances under this Agreement, the proceeds of which shall be available to each Borrower as set forth herein. As the disclosed principal for its agent, each Borrower shall be obligated to the Administrative Agent and the Lenders on account
of loans and advances so made under this Agreement as if made directly by the Lenders to that Borrower, notwithstanding the manner by which such loans and advances are recorded on the books and records of the Lead Borrower and/or of any Borrower
(including, without limitation, on account of any such treatment of said loan or advance as an equity investment in a Borrower by Lead Borrower). 
 (b) Each Borrower recognizes that credit available to it under this Agreement is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons
therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower, jointly and severally, hereby assumes and agrees fully, faithfully, and punctually to discharge all Indebtedness and other
Obligations of all of the Borrowers. 

  
 - 22 -

 (c) The Lead Borrower shall act as a conduit for each Borrower (including
itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a loan or other advance under this Agreement. 
 (d) The proceeds of each loan and advance provided under this Agreement which is requested by the Lead Borrower shall be advanced as and when otherwise provided herein or as otherwise indicated by the
Lead Borrower. The Lead Borrower shall cause the transfer of the proceeds thereof to the Borrower(s) on whose behalf such loan and advance was obtained. Neither the Administrative Agent nor any Lender shall have any obligation to see to the
application of such proceeds. 
 (e) Each Borrower hereby irrevocably designates and appoints the Lead Borrower
as that Borrower’s attorney-in-fact to act in the Borrower’s name and stead and to do and perform all matters, to grant to the Administrative Agent for the benefit of the Lenders a security interest in the Collateral, transact all
business, and make, execute and acknowledge all Loan Documents and other instruments relating to this Agreement including but not limited to, this Agreement, the Note, and the Mortgage. The Borrowers hereby acknowledge and agree that the power of
attorney created hereby is coupled with an interest. 
 (f) Nothing contained herein shall be deemed or otherwise
construed to modify, waive, or otherwise limit the obligations of Guarantor under its respective Guaranty to the Administrative Agent and the Lenders. 
 ARTICLE II 
 The Loans 

SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the
Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total
Revolving Credit Exposures exceeding the total Maximum Loan Available Amount; provided however, that no Lender shall be obligated to make a Revolving Loan in excess of such Lender’s Applicable Percentage of the difference between the Maximum
Loan Available Amount and the Revolving Credit Exposure. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay (without penalty or premium, except as provided in Section 2.15) and
reborrow Revolving Loans. 
 SECTION 2.02 Loans and Borrowings. 

(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with
their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required. 

  
 - 23 -

 (b) Subject to Section 2.13, each Borrowing shall be comprised
entirely of ABR Loans, Daily Libor Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $100,000.00 and not less than $1,000,000.00. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000.00 and not less than
$1,000,000.00, provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type may be outstanding at the same time; provided that there
shall not at any time be more than a total of five (5) Eurodollar Borrowings outstanding. 
 (d)
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 SECTION 2.03 Requests for Revolving Borrowings. To request a Borrowing, Lead Borrower (on behalf of the Borrower)
shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 Pacific, Los Angeles, California time, three Business Days before the date of the proposed Borrowing or
(b) in the case of an ABR Borrowing or a Daily Libor Borrowing, not later than 12:00 Pacific, Los Angeles, California time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in the form of Exhibit E attached hereto, together with a Borrowing Base Certificate, and hereby made a part hereof and signed by
Lead Borrower, on behalf of the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing, and, for new Loans being advanced, the Mortgaged Property to be
financed with such Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 

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

(iv) in the case of a Eurodollar Borrowing, the Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 

  
 - 24 -

 (v) the location and number of the Borrower’s account to which funds
are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the Type of
Revolving Borrowing is specified in the Borrowing Request, then the requested Revolving Borrowing shall be a Daily Libor Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be
deemed to have selected an Interest Period of one month’s duration, in the case of a Eurodollar Borrowing. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of
the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04
Increase of Commitments. 
 (a) Request for Increase. At any time prior to June 15, 2013, the
Borrower shall have the option to increase the Facility Amount by up to $120,000,000.00 in the aggregate, up to a maximum aggregate available amount of $150,000,000.00 (the “Increase Option”). The Borrower may exercise the Increase
Option at any time and from time to time by providing notice to the Administrative Agent (which shall promptly notify the Lenders); provided, however, (i) that at the time of each exercise of the Increase Option, there is no Default or Event of
Default which shall have occurred and be continuing; (ii) in no event shall the existence of this Increase Option be deemed a commitment on the part of a Lender until such time as such Lender in writing increases its commitment or a new Lender
issues a written commitment for any such amounts in excess of the existing $30,000,000.00 committed Loan amount, and then in such event, such increase to the Loan amount shall only be to the extent of the increased commitment or new commitment
amounts; (iii) at the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify a reasonable time period within which each Lender is requested to respond as to whether such Lender agrees to increase
the amount of its Commitment in accordance with the terms and conditions of Section 2.04(e); (iv) any such increase shall be in minimum increments of $10,000,000 and (v) any such increase shall be integrated into this Agreement
and shall be subject to the same terms and conditions as this Agreement, except as otherwise provided in Section 2.04(e)(vi). 
 (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent within such time period specified in said notice, whether or not it agrees, in its sole discretion, to increase
its Commitment and, if so, by what amount (which need not be its pro rata share thereof). Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. 

(c) Notification by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrower
and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase in the Loan amount and subject to the approval of the Administrative Agent (which approval shall not be unreasonably
withheld), the Administrative Agent may also invite additional parties to become Lenders pursuant to the terms and conditions provided for herein. 

  
 - 25 -

 (d) Effective Date and Allocations. If the aggregate Commitments
(including due to new Commitments by additional Lenders) are increased in accordance with this Section 2.04, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”)
and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders (including any additional Lenders) of the final allocation of such increase and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. Any increase in the Loan amount pursuant to this
Section 2.04 shall be subject to the following conditions: 
 (i) The Borrower shall have paid to the
Administrative Agent, such fees as shall be due to Administrative Agent or the Lenders at such time pursuant to the terms and conditions of a fee letter agreement between the Borrower and the Administrative Agent. 

(ii) As of the Increase Effective Date, no Default or Event of Default then exists and is continuing or would result from
such increase in the Facility Amount (including on a pro forma basis relative to financial covenant compliance). 

(iii) The Borrower shall have delivered to the Administrative Agent a certificate dated as of the Increase Effective Date
(in sufficient copies for each Lender) (A) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase (which resolutions may be contained in the resolutions adopted by the Borrower in connection
with the initial Loan made under this Agreement or, in the case of a party added as a Borrower in accordance with Section 5.12 after the Effective Date, in connection with the execution and delivery of a joinder agreement by such party),
and (B) certifying that, before and after giving effect to such increase, (1) the representations and warranties of the Borrower in this Agreement and in each other Loan Document are true and correct in all material respects on and as of
the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case, to the knowledge of the Borrower, they are true and correct in all material respects as of such earlier
date, and except to the extent of changes resulting from transactions contemplated and permitted by this Agreement and changes occurring in the ordinary course of business (in each case to the extent not constituting a Default or Event of Default),
(2) no Default or Event of Default exists and is continuing or would result from such increase in the Facility Amount (including on a pro forma basis relative to financial covenant compliance), and (3) the incurrence of Indebtedness in an
aggregate principal amount equal to the full Facility Amount after giving effect to all Commitment increases and new Commitments would not result in a breach of, or a default under, any agreement to which any Borrower is a party. 

  
 - 26 -

 (iv) The Borrower shall prepay any Loans outstanding on the Increase
Effective Date (and pay any additional amounts required hereunder) to the extent necessary to keep the outstanding Loans ratable with any revised Commitment allocations arising from any nonratable increase in the Commitments under this Section.
Notwithstanding any provisions of this Agreement to the contrary, the Borrower may borrow from the Lenders providing such increase in the Commitments (on a non pro rata basis with Lenders not providing such increase) in order to fund such
prepayment. 
 (v) The Borrower will execute and deliver to each applicable Lender that requests one, a new Note
in the appropriate stated amount, and will execute and deliver or otherwise provide to the Administrative Agent and the Lenders such other documents and instruments consistent with the terms of this Agreement, as the Agent or Lenders reasonably may
require. 
 (vi) Any such increase shall be integrated into the Loan as either (A) an increase to the Loan
amount, (B) a new revolving tranche having the same terms (excluding pricing, commitment fee amounts and the Maturity Date) as the Loan or (C) any combination thereof satisfactory to Borrower, Administrative Agent and the Lenders providing
the new commitments. 
 (vii) The provisions of this Section 2.04 shall not constitute a
“commitment” to lend, and the Commitments of the Lenders shall not be increased except in accordance with, and until satisfaction of the provisions of this Section 2.04 and actual increase of the Commitments as provided herein.

