Document:

Exhibit 10.1

  

   

  

  FIRST AMENDMENT TO SECOND AMENDED AND RESTATED

  CREDIT AGREEMENT

  

  

  THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of
    September 21, 2020, by and among JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company (“Borrower”), JERNIGAN CAPITAL, INC., a Maryland
    corporation (“REIT”), each of the entities identified as a “Subsidiary Guarantor” on the signature pages of this Amendment (collectively the “Subsidiary Guarantors”; the REIT and the Subsidiary Guarantors are hereinafter referred to collectively
    as the “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), RAYMOND JAMES BANK, N.A., (“Raymond James”), BMO HARRIS
      BANK N.A., (“BMO”), TRUSTMARK NATIONAL BANK (“Trustmark”), FIRSTBANK (“FirstBank”), TRIUMPH BANK (“Triumph”),
    RENASANT BANK (“Renasant”), PINNACLE BANK (“Pinnacle”), SYNOVUS BANK (“Synovus”), TRUIST BANK (“Truist”), and IBERIABANK, a division of First Horizon Bank (“IberiaBank”; KeyBank, Raymond James, BMO, Trustmark, FirstBank, Triumph, Renasant, Pinnacle, Synovus, Truist and
    IberiaBank, collectively, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”).

  

  

  W I T N E S S E T H:

  

  

  WHEREAS, the Borrower, Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of March 26, 2020 (as the
    same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);

  

  

  WHEREAS, the REIT and certain of the Subsidiary Guarantors executed and delivered to Agent and the Lenders that certain Second Amended and Restated
    Unconditional Guaranty of Payment and Performance dated as of March 26, 2020 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”); and

  

  

  WHEREAS, certain of the Subsidiary Guarantors have become parties to the Guaranty by virtue of the execution and delivery to Agent of Joinder Agreements of
    various dates; and

  

  

  WHEREAS, certain of the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement and
    Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.

  

  

  NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and
    sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

  

  

  1.         Definitions.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the
    respective meanings given thereto in the Credit Agreement.

  

  

  
    

    
      

    

  

  

  

  2.         Modifications of the Credit Agreement.  The Borrower, Agent and the Lenders do hereby modify and amend the Credit Agreement as follows:

  

  

  (a)        By inserting the following definitions in §1.1 of the Credit Agreement, in the appropriate alphabetical order:

  

  

  “Acknowledgment.  The Acknowledgment executed by JCAP Manhattan in favor of the Agent, acknowledging the pledge of Equity
    Interests in JCAP Manhattan to the Agent, such Acknowledgment to be in form and substance satisfactory to the Agent, as the same may be modified, amended or restated.

  

  

  Assignment of Interests.  The Collateral Assignment of Interests executed by the Borrower in favor of the Agent, such agreement
    to be in form and substance satisfactory to the Agent, as the same may be modified, amended or restated.

  

  

  JCAP  Manhattan.  Mequity 150th Street, LLC, a
    Delaware limited liability company,  and the owner of the JCAP Manhattan Property.

  

  

  JCAP Manhattan Property.  The Self-Storage Property located at 465 W. 150th St., New York, NY.”

  

  

  (b)        By deleting in their entirety the definitions of “Borrowing Base Availability”, “Borrowing Base Property or Borrowing Base Properties”,
    “Security Documents” and “Title Policy” appearing on §1.1 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “Borrowing Base Availability.  The sum of:

  

  

  (a)        for Tranche A Loans: Borrowing Base Availability for Borrowing Base Loans, as calculated for each individual Borrowing Base
    Loan, shall be the amount which is the lesser of:

  

  

  (i)         The maximum principal amount which would not cause the Outstanding Loans and Letter of Credit Liabilities under the Tranche
    A Loans to be greater than sixty percent (60%) of the Mortgage Loan Collateral Value; and

  

  

  (ii)       The maximum principal amount which would not cause the Outstanding Loans and Letter of Credit Liabilities under the Tranche
    A Loans to be greater than fifty percent (50%) of the underlying Real Estate Asset Fair Value.

  

  

  The aggregate Borrowing Base Availability for Tranche A Loans shall be the sum of the amount determined under this clause (a) for each Borrowing Base Loan.