 SECTION 2.05 Intentionally Reserved. 
 SECTION 2.06 Funding of Borrowings. 
 (a) Each Lender shall
make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Boston, Massachusetts time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in Boston,
Massachusetts, or wire transferred to such other account or in such manner as may be designated by the Borrower in the applicable Borrowing Request. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such 

  
 - 27 -

 
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the corresponding Loan made to the Borrower. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.07 Interest Elections. 
 (a) Each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Lead Borrower shall notify the Administrative Agent of such election
by telephone by the time that a Borrowing Request would be required under Section 2.04 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the form of a Borrowing Request (with proper election made
for an interest rate election only) and signed by the Borrower. 
 (c) Each telephonic and written Interest
Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the 

information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing, Daily Libor
Borrowing or a Eurodollar Borrowing; and 

  
 - 28 -

 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest
Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e)
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period such Borrowing shall be converted to a Daily Libor Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders,
so notifies the Lead Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.08 Intentionally Omitted.

 SECTION 2.09 Repayment of Loans; Evidence of Debt. 

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

(b) If at any time the total Revolving Credit Exposure of the Lenders exceeds the then effective Maximum Loan Available
Amount, the Borrower shall prepay the Loans in an amount equal to such excess within five (5) Business Days after such occurrence. 
 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender,
including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

  
 - 29 -

 (e) The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein, absent manifest error; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(f) Borrower Information Used to Determine Applicable Interest Rates. The parties understand that the applicable
interest rate for the Loans and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by Borrower
(the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower)
at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were different than they should have been had the correct information been timely provided, then, such interest rate and
such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify Borrower in writing of any additional interest and fees due because of such recalculation, and the
Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Borrower shall receive a credit or refund of any overpayment
promptly after such determination. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement for a period of six (6) months following such termination, and this provision shall not in any
way limit any of the Administrative Agent’s, or any Lender’s other rights under this Agreement. 
 SECTION 2.10
Prepayment of Loans. 
 (a) The Borrower shall have the right at any time and from time to time to prepay
(including in connection with a partial release of any Mortgaged Property), without penalty, any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section, and subject to Section 2.15,
if applicable. 
 (b) The Lead Borrower shall notify the Administrative Agent by telephone (confirmed by
telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., Los Angeles, California time, three (3) Business Days before the date of prepayment, or (ii) in the case of
prepayment of an ABR Borrowing or a Daily Libor Borrowing, not later than 11:00 a.m., Los Angeles, California time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Borrowing shall be in an amount that is an integral multiple of $100,000.00 and not less than $500,000.00. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.12. 

  
 - 30 -

 (c) In connection with the prepayment of any Loan prior to the expiration of
the Interest Period applicable thereto, the Borrower shall also pay any applicable expenses pursuant to Section 2.15. 
 SECTION 2.11 Fees. 
 (a) The Borrower agrees to pay to the
Administrative Agent for the pro rata account of each Lender an unused fee (the “Unused Fee”), which Unused Fee shall accrue at (i) 0.25% per annum on the average daily unused amount of the aggregate Commitments of the
Lenders, to the extent utilization is greater than or equal to fifty percent (50%) of the aggregate Commitments and (ii) 0.30% per annum on the average daily unused amount of the aggregate Commitments of the Lenders, to the extent
utilization is less than fifty percent (50%) of the aggregate Commitments, in each case, during the period from and including the date of this Agreement to the date on which such Commitments terminate. 

(b) The Borrower agrees to pay to the Administrative Agent, for its own account fees payable in the amounts and at the
times separately agreed to upon in the fee letter executed between the Borrower and the Administrative Agent. 

(c) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent
for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid under this Agreement shall not be refundable under any circumstances. 
 SECTION 2.12 Interest. 
 (a) The Loans comprising each ABR
Borrowing shall bear interest at the lesser of (x) the Alternate Base Rate plus the Applicable Rate, or (y) the Maximum Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the lesser of (a) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or
(b) the Maximum Rate. 
 (c) The Loans comprising each Daily Libor Borrowing shall bear interest at the
lesser of (a) the Daily Libor plus the Applicable Rate, or (b) the Maximum Rate 
 (d) Notwithstanding
the foregoing, (A) if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, after applicable grace periods, such
overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, the lesser of (x) 4% plus the rate otherwise applicable to such Loan as provided in the
preceding paragraphs of this Section, or (y) the Maximum Rate, or (ii) in the case of any other amount, the lesser of (x) 4% plus the rate 

  
 - 31 -

 
applicable to ABR Loans as provided in paragraph (a) of this Section, or (y) the Maximum Rate; and (B) after the occurrence of any Event of Default, at the option of the
Administrative Agent, or if the Administrative Agent is directed in writing by the Required Lenders to do so, the Loan shall bear interest at a rate per annum equal to the lesser of (x) 4% plus the rate otherwise applicable to such Loan as
provided in the preceding paragraphs of this Section, or (y) the Maximum Rate. 
 (e) Accrued interest on
each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon the Maturity Date; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 (f) All interest hereunder shall be computed on the basis of a year of 360 days and twelve (12) 30-day
months, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Daily Libor, Adjusted LIBO Rate or LIBO Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.13 Alternate Rate of
Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing or Daily Libor Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the Daily
Libor or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by
the Required Lenders that (i) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan)
included in such Borrowing for such Interest Period and (ii) such fact is generally applicable to its loans of this type to similar borrowers, as evidenced by a certification from such Lenders, then the Administrative Agent shall give notice
thereof to the Lead Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Lead Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing,
such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

  
 - 32 -

 SECTION 2.14 Increased Costs. 

(a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve
requirement reflected in the Adjusted LIBO Rate); or 
 (ii) impose on any Lender or the London interbank market
any other condition (other than one relating to Excluded Taxes) affecting this Agreement or Eurodollar Loans made by such Lender, 
 and the
result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such
Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

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

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

  
 - 33 -

 SECTION 2.15 Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default but excluding any such payment made pursuant to a Payment Event), (b) the conversion of any
Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.11(b)), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Lead Borrower pursuant to Section 2.19,
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined
by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the
period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the
amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other
banks in the Eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.16 Taxes. 
 (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and
(iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) The Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) days after written demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally 

  
 - 34 -

 
imposed or asserted by the relevant Governmental Authority; provided that the Borrower receives ten (10) days prior written notice from the Administrative Agent that it intends to pay any
Indemnified Taxes or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled
to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Lead
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Lead Borrower as will permit such
payments to be made without withholding or at a reduced rate. 
 SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing
of Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or of amounts payable under Sections 2.14, 2.15 or 2.16, or otherwise) prior to 1:00 p.m., Los Angeles, California time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its main offices in Cleveland, Ohio, except that payments pursuant to Sections 2.16, 2.17, 2.18 and 9.03 shall be made directly to the Persons entitled thereto. If the
Administrative Agent receives a payment for the account of a Lender prior to 1:00 p.m., Los Angeles, California time, such payment must be delivered to the Lender on the same day and if it is not so delivered due to the fault of the Administrative
Agent, the Administrative Agent shall pay to the Lender entitled to the payment interest thereon for each day after payment should have been received by the Lender pursuant hereto until the Lender receives payment, at the Federal Funds Effective
Rate. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments hereunder shall be made in Dollars. 
 (b) If at any time insufficient
funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 

  
 - 35 -

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

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

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.06(b) or
2.17(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s
obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.18 Defaulting
Lenders. 
 (a) Adjustments. Notwithstanding anything to the contrary contained in this Credit
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Credit Agreement shall be restricted as set forth in Section 9.02. 

  
 - 36 -

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

  
 - 37 -

 (iii) Certain Fees. A Defaulting Lender shall not be entitled to
receive any Unused Fee pursuant to Section 2.11 for any period during which such Lender is a Defaulting Lender (and the applicable Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to such Defaulting Lender). 
 (b) Defaulting Lender Cure. If the Borrower and the Administrative
Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Defaulting Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such
other actions as Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Defaulting Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no cessation in status as Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising during the period that such Lender was a Defaulting Lender. 

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. 

(a) Each Lender will notify the Lead Borrower of any event occurring after the date of this Agreement which will entitle
such Person to compensation pursuant to Sections 2.12 and 2.14 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, provided that such Person shall not be liable for the
failure to provide such notice. If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any such Person or any Governmental Authority for the account of any Lender pursuant
to Section 2.14, then such Lender shall use reasonable efforts to avoid or minimize the amounts payable, including, without limitation, the designation of a different lending office for funding or booking its Loans hereunder or the
assignment of its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its 

  
 - 38 -

 
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a
reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 
 SECTION 2.20 Extension. 

(a) Initial Extension. So long as no Event of Default or Default shall be in existence on the date on which notice
is given in accordance with the following clause (i) and on the Maturity Date, Borrower may extend the Maturity Date to November 15, 2015, upon satisfaction of the following: (i) delivery of a written request to Administrative Agent
at least thirty (30) days, but no more than ninety (90) days, prior to the Maturity Date then in effect; (ii) payment to Administrative Agent for the benefit of the Lenders of a facility extension fee equal to twenty five
(25) basis points of the aggregate Commitments of the Lenders, which fee shall be payable on or before the then applicable Maturity Date; and (c) payment by Borrower of all fees and expenses to Administrative Agent and the Lenders to the
extent then due. Such extension shall be evidenced by delivery of written confirmation of the same by Administrative Agent to Borrower. 
 (b) Second Extension. So long as no Event of Default or Default shall be in existence on the date on which notice is given in accordance with the following clause (i) and on the Maturity Date
(as extended in accordance with Section 2.20(a), Borrower may extend the Maturity Date to November 15, 2016, upon satisfaction of the following: (i) delivery of a written request to Administrative Agent at least thirty
(30) days, but no more than ninety (90) days, prior to the Maturity Date then in effect; (ii) payment to Administrative Agent for the benefit of the Lenders of a facility extension fee equal to twenty five (25) basis points of
the aggregate Commitments of the Lenders, which fee shall be payable on or before the then applicable Maturity Date; and (iii) payment by Borrower of all fees and expenses to Administrative Agent and the Lenders to the extent then due. Such
extension shall be evidenced by delivery of written confirmation of the same by Administrative Agent to Borrower. 

  
 - 39 -

 (c) Miscellaneous. If the Maturity Date is extended, all of the other
terms and conditions of this Agreement and the other Loan Documents (including interest payment dates) shall remain in full force and effect and unmodified, except as expressly provided for herein. The extension of the Maturity Date is subject to
the satisfaction of each of the following additional conditions: 
 (i) the representations and warranties of
each Credit Party set forth in this Agreement or any other Loan Document to which such Credit Party is a signatory shall be true and correct in all material respects on the date that the Extension Request is given to the Administrative Agent and on
the first day of the extension (except to the extent such representations and warranties relate to a specified date); 
 (ii) no Default or Event of Default has occurred and is continuing on the date on which the Borrower gives the Administrative Agent the Extension Request or on the first day of the extension; 

(iii) the Borrower shall be in compliance with all of the financial covenants set forth in Section 5.02 hereof
both on the date on which the Extension Request is given to the Administrative Agent and on the first day of the extension; 
 (iv) the Borrower shall have paid to the Administrative Agent all amounts then due and payable to any of the Lenders, and the Administrative Agent under the Loan Documents, including the extension fees as
provided for herein; 
 (v) the Borrower shall pay for any and all reasonable out-of-pocket costs and expenses,
including, reasonable attorneys’ fees and disbursements, incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date; 

(vi) the Borrower shall execute and deliver to Administrative Agent such other documents, financial statements,
instruments, certificates, opinions of counsel, Title Insurance Policy endorsements, reports, or amendments to the Loan Documents as the Administrative Agent shall reasonably request regarding the Credit Parties as shall be necessary to effect such
extension; and 
 (vii) a written agreement evidencing the extension is signed by the Administrative Agent, the
Lenders, the Credit Parties and any other Person to be charged with compliance therewith, which agreement such parties agree to execute if the extension conditions set forth above have been satisfied. 

ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to
the Lenders and the Administrative Agent that: 
 SECTION 3.01 Organization; Powers. Each Credit Party is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

  
 - 40 -

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

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) to the actual knowledge of the Borrower, do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or which shall be completed at the appropriate time for
such filings under applicable securities laws, (b) to the actual knowledge of the Borrower, will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Credit Party or any of the
Borrower’s Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Credit Party or any of the Borrower’s Subsidiaries or
its assets, or give rise to a right thereunder to require any payment to be made by any Credit Party or any of the Borrower’s Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of any Credit Party
or any of the Borrower’s Subsidiaries, except pursuant to the Deed of Trust and the Pledge. 
 SECTION 3.04 Financial
Condition; No Material Adverse Change. 
 (a) The Parent has heretofore furnished to the Lenders financial
statements of the Parent as of and for the period ending December 31, 2010 reported on by Reznick Group, independent public accountants, for Borrower and the Parent, and the internally-prepared financial statements of the Parent as of and for
the period ending June 30, 2011. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries as of such dates and for such
periods in accordance with GAAP. 
 (b) Since June 30, 2011, no event has occurred which could reasonably be
expected to have a Material Adverse Effect. 
 SECTION 3.05 Properties. 

(a) Subject to Liens permitted by Section 6.01, each of the Borrower and its Subsidiaries has title to, or
valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title and title defects disclosed to Lenders that do not interfere with its ability to conduct its business as currently conducted
or to utilize such properties for their intended purposes. 

  
 - 41 -

 (b) Subject to the property conditions reports obtained by the Borrower or a
Subsidiary at the time of acquisition with respect to each Real Property, all components of all improvements included within the Real Property owned or leased, as lessee, by any Credit Party, including, without limitation, the roofs and structural
elements thereof and the heating, ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water, storm water, paving and parking equipment, systems and facilities included therein, are in good working order and repair, subject
to such exceptions which are not reasonably likely to have, in the aggregate, a Material Adverse Effect. All water, gas, electrical, steam, compressed air, telecommunication, sanitary and storm sewage lines and systems and other similar systems
serving the Real Property owned or leased by any Credit Party are installed and operating and are sufficient to enable the Real Property to continue to be used and operated in the manner currently being used and operated, and no Credit Party has any
knowledge of any factor or condition that reasonably could be expected to result in the termination or material impairment of the furnishing thereof, subject to such exceptions which are not likely to have, in the aggregate, a Material Adverse
Effect. No improvement or portion thereof is dependent for its access, operation or utility on any land, building or other improvement not included in the Real Property owned or leased by the Borrower or its Subsidiaries, other than for access
provided pursuant to a recorded easement or other right of way establishing the right of such access subject to such exceptions which are not likely to have, in the aggregate, a Material Adverse Effect. 

(c) To each Credit Party’s actual knowledge, all franchises, licenses, authorizations, rights of use, governmental
approvals and permits (including all certificates of occupancy and building permits) required to have been issued by Governmental Authority to enable all Real Property owned or leased by Borrower or any of its Subsidiaries to be operated as then
being operated have been lawfully issued and are in full force and effect, other than those which the failure to obtain in the aggregate could not be reasonably expected to have a Material Adverse Effect. No Credit Party is in violation of the terms
or conditions of any such franchises, licenses, authorizations, rights of use, governmental approvals and permits, which violation would reasonably be expected to have a Material Adverse Effect. 

(d) None of the Credit Parties has received any notice or has any actual knowledge, of any pending, threatened or
contemplated condemnation proceeding affecting any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof, or any proposed termination or impairment of any parking (except as contemplated in any approved expansion
approved by Administrative Agent), at any such owned or leased Real Property or of any sale or other disposition of any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof in lieu of condemnation, which in the
aggregate, are reasonably likely to have a Material Adverse Effect. 
 (e) Except for events or conditions not
reasonably likely to have, in the aggregate, a Material Adverse Effect, (i) no portion of any Real Property owned or leased by Borrower or any of its Subsidiaries has suffered any material damage by fire or other casualty loss which has not
heretofore been completely repaired and restored to its condition prior to such 

  
 - 42 -

 
casualty, and (ii) no portion of any Real Property owned or leased by Borrower or any of its Subsidiaries is located in a special flood hazard area as designated by any federal Government
Authorities or any area identified by the insurance industry or other experts acceptable to the Administrative Agent as an area that is a high probable earthquake or seismic area, except as set forth on Schedule 3.05(e). 

(f) There are no Persons operating or managing any Mortgaged Property other than the Borrower and the Management Company
pursuant to (i) the management agreements delivered to Administrative Agent as of the Effective Date, and (ii) such other management agreements in form and substance reasonably satisfactory to the Administrative Agent. To Borrower’s
actual knowledge, except as disclosed on the Current Survey no improvement or portion thereof, or any other part of any Mortgaged Property, is dependent for its access, operation or utility on any land, building or other improvement not included in
such Mortgaged Property, other than for access provided pursuant to a recorded easement or other right of way establishing the right of such access. 
 SECTION 3.06 Intellectual Property. To the actual knowledge of each Credit Party, such Credit Party owns, or is licensed to use, all patents and other intellectual property material to its
business, and the use thereof by such Credit Party does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. To the actual knowledge of each Credit Party, there are no material slogans or other advertising devices, projects, processes, methods, substances, parts or components, or other material now employed, or now contemplated to be employed, by
any Credit Party with respect to the operation of any Real Property, and no claim or litigation regarding any slogan or advertising device, project, process, method, substance, part or component or other material employed, or now contemplated to be
employed by any Credit Party, is pending or threatened, the outcome of which could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.07 Litigation and Environmental Matters. 
 (a)
Except as set forth in Schedule 3.07 attached hereto, there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting any
Credit Party or any of the Borrower’s Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 
 (b) Except as
disclosed in the environmental reports obtained by the Borrower or a Subsidiary at the time of acquisition with respect to each Real Property and with respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect: 
 (i) to the actual knowledge of the Credit Parties, all Real
Property leased or owned by Borrower or any of its Subsidiaries is free from contamination by any Hazardous Material, except to the extent such contamination could not reasonably be expected to cause a Material Adverse Effect; 

  
 - 43 -

 (ii) to the actual knowledge of the Credit Parties, the operations of
Borrower and its Subsidiaries, and the operations at the Real Property leased or owned by Borrower or any of its Subsidiaries are in compliance with all applicable Environmental Laws, except to the extent such noncompliance could not reasonably be
expected to cause a Material Adverse Effect; 
 (iii) neither the Borrower nor any of its Subsidiaries have known
liabilities with respect to Hazardous Materials and, to the knowledge of each Credit Party, no facts or circumstances exist which could reasonably be expected to give rise to liabilities with respect to Hazardous Materials, in either case, except to
the extent such liabilities could not reasonably be expected to have a Material Adverse Effect; 
 (iv) to the
actual knowledge of Borrower, (A) the Borrower and its Subsidiaries and all Real Property owned or leased by Borrower or its Subsidiaries have all Environmental Permits necessary for the operations at such Real Property and are in compliance
with such Environmental Permits; (B) there are no legal proceedings pending nor, to the actual knowledge of any Credit Party, threatened to revoke, or alleging the violation of, such Environmental Permits; and (C) none of the Credit
Parties have received any notice from any source to the effect that there is lacking any Environmental Permit required in connection with the current use or operation of any such properties, in each case, except to the extent the nonobtainment or
loss of an Environmental Permit could not reasonably be expected to have a Material Adverse Effect; 
 (v)
neither the Real Property currently leased or owned by Borrower nor any of its Subsidiaries, nor, to the actual knowledge of any Credit Party, (x) any predecessor of any Credit Party, nor (y) any of Credit Parties’ Real Property owned
or leased in the past, nor (z) any owner of Real Property leased or operated by Borrower or any of its Subsidiaries, are subject to any outstanding written order or contract, including Environmental Liens, with any Governmental Authority or
other Person, or to any federal, state, local, foreign or territorial investigation of which a Credit Party has been given notice respecting (A) Environmental Laws, (B) Remedial Action, (C) any Environmental Claim; or (D) the
Release or threatened Release of any Hazardous Material, in each case, except to the extent such written order, contract or investigation could not reasonably be expected to have a Material Adverse Effect; 

(vi) none of the Credit Parties are subject to any pending legal proceeding alleging the violation of any Environmental
Law nor, to the actual knowledge of each Credit Party, are any such proceedings threatened, in either case, except to the extent any such proceedings could not reasonably be expected to have a Material Adverse Effect; 

  
 - 44 -

 (vii) neither the Borrower nor any of its Subsidiaries nor, to the actual
knowledge of each Credit Party, any predecessor of any Credit Party, nor to the actual knowledge of each Credit Party, any owner of Real Property leased by Borrower or any of its Subsidiaries, have filed any notice under federal, state or local,
territorial or foreign law indicating past or present treatment, storage, or disposal of or reporting a Release of Hazardous Material into the environment, in each case, except to the extent such Release of Hazardous Material could not reasonably be
expected to have a Material Adverse Effect; 
 (viii) none of the operations of the Borrower or any of its
Subsidiaries or, to the actual knowledge of each Credit Party, of any owner of premises currently leased by Borrower or any of its Subsidiaries or of any tenant of premises currently leased from Borrower or any of its Subsidiaries, involve or
previously involved the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement) or any state, local, territorial or foreign equivalent, in
violation of Environmental Laws; and 
 (ix) to the actual knowledge of the Credit Parties, there is not now, nor
has there been in the past (except, in all cases, to the extent the existence thereof could not reasonably be expected to have a Material Adverse Effect), on, in or under any Real Property leased or owned by Borrower or any of its Subsidiaries, or
any of their predecessors (A) any underground storage tanks or surface tanks, dikes or impoundments (other than for surface water); (B) any friable asbestos-containing materials; (C) any polychlorinated biphenyls; or (D) any
radioactive substances other than naturally occurring radioactive material. 
 SECTION 3.08 Compliance with Laws and
Agreements. Each of the Credit Parties is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or to its
knowledge, its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

SECTION 3.09 Investment and Holding Company Status. Neither any of the Credit Parties nor any of the Borrower’s Subsidiaries
is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding
Company Act of 1935. 
 SECTION 3.10 Taxes. Each Credit Party and each of the Borrower’s Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings
and for which such Person has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

  
 - 45 -

 SECTION 3.11 ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The Borrower does not have any Plans as of the date hereof. As to
any future Plan the present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair market value of the assets of
such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair market value of the
assets of all such underfunded Plans. 
 SECTION 3.12 Disclosure. The Borrower has disclosed or made available to the
Lenders all Material Contracts and material corporate or other restrictions to which it, any other Credit Party, or any of its Subsidiaries is subject, and all other matters known to it, that, in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or
delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 SECTION 3.13 Insurance. Borrower has provided to Administrative Agent an insurance schedule which accurately sets
forth, in all material respects, as of the Effective Date all insurance policies and programs currently in effect with respect to the Mortgaged Properties, specifying for each such policy and program, (i) the amount thereof, (ii) the risks
insured against thereby, (iii) the name of the insurer and each insured party thereunder, (iv) the policy or other identification number thereof and (v) the expiration date thereof, with Administrative Agent, for the benefit of the
Lenders, being named as mortgagee, additional insured and loss payee, as applicable. Such insurance policies and programs (or such other similar policies as are permitted pursuant to Section 5.06) are currently in full force and effect, and,
together with payment by the insured of scheduled deductible payments, are in amounts sufficient to cover the replacement value of the respective assets of the Borrower and its Subsidiaries. 

SECTION 3.14 Margin Regulations. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the Board), and no proceeds of any Loan will be used to purchase or carry any margin stock. 
 SECTION 3.15 Subsidiaries; REIT Qualification. As of the Effective Date, the Parent has only the Subsidiaries listed on Schedule 3.15 attached hereto. The Borrower qualifies as a “qualified
REIT subsidiary” under Section 856 of the Code. The Parent is a Maryland corporation duly organized pursuant to articles of incorporation filed with the Maryland Department of Assessments and Taxation, and is in good standing under the
laws of Maryland. 

  
 - 46 -

 The Parent conducts its business in a manner which enables it to qualify as a real estate investment trust
under, and to be entitled to the benefits of, §856 of the Code, and has elected to be treated as and will be entitled to the benefits of a real estate investment trust thereunder. 

ARTICLE IV 

Conditions 
 SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in
accordance with Section 9.02) (the “Effective Date”): 
 (a) The Administrative Agent (or its
counsel) shall have received from each Credit Party either (i) a counterpart of this Agreement and all other Loan Documents to which it is party signed on behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page of each such Loan Document other than the Notes) that such party has signed a counterpart of the Loan Documents, together with copies of all Loan Documents. 

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

(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its
counsel may reasonably request relating to the organization, existence and good standing of the Credit Parties, the authorization of the Transactions and any other legal matters relating to the Credit Parties, this Agreement (including each Credit
Party’s compliance with Section 9.14 and other customary “know your customer” requirements) or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(d) The Administrative Agent shall have received a Compliance Certificate, dated the date of this Agreement and signed by
a Financial Officer of Parent, in form and substance reasonably satisfactory to the Administrative Agent. 
 (e)
The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed
or paid by the Borrower hereunder. 
 (f) The Administrative Agent shall have received copies of all other Loan
Documents, the Environmental Assessment, the Title Insurance Policy and the Current Survey (in each instance as delivered in connection with the original closing of the Loan, with the Administrative Agent receiving an acceptable endorsement to each
Title Policy), property condition assessments, insurance certificates, and such other due diligence information as the Administrative Agent may require for each Mortgaged Property. 

  
 - 47 -

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

(b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be
continuing. 
 (c) With respect to any requested Borrowings after the Initial Borrowing, the Borrower shall have
complied with Section 2.04. 
 (d) The Administrative Agent shall have received a Compliance
Certificate signed by a Financial Officer of Borrower. 
 (e) All due diligence and additional Loan Documents
related to any new Mortgaged Property shall have been approved, executed and delivered to the Administrative Agent. 
 Each Borrowing shall be
deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section. 
 ARTICLE V 
 Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall
have been paid in full, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01 Financial Statements;
Ratings Change and Other Information. The Borrower will furnish to the Administrative Agent and each Lender: 

(a) within 120 days after the end of each fiscal year of the Parent, the Parent’s audited consolidated balance sheet
and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, together with all notes thereto, setting forth in each case in comparative form the figures for the previous fiscal year, all reported
on by Reznick Group or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the

  
 - 48 -

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

(c) concurrently with the delivery thereof, copies of all quarterly and annual reporting provided to the investors in the
Parent; 
 (d) concurrently with any delivery of financial statements under clause (a) or (b) above, a
compliance certificate of a Financial Officer of the Parent (the “Compliance Certificate”) in the form of Exhibit B attached hereto, and a Borrowing Base Certificate; 

(e) promptly after the same become publicly available for Forms 10-K and 10-Q described below, and upon written request
for items other than Forms 10-K and 10-Q described below, copies of all periodic and other reports, proxy statements and other materials filed by the Parent, the Borrower or any Subsidiary with the Securities and Exchange Commission (including
registration statements and reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the
Parent or the Borrower to its shareholders generally, as the case may be; and 
 (f) promptly following any
request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary of the Borrower, or compliance with the terms of the Loan Documents, as the Administrative Agent or any
Lender may reasonably request. 

  
 - 49 -

 SECTION 5.02 Financial Tests. The Parent and the Borrower shall have and maintain, on
a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: 
 (a) a Total
Leverage Ratio no greater than: 
 (i) during the period commencing December 31, 2011 and continuing up to
and until September 30, 2012, a maximum of sixty percent (60%); 
 (ii) during the period commencing
October 1, 2012 and continuing up to and until September 30, 2013, a maximum of fifty-seven and one half percent (57.5%); and 
 (iii) during the period commencing October 1, 2013 and continuing up to and until September 30, 2014, a maximum of fifty-five percent (55%); and 

(iv) during the period commencing October 1, 2014 and thereafter until (and including) the Maturity Date, a maximum
of fifty percent (50%) 
 (b) a Tangible Net Worth of at least $175,000,000.00; 

(c) an Interest Coverage Ratio of not less than 1.65:1 during the period commencing December 31, 2011 and continuing
up to and including September 30, 2013, increasing to 1.75:1 during the period commencing October 1, 2013 and continuing up to and including the Maturity Date; 

(d) a Fixed Charge Ratio of not less than 1.40:1 during the period commencing December 31, 2011 and continuing up to
and including September 30, 2013, increasing to 1.50:1 during the period commencing October 1, 2013 and continuing up to and including the Maturity Date; 

(e) a Liquidity equal to $2,000,000.00; and 

(f) a ratio of (i) the Indebtedness that bears interest at a varying rate of interest or that does not have the
interest rate fixed, capped or swapped pursuant to a Hedging Agreement to (ii) the sum of the Indebtedness, not in excess of thirty percent (30%). 
 Notwithstanding the foregoing, each of the Parent and the Borrower shall have ten (10) Business Days from the date on which any violation of the above tests shall occur in which to cure such
violation, to the extent such violation can be cured with a cash payment, which 10-day cure period shall be in lieu of, and not in addition to, any other cure period provided for herein that may affect this Section 5.02. 

SECTION 5.03 Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender written notice of
the following promptly after it becomes aware of same (unless specific time is set forth below): 
 (a) the
occurrence of any Default; 
 (b) within five (5) Business Days after the filing or commencement of any
action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Credit Party or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

  
 - 50 -

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

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

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive
officer of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.04 Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things reasonably necessary to preserve, renew and keep in
full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except to the extent the failure to do so, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.01 and shall not apply to the real estate investment trust status of the
Parent until such time as the Parent has made its initial election to be treated as a real estate investment trust under the Code. Each Person that is a Borrower must at all times be a wholly owned Subsidiary of Parent or a wholly owned Subsidiary
of the Lead Borrower. 
 SECTION 5.05 Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries
to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably
be expected to result in a Material Adverse Effect. 
 SECTION 5.06 Maintenance of Properties; Insurance. 

(a) The Borrower will (i) keep and maintain all property material to the conduct of the operations of the Mortgaged
Properties in good working order and condition, ordinary wear and tear excepted, and (ii) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are set forth in the schedule
provided pursuant to Section 3.13, with Administrative Agent named as loss payee and a beneficiary of such insurance on substantially similar policies and programs as are acceptable to Administrative Agent. 

  
 - 51 -

 (b) The Borrower shall maintain the following insurance coverages for each
of the Mortgaged Properties in the Pool: 
 (i) An all-risk policy of permanent property insurance insuring the
Mortgaged Property against all risks that are commonly covered under real property insurance except those permitted by the Administrative Agent in writing to be excluded from coverage thereunder. 

(ii) A boiler and machinery insurance policy covering loss or damage to all portions of the Mortgaged Property comprised
of air-conditioning and heating systems, other pressure vessels, machinery, boilers or high pressure piping. 

(iii) An all-risk policy of insurance covering loss of earnings and/or rents from the Mortgaged Property in the event that
the Mortgaged Property is not available for use or occupancy due to casualty, damage or destruction required to be covered by the policies of insurance described in (i) and (ii) above. 

(iv) Commercial general liability, auto liability, umbrella or excess liability and worker’s compensation insurance
against claims for bodily injury, death or property damage occurring on, in or about the Mortgaged Property in an amount and containing terms reasonably acceptable to the Administrative Agent. 

(v) Such other insurance against other insurable hazards, risks or casualties which at the time are commonly insured
against in the case of owners and premises similarly situated, due regard being given to the financial condition of the Borrower, the height and type of the Mortgaged Property, its construction, location, use and occupancy. 

(vi) All required insurance will be written on forms acceptable to the Administrative Agent and by companies having a
Best’s Insurance Guide Rating of not less than A or A+ and which are otherwise acceptable to the Administrative Agent, and such insurance (other than third party liability insurance) shall be written or endorsed so that all losses are payable
to the Administrative Agent, as Administrative Agent for the Lenders. The original policies evidencing such insurance shall be delivered by the Borrower to the Administrative Agent and held by the Administrative Agent, unless Administrative Agent
expressly consents to accept insurance certificates instead. Each such policy shall expressly prohibit cancellation or modification of insurance without thirty (30) days’ written notice to the Administrative Agent. The Borrower agrees to
furnish due proof of payment of the premiums for all such insurance to Administrative Agent promptly after each such payment is made and in any case at least fifteen (15) days before payment becomes delinquent. 

(c) The Borrower will pay and discharge all taxes, assessments, maintenance charges, permit fees, impact fees, development
fees, capital repair charges, utility reservations and standby fees and all other similar impositions of every kind and character charged, levied, assessed or imposed against any interest in any Mortgaged Property owned by it, as they become payable
and before they become delinquent and that, if not paid, could result in a Material 

  
 - 52 -

 
Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings,
(b) the Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.
The Borrower shall furnish receipts evidencing proof of such payment to the Administrative Agent promptly after payment and before delinquency. 
 (d) All proceeds of insurance with respect to any Mortgaged Property shall be paid to Administrative Agent and, at Administrative Agent’s option, be applied to Borrower’s Obligations or
released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). If the Cost To Repair does not exceed thirty-five percent (35%) of the Pool Value of
the subject Mortgaged Property, provided no Event of Default is then in existence, Administrative Agent shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with and subject to the
provisions of Section 5.06(e) below. 
 (e) If Administrative Agent elects or is required to release
insurance proceeds, Administrative Agent may impose, reasonable conditions on such release which shall include, but not be limited to, the following: 
 (i) prior written approval by Administrative Agent, which approval shall not be unreasonably withheld or delayed of plans, specifications, cost estimates, contracts and bonds for the restoration or repair
of the loss or damage; 
 (ii) waivers of lien, architect’s certificates, contractor’s sworn statements
and other evidence of costs, payments and completion as Agent may reasonably require; 
 (iii) if the Cost To
Repair does not exceed $500,000.00, the funds to pay therefor shall be released to Borrower. Otherwise, funds shall be released upon final completion of the Repair Work, unless Borrower requests earlier funding, in which event partial monthly
disbursements equal to 90% of the value of the work completed shall be made prior to final completion of the repair, restoration or replacement and the balance of the disbursements shall be made upon full completion and the receipt by Administrative
Agent of satisfactory evidence of payment and release of all liens; 
 (iv) determination by Administrative Agent
that the undisbursed balance of such proceeds on deposit with Administrative Agent, together with additional funds deposited for the purpose, shall be at least sufficient to pay for the remaining Cost To Repair, free and clear of all liens and
claims for lien; 
 (v) all work to comply with the standards, quality of construction and Legal Requirements
applicable to the original construction of the Mortgaged Property; and 

  
 - 53 -

 (vi) in Administrative Agent’s good faith judgment the Repair Work is
likely to be completed at least three (3) months prior to the Maturity Date. 
 (f) If there is any
condemnation for public use of a Mortgaged Property or of any Collateral, the awards on account thereof shall be paid to Administrative Agent and shall be applied to Borrower’s obligations, or at Administrative Agent’s discretion released
to Borrower. If, in the case of a partial taking or a temporary taking, in the sole judgment of Administrative Agent the effect of such taking is such that there has not been a material and adverse impairment of the viability of the Mortgaged
Property or the value of the Collateral, so long as no Default exists Administrative Agent shall release awards on account of such taking to Borrower if such awards are sufficient (or amounts sufficient are otherwise made available) to repair or
restore the Administrative Property to a condition reasonably satisfactory to Administrative Agent subject to the requirements of Section 5.06(e). 
 SECTION 5.07 Books and Records; Inspection Rights. 
 (a) The
Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. 

(b) The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.08 Compliance with Laws. The
Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.09 Use of Proceeds. The proceeds of the
Loans will be used for acquisition, acquisition fees and expenses, and financing of the Mortgaged Properties and other real properties to be acquired by Subsidiaries of the Lead Borrower. No part of the proceeds of any Loan will be used, whether
directly or indirectly, for financing, funding or completing the hostile acquisition of publicly traded Persons or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. 

SECTION 5.10 Fiscal Year. Borrower shall maintain as its fiscal year the twelve (12) month period ending on December 31
of each year. 
 SECTION 5.11 Environmental Matters. 

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

  
 - 54 -

 (b) If the Administrative Agent or the Required Lenders at any time have a
reasonable basis to believe that there may be a material violation of any Environmental Law related to any Real Property owned or leased by Borrower or any of its Subsidiaries, or Real Property adjacent to such Real Property, which could reasonably
be expected to have a Material Adverse Effect, then Borrower agrees, upon request from the Administrative Agent (which request may be delivered at the option of Administrative Agent or at the direction of Required Lenders), to provide the
Administrative Agent, at the Borrower’s expense, with such reports, certificates, engineering studies or other written material or data as the Administrative Agent or the Required Lenders may reasonably require so as to reasonably satisfy the
Administrative Agent and the Required Lenders that any Credit Party or Real Property owned or leased by them is in material compliance with all applicable Environmental Laws. 

(c) Borrower shall, and shall cause each of its Subsidiaries to, take such Remedial Action or other action as required by
Environmental Law or any Governmental Authority except to the extent the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(d) If the Borrower fails to timely take, or to diligently and expeditiously proceed to complete in a timely fashion, any
action described in this Section, the Administrative Agent may, after notice to the Lead Borrower, with the consent of the Required Lenders, make advances or payments toward the performance or satisfaction of the same, but shall in no event be under
any obligation to do so. All sums so advanced or paid by the Administrative Agent (including reasonable counsel and consultant and investigation and laboratory fees and expenses, and fines or other penalty payments) and all sums advanced or paid in
connection with any judicial or administrative investigation or proceeding relating thereto, will become due and payable from the Borrower ten (10) Business Days after demand, and shall bear interest at the rate for past due interest provided
in Section 2.12(d) from the date any such sums are so advanced or paid by the Administrative Agent until the date any such sums are repaid by the Borrower. Promptly upon request, the Borrower will execute and deliver such instruments as
the Administrative Agent may deem reasonably necessary to permit the Administrative Agent to take any such action, and as the Administrative Agent may require to secure all sums so advanced or paid by the Administrative Agent. If a Lien is filed
against the Mortgaged Property by any Governmental Authority resulting from the need to expend or the actual expending of monies arising from an action or omission, whether intentional or unintentional, of the Borrower or for which any Borrower is
responsible, resulting in the Releasing of any Hazardous Material into the waters or onto land located within or without the State where the Mortgaged Property is located, then the Borrower will, within thirty (30) days from the date that the
Borrower is first given notice that such Lien has been placed against the Mortgaged Property (or within such shorter period of time as may be specified by the Administrative Agent if such Governmental Authority has commenced steps to cause the
Mortgaged Property to be sold pursuant to such Lien), either (i) pay the claim and remove the Lien, or (ii) furnish a cash deposit, bond or such other security with respect thereto as is satisfactory in all respects to the Administrative
Agent and is sufficient to effect a complete discharge of such Lien on the Mortgaged Property. 

  
 - 55 -

 SECTION 5.12 Property Pool. 

(a) Each Mortgaged Property (the “Pool”) proposed by the Borrower as Collateral shall meet the
requirements of a Mortgaged Property, shall not be subject to a Lien in any manner, other than Permitted Encumbrances, and shall meet the following requirements: 

(i) a self-storage property located in states in the United States of America, which is 100% owned by Borrower and as to
which the Administrative Agent shall have received an Appraisal ordered by the Administrative Agent; 
 (ii) a
final certificate of occupancy, or the local equivalent has been issued by the appropriate Governmental Authority for all of the improvements on the Real Property; 

(iii) no material deferred maintenance and no material capital improvements are required or if required, adequate
reserves, pledged to the Agent, are made therefor to continue operating as a self-storage property (or such other use as the Majority Lenders may approve), as determined by an architectural or engineering report approved by the Administrative Agent;

 (iv) (1) the Administrative Agent must have received Phase I environmental reports, together with an
acceptable reliance letter, from third-party independent consultants for each Mortgaged Property in, or to be added to, the Pool that do not disclose any adverse material environmental conditions, (2) the owner of the subject property must be
able to make the representations and warranties in Sections 3.05 and 3.07 as to each Mortgaged Property in, or to be added to, the Pool, (3) the owner of the subject Mortgaged Property must have provided a Current Survey, Title
Insurance Policy, Financing Statement, flood zone certification, probable maximum loss study with a reliance letter, a rent roll, and all other documents required for Collateral as the Administrative Agent may require (which will include, at a
minimum, proof of casualty and liability insurance complying with this Agreement, architect’s or engineer’s inspection report (together with an acceptable reliance letter(s)), central and local Uniform Commercial Code searches, purchase
agreement, recent photographs, a Compliance Certificate) and in form and substance satisfactory to the Administrative Agent, and (4) the Mortgaged Property owner must have joined in, and assumed all obligations of a “Borrower” under,
this Agreement and the other Loan Documents, all in form and substance reasonably satisfactory to the Administrative Agent; 
 (v) the Mortgaged Property is otherwise approved by the Administrative Agent and the Majority Lenders in their sole discretion. As of the Effective Date the Real Property assets to be included in the Pool
are listed on Schedule 5.12 attached hereto. 

  
 - 56 -

 SECTION 5.13 Further Assurances. At any time upon the request of the Administrative
Agent, Borrower will, promptly and at its expense, execute, acknowledge and deliver such further documents and perform such other acts and things as the Administrative Agent may reasonably request to evidence the Loans made hereunder and interest
thereon in accordance with the terms of this Agreement. The Administrative Agent has agreed in some instances that the maximum amount secured by a Deed of Trust may be limited in order to reduce fees or taxes paid by the Borrower in a particular
jurisdiction. 
 SECTION 5.14 Parent Covenants. The Parent will: 

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

(b) maintain management and control of Borrower; 

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

 (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect,
qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and 
 (e) promptly contribute to SSOP the net proceeds of any stock sales or debt offerings, except as may be otherwise provided under the Working Capital Loan. 

SECTION 5.15 Partial Releases The Borrower may obtain the release of any Mortgaged Property (the “Release Tract”)
from the liens and security interests of the Loan Documents if it satisfies the following terms and conditions: 

(a) No Event of Default is in existence, and the release of the Release Tract will not cause there to be a Default
(including under Section 2.09(b) hereof) after taking into account any prepayment of outstanding Loans necessary to maintain compliance with any applicable financial covenants herein. Lead Borrower will deliver to the Administrative Agent a
Borrowing Base Certificate with pro forma information without the Release Tract. 
 (b) The release will be for
the entire Release Tract, and not for just a portion thereof. 
 (c) No less than thirty (30) days prior to
the date of the requested release (“Partial Release Date”), the Borrower shall deliver to the Administrative Agent a written request for such partial release (the “Release Request”). 

(d) The Borrower shall pay all costs and expenses reasonably incurred by the Administrative Agent in connection with such
Partial Release, including, without limitation, reasonable attorneys’ fees, recording fees and any title policy endorsement fees. 

  
 - 57 -

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

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

(a) Permitted Encumbrances; 
 (b) any Lien on any property or asset of the Borrower existing on the date hereof and set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or
asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations (whether present or future) set forth in the governing loan documents, as of the date hereof and extensions, renewals and replacements thereof that
do not increase the outstanding principal amount thereof; and 
 (c) any Lien on any property or asset acquired
by any Subsidiary of the Borrower after the date hereof which is not a Mortgaged Property. 
 SECTION 6.02 Fundamental
Changes. The Borrower will not, and will not permit any of Borrower’s Subsidiaries to: 
 (a) merge into
or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of the
Borrower or all or substantially all of the stock of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall
have occurred and be continuing (i) any Person may merge into, or consolidate with, Lead Borrower in a transaction in which Lead Borrower is the surviving entity, (ii) any Person not a Credit Party may merge into, or consolidate with, any
Subsidiary in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary not a Credit Party may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary, (iv) any Subsidiary
not a Credit Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) any Subsidiary which
is a Credit Party may merge into (or consolidate with) or liquidate or dissolve into, any other Subsidiary which is a Credit Party, and (vi) any Subsidiary which is a Credit Party may sell, transfer, lease or otherwise dispose of its assets to
Borrower or to any other Subsidiary which is a Credit Party; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by
Section 6.03; 

  
 - 58 -

 (b) sell, transfer, lease or otherwise dispose of any of its assets to a
Person other than pursuant to clause (a) above if the value of the assets disposed of in any twelve (12) month period exceeds twenty-five percent (25%) of the value of the Borrower’s and its Subsidiaries’ Real Property; or

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

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

(c) investments directly or indirectly in unimproved land not to exceed ten percent (10%) of the Total Asset Value;

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

  
 - 59 -

 (g) any purchase or acquisition, directly or indirectly, of any such capital
stock, evidence of indebtedness, or other securities of, or other investment in, a Person which is not a wholly owned Subsidiary of the Borrower where the value of such purchase or acquisition does not exceed fifteen percent (15%) of the Total
Asset Value immediately before such purchase or acquisition, 
 provided that the aggregate value of the investments described in Subsections
(c) through (g) above shall not exceed twenty percent (20%) of the Total Asset Value. 
 SECTION 6.04 Hedging
Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower
or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. 
 SECTION 6.05 Restricted
Payments. The Parent will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, during any calendar quarter, any Restricted Payment, except that any of the following Restricted
Payments are permitted: (a) Restricted Payments by the Parent required to comply with Section 5.14(d); (b) provided no Event of Default is in existence, Restricted Payments made by the Parent or the Lead Borrower to its equity
holders, including in connection with the existing redemption and dividend reinvestment plans; provided, however, that upon an Event of Default, such Restricted Payments shall not be permitted after one hundred twenty (120) days following such
Event of Default; and (c) Restricted Payments declared and paid ratably by Subsidiaries to Borrower and/or Parent with respect to their capital stock or equity interest; provided that notwithstanding the foregoing, the Parent may issue
warrants, options and other equity securities evidencing ownership interests and rights in the Parent. 
 SECTION 6.06
Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or
otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its wholly owned Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.05.

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

SECTION 6.08 Restrictive Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any
of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect 

  
 - 60 -

 
to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided
that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement or as otherwise approved by the Administrative Agent, (ii) the foregoing shall not apply to customary restrictions and conditions
contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) clause (a) of the
foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness or Liens permitted by this Agreement, if such restrictions or conditions apply only to the property or assets securing such
Indebtedness and (iv) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof. 
 SECTION 6.09 Indebtedness. Neither the Guarantor nor any Borrower shall, without the prior written consent of the Administrative Agent, create, incur, assume, guarantee or be or remain liable,
contingently or otherwise with respect to any Indebtedness, except: (a) Indebtedness under this Agreement or in relation to the Working Capital Loan; (b) Indebtedness to Administrative Agent; (c) Indebtedness under any Hedging
Obligations or any Hedging Agreements permitted by Section 6.04 hereof, (d) Indebtedness of the Parent whose recourse is solely for so-called “bad-boy” acts, including without limitation, (i) failure to account for a
tenant’s security deposits, if any, for rent or any other payment collected by a borrower from a tenant under a lease, all in accordance with the provisions of any applicable loan documents, (ii) fraud or a material misrepresentation made
by a Subsidiary or Guarantor, or the holders of beneficial or ownership interests in a Subsidiary or any Guarantor, in connection with the financing evidenced by the applicable loan documents; (iii) any attempt by a Subsidiary or any Guarantor
to divert or otherwise cause to be diverted any amounts payable to the applicable lender in accordance with the applicable loan documents; (iv) the misappropriation or misapplication of any insurance proceeds or condemnation awards relating to
a Property; (v) voluntary or involuntary bankruptcy by a Subsidiary or any Guarantor; and (vi) any environmental matter(s) affecting any Property which is introduced or caused by a Subsidiary or any Guarantor or any holder of a beneficial
or ownership interest in a Subsidiary or any Guarantor; (e) Indebtedness of the Parent, including, without limitation, that under recourse Guarantees (but excluding that relating to this Agreement and that for the Working Capital Loan
Agreement) in an aggregate amount not to exceed twenty-five percent (25%) of Total Asset Value; (f) Indebtedness for trade payables and operating expenses incurred in the ordinary course of business and (g) Indebtedness under any
standard environmental indemnity. Nothing contained herein shall be deemed to prohibit or prevent a Subsidiary of the Parent or of the Lead Borrower which is not a Borrower from assuming or incurring any Indebtedness in connection with any
investment allowed under Section 6.03 above. Borrower shall use its best efforts to have all future non-recourse carve-out guarantees and standard environmental indemnitees on first mortgage or other property-related loans incurred by
Subsidiaries to be provided by the Guarantor. 
 SECTION 6.10 Management Fees. At any time that any Default or Event of
Default exists under this Agreement or any other Loan Document, then in any of such event(s), no Credit Party may pay any management, property, asset or similar fees to any other Credit Party or to any Subsidiary or Affiliate. All such parties shall
execute subordination agreements in form and substance acceptable to the Administrative Agent with respect to such fees. 

  
 - 61 -

 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Credit Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan
Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of over three Business Days (such three Business Day period commencing after written notice from the Administrative Agent as to any
such fee); 
 (c) any representation or warranty made or deemed made by or on behalf of any Credit Party in or in
connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or
modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Articles V or VI other than Sections 5.02, 5.04, 5.05, 5.06,
5.07(a), 5.08, and 5.11; 
 (e) any Credit Party shall fail to observe or perform any
covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of over 30 days after
notice thereof from the Administrative Agent to the Lead Borrower (which notice will be given at the request of any Lender) and if such default is not cureable within thirty (30) days and the Credit Party is diligently pursuing cure of same,
the cure period may be extended for thirty (30) days (for a total of 60 days after the original notice from the Administrative Agent) upon written request from the Borrower to the Administrative Agent; 

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

  
 - 62 -

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

(j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other
ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000.00; 

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

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

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

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

 (o) a Change in Control shall occur; 

(p) any of the Borrower, the Parent or any of their Subsidiaries defaults under (a) any recourse indebtedness in an
aggregate amount equal to or greater than $25,000,000 at any time, or (b) any non-recourse indebtedness in an aggregate amount equal to or greater than $75,000,000 at any time; or 

  
 - 63 -

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

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

The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has

  
 - 64 -

 
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party that is
communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be
deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. The Administrative Agent agrees that, in fulfilling its
duties hereunder, it will use the same standard of care it utilizes in servicing loans for its own account. 
 The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed
or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in good faith in accordance with the advice of any
such counsel, accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and
powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. 

  
 - 65 -

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

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

Miscellaneous 
 SECTION 9.01 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Borrower, to the Lead Borrower in care of Strategic Storage Trust, Inc., at 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694, Attention: Michael S. McClure (Telephone No.
(949) 249-6600 and Telecopy No. (949) 429-6606); copies to: Michael McClure (Telephone No. (949) 249-6600 and Telecopy No. (949) 429-6606) and Charles Mersky, Esquire (Telephone No. (214) 922-8800 and Telecopy No.
(214) 922-8801). 

  
 - 66 -

 (b) if to the Administrative Agent, to KeyBank, National Association, 225
Franklin Street, Boston, Massachusetts 02110, Attention: Christopher T. Neil, (Telephone No. (617) 385-6202 and Telecopy No. (617) 385-6293); and 
 (c) if to any other Lender, to it at its address (or telecopy number) set forth on the signature pages of this Agreement, or as provided to Borrower in writing by the Administrative Agent or the Lender.

 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i) if given by telecopy, when such telecopy is transmitted to the telecopy number
specified in this Section and the appropriate confirmation is received (or if such day is not a Business Day, on the next Business Day); (ii) if given by mail (return receipt requested), on the earlier of receipt or three (3) Business Days
after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid; or (iii) if given by any other means, when delivered at the address specified in this Section; provided that notices to the
Administrative Agent under Article II shall not be effective until received. 
 SECTION 9.02 Waivers; Amendments.

 (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder
or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
 (b) Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the
consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender 

  
 - 67 -

 
affected thereby, (iv) change Sections 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) release any Credit Party from its obligations under the Loan Documents or release any Collateral, except as specifically provided for
herein, without the written consent of each Lender, (vii) subordinate the Loans or any Collateral without the written consent of each Lender, (viii) waive or modify any conditions of extending the Loans set forth in
Section 2.19 without the written consent of each Lender affected thereby, or (ix) consent to the Collateral securing any other Indebtedness without the written consent of each Lender; provided further that no such agreement
shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

(c) Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove
any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender; and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
 (d) Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees fit on any
reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set forth herein; and (2) the Required Lenders may consent to
allow a Borrower to use cash collateral in the context of a bankruptcy or insolvency proceeding. Administrative Agent may, after consultation with the Borrower, agree to the modification of any term of this Credit Agreement or any other Loan
Document to correct any printing, stenographic or clerical errors or omissions that are inconsistent with the terms hereof. 
 (e) If Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, and not
receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by Administrative Agent, as the case may be, such Lender shall be deemed to have given its consent to the request. 

(f) Notwithstanding any provision of this Agreement to the contrary none of the Lenders or the existing Borrower will be
required to execute assumption or amendment documents to add a Person as a Borrower or as a Guarantor. If Real Property assets are added to the Pool in accordance with this Agreement and the owner is not already a Borrower, then such owner may be
added as a Borrower as required by Section 5.12 pursuant to a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and in each case Borrower, Guarantor, such
owner and the Administrative Agent will enter into an amendment to the Environmental Indemnity. 

  
 - 68 -

 SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation of this Agreement or any amendments,
modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender,
including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this
Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred (including any Appraisal costs) during any waivers, workout, restructuring or negotiations in respect of such Loans. 

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

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its
capacity as such. 

  
 - 69 -

 (d) To the extent permitted by applicable law, the Borrower shall not
assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable not later than ten (10) days after written demand therefor. 
 SECTION 9.04 Successors and Assigns. 
 (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in
paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower, provided that no
consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if a Default has occurred and is continuing, any other assignee; and 

(B) the Administrative Agent. 
 Provided, no consent of the Borrower or Administrative Agent shall be required in connection with any assignment to an entity acquiring, or merging with, a Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000.00 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if a Default has occurred
and is continuing and such consent shall not be unreasonably withheld; 

  
 - 70 -

 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500.00; and 

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

 For the purposes of this Section 9.04(b), the term “Approved Fund” has the
following meaning: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant
to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall
be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
 - 71 -

 (v) Upon its receipt of a duly completed Assignment and Assumption executed
by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section
and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall
be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) Borrower’s obligations hereunder shall not be increased. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (d) of this
Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(c) as though it were a Lender. 
 (d) A Participant shall not be entitled to receive any
greater payment under Section 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Lead Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.16(e) as though it were a Lender. 
 (e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
 - 72 -

 SECTION 9.05 Survival. All covenants, agreements, representations and warranties made
by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of
this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several. 
 (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. 
 (b) This Agreement and any separate letter agreements with respect to fees
payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

 (c) Except as provided in Section 4.01, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 (d) Each Person constituting the Borrower shall be bound jointly and severally with one another to
make, keep, observe and perform the representations, warranties, covenants, agreements, obligations and liabilities imposed by this Agreement and the other Loan Documents upon the “Borrower.” 

(e) Each Borrower agrees that it shall never be entitled to be subrogated to any of the Administrative Agent’s or any
Lender’s rights against any Credit Party or other Person or any collateral or offset rights held by the Administrative Agent or the Lenders for payment of the Loans until the full and final payment of the Loans and all other obligations
incurred under the Loan Documents and final termination of the Lenders’ obligations, if any, to make further advances under this Agreement or to provide any other financial accommodations to any Credit Party. The value of the consideration
received and to be received by each 

  
 - 73 -

 
Borrower is reasonably worth at least as much as the liability and obligation of each Borrower incurred or arising under the Loan Documents. Each Borrower has determined that such liability and
obligation may reasonably be expected to substantially benefit each Borrower directly or indirectly. Each Borrower has had full and complete access to the underlying papers relating to the Loans and all of the Loan Documents, has reviewed them and
is fully aware of the meaning and effect of their contents. Each Borrower is fully informed of all circumstances which bear upon the risks of executing the Loan Documents and which a diligent inquiry would reveal. Each Borrower has adequate means to
obtain from each other Borrower on a continuing basis information concerning such other Borrower’s financial condition, and is not depending on the Administrative Agent or the Lenders to provide such information, now or in the future. Each
Borrower agrees that neither the Administrative Agent nor any of the Lenders shall have any obligation to advise or notify any Borrower or to provide any Borrower with any data or information regarding any other Borrower. 

SECTION 9.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff.
If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits of any
Borrower (general or special, time or demand, provisional or final), at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of a Borrower against any of and all the obligations of the
Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to
notify the Lead Borrower after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in
addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 9.09
Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 (b) The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state and federal courts in Boston, Massachusetts and in New York, New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding

  
 - 74 -

 
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction. 

Notwithstanding the foregoing choice of law: 

(i) matters relating to the creation, perfection, priority and enforcement of the liens on and security interests in a
Mortgaged Property or other assets situated in another jurisdiction(s), including by way of illustration, but not in limitation, actions for foreclosure, for injunctive relief, or for the appointment of a receiver, shall be governed by the laws of
such state; 
 (ii) Administrative Agent shall comply with applicable law in such state to the extent required by
the law of such jurisdiction(s) in connection with the foreclosure of the security interests and liens created under the Deed of Trust or exercising any rights with respect to the Property directly, and the other Loan Documents with respect to the
Property or other assets situated in another jurisdiction; and 
 (iii) provisions of Federal law and the law of
such other jurisdiction(s) shall apply in defining the terms Hazardous Materials, Environmental Laws and Legal Requirements applicable to the Property as such terms are used in this Loan Agreement, the Environmental Indemnity and the other Loan
Documents 
 (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph
(b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR 

  
 - 75 -

 
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this
Agreement. 
 SECTION 9.12 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section
or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from any Credit Party
relating to the Credit Party or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided that, in the case of information
received from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13 Interest Rate Limitation. If at any time there exists a maximum rate of interest which may be contracted for,
charged, taken, received or reserved by the Lenders in accordance with applicable law (the “Maximum Rate”), then notwithstanding anything herein to the contrary, at any time the interest applicable to any Loan, together with all fees,
charges and other amounts which are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed such Maximum Rate, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been paid in respect of such Loan but were not payable as result of the operation of this Section shall be
cumulated and the interest and Charges payable to the Lenders in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated 

  
 - 76 -

 
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by the Lenders. If, for any reason whatsoever, the Charges paid or
received on the Loans produces a rate which exceeds the Maximum Rate, the Lenders shall credit against the principal of the Loans (or, if such indebtedness shall have been paid in full, shall refund to the payor of such Charges) such portion of said
Charges as shall be necessary to cause the interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums paid or agreed to be paid to the holders of the Loans for the use, forbearance or detention of the Loans shall, to the extent
permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this Agreement, so that the interest rate is uniform throughout the full term of this Agreement. The provisions of this Section
shall control all agreements, whether now or hereafter existing and whether written or oral, between the parties hereto. Without notice to the Borrower or any other person or entity, the Maximum Rate, if any, shall automatically fluctuate upward and
downward as and in the amount by which such maximum nonusurious rate of interest permitted by applicable law fluctuates. 

SECTION 9.14 USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender to identify the Borrower in accordance with the Act. 
 [Signature page to follow]

  
 - 77 -

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

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

		
	By:	 	Strategic Storage Trust, Inc., a Maryland corporation, its General Partner
			
		 	By:	 	/s/ Michael S. McClure 
		 	Name:	 	Michael S. McClure 
		 	Title:	 	Chief Financial Officer 

  
 - 78 -

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

			
	STRATEGIC STORAGE TRUST, INC.,
	 a Maryland corporation

		
	By:	 	/s/ Michael S. McClure
	Name:	 	Michael S. McClure
	Title:	 	Chief Financial Officer

  
 - 79 -

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

 

			
	KEYBANK, NATIONAL ASSOCIATION,
	individually and as Administrative Agent,
		
	By:	 	/s/ Christopher T. Neil
	Name:	 	Christopher T. Neil
	Title:	 	Senior Relationship Manager

  
 - 80 -

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

 

													
	SSTI 12714 S LA CIENEGA BLVD, LLC,	 	SSTI 2025 N RANCHO DR, LLC,
	a Delaware limited liability company	 		 	a Delaware limited liability company
			
	By: Strategic Storage Trust, Inc.,	 		 	By: Strategic Storage Trust, Inc.,
	a Maryland corporation, its Manager	 		 	a Maryland corporation, its Manager
						
		 	By:	 	/s/ Michael S. McClure	 		 	By:	 	/s/ Michael S. McClure
		 	Name:	 	Michael S. McClure	 		 		 	Name:	 	Michael S. McClure
		 	Title:	 	Chief Financial Officer	 		 		 	Title:	 	Chief Financial Officer
			
	SSTI 3155 W ANN RD, LLC,	 		 	SSTI 8900 MURRAY AVE, LLC,
	a Delaware limited liability company	 		 	a Delaware limited liability company
			
	By: Strategic Storage Trust, Inc.,	 		 	By: Strategic Storage Trust, Inc.,
	a Maryland corporation, its Manager	 		 	a Maryland corporation, its Manager
						
		 	By:	 	/s/ Michael S. McClure	 		 	By:	 	/s/ Michael S. McClure
		 	Name:	 	Michael S. McClure	 		 		 	Name:	 	Michael S. McClure
		 	Title:	 	Chief Financial Officer	 		 		 	Title:	 	Chief Financial Officer
					
	815 LASALLE AVE, LLC,	 		 		 		 	
	a Delaware limited liability company	 		 		 		 	
					
	By: Strategic Storage Trust, Inc.,	 		 		 		 	
	a Maryland corporation, its Manager	 		 		 		 	
							
		 	By:	 	/s/ Michael S. McClure 	 		 		 		 	
		 	Name:	 	Michael S. McClure 	 		 		 		 	
		 	Title:	 	Chief Financial Officer 	 		 		 		 	

  
 - 81 -

 SCHEDULE 2.01 

 

			
	 LENDER
	  	LOAN COMMITMENT
	 	  	(Percentage)
	 KEYBANK, NATIONAL ASSOCIATION
	  	$30,000,000.00
		  	(100%)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]