  

  

  (b)        for Tranche B Loans: Borrowing Base Availability for Non-Stabilized Real Estate Collateral, as calculated for each individual
    applicable Borrowing Base Property, shall be the amount which is the lesser of:

  

  

  (i)         The maximum principal amount which would not cause the Outstanding Loans and Letter of Credit Liabilities under the Tranche
    B Loan to be greater than sixty percent (60%) (or with respect to the JCAP Manhattan Property to the extent it is secured by the Assignment of Interests and not a Mortgage, fifty-five percent (55%)) of the Real Estate As-Stabilized Value of such
    Borrowing Base Property;

  

  

  
    

    
      

    

  

  

  

  (ii)       The maximum principal amount which would not cause the Outstanding Loans and Letter of Credit Liabilities under the Tranche
    B Loan to be greater than seventy-five percent (75%) (or with respect to the JCAP Manhattan Property to the extent it is secured by the Assignment of Interests and not a Mortgage, sixty-five percent (65%)) of the Property Development Cost of such
    Borrowing Base Property; and

  

  

  (iii)      Whichever of clause (A), (B) or (C) is then applicable:

  

  

  (A)       The maximum principal amount which would not cause the ratio of (1) Stabilized Adjusted Net Operating Income from such
    Borrowing Base Property divided by (2) the Implied Debt Service Coverage Amount to be less than 1.35 to 1.00 (or with respect to the JCAP Manhattan Property to the extent it is secured by the Assignment of Interests and not a Mortgage, 1.50 to 1.00). 
    For purposes of this calculation, the outstanding balance of Loans and Letter of Credit Liabilities for  the Implied Debt Service Coverage Amount will be the maximum principal amount that such Borrowing Base Property would support in compliance with
    the terms of this subsection.

  

  

  (B)       For any Non-Stabilized Real Estate Collateral that has been included as a Borrowing Base Asset under Tranche B for greater
    than eighteen (18) months, the maximum principal amount which would not cause the ratio of (1) Actual Adjusted Net Operating Income for the applicable Non-Stabilized Real Estate Collateral divided by (2) the Implied Debt Service Coverage Amount to be
    less than 0.50 to 1.00.  For purposes of this calculation, the oustanding balance of Loans and Letter of Credit Liabilities for the Implied Debt Service Coverage Amount will be the maximum principal amount that such Borrowing Base Property would
    support in compliance with the terms of this subsection.

  

  

  (C)       For any Non-Stabilized Real Estate Collateral that has been included as a Borrowing Base Asset under Tranche B for greater
    than thirty (30) months, the maximum principal amount which would not cause the ratio of (1) Actual Adjusted Net Operating Income for the applicable Non-Stabilized Real Estate Collateral divided by (2) the Implied Debt Service Coverage Amount to be
    less than 1.00 to 1.00.  For purposes of this calculation, the outstanding balance of the Loans and Letter of Credit Liabilities for the Implied Debt Service Coverage Amount will be the maximum principal amount that such Borrowing Base Property would
    support in compliance with the terms of this subsection.

  

  

  The aggregate Borrowing Base Availability for Tranche B Loans shall be the sum of the amount determined under this clause (b) for each applicable Borrowing
    Base Property.

  

  

  (c)        for Tranche C Loans: Borrowing Base Availability for Stabilized Real Estate Collateral, as calculated for each individual
    applicable Borrowing Base Property, shall be the lesser of:

  

  

  (i)         The maximum principal amount which would not cause the Outstanding Loans and Letter of Credit Liabilities under the Tranche
    C Loan to be greater than sixty-five percent (65%) (or with respect to the JCAP Manhattan Property to the extent it is secured by the Assignment of Interests and not a Mortgage, sixty percent (60%)) of the Real Estate As-Is Value; and

  

  

  
    

    
      

    

  

  

  

  (ii)       The maximum principal amount which would not cause the ratio of (i) Adjusted Net Operating Income from such Borrowing Base
    Property divided by (ii) the Implied Debt Service Coverage Amount to be less than 1.30 to 1.00 (or with respect to the JCAP Manhattan Property to the extent it is secured by the Assignment of Interests and not a Mortgage, 1.50 to 1.00).  For purposes
    of this calculation, the outstanding balance of the Loans and Letter of Credit Liabilities for the Implied Debt Service Coverage Amount will be the maximum principal amount that such Borrowing Base Property would support in compliance with the terms of
    this subsection.

  

  

  The aggregate Borrowing Base Availability for Tranche C Loans shall be the sum of the amount determined under this clause (c) for each applicable Borrowing
    Base Property.

  

  

  (d)        Notwithstanding the foregoing, the Borrowing Base Availability shall be reduced by the amount of the Operating and Interest
    Holdback.

  

  

  Notwithstanding the foregoing, (x) if the Borrowing Base Availability attributable to a Borrowing Base Property that is encumbered by a Mortgage increases
    after such property first becomes a Borrowing Base Property, such increased value shall not be included in the calculation of Borrowing Base Availability until Borrower increases the coverage under the Title Policy for such Borrowing Base Property (and
    any tie-in endorsements included in the Title Policies for the other Borrowing Base Properties) to 110% of such increased Borrowing Base Availability, and (y) the Borrowing Base Availability attributable to a Borrowing Base Property shall not exceed
    the principal amount to which recovery under the applicable Mortgage is limited provided that such Mortgage may be amended to increase such limit.

  

  

  Borrowing Base Property or Borrowing Base Properties.  At the time of determination, the Eligible Real Estate owned by a
    Subsidiary Guarantor and which satisfies the provisions of this Agreement to be included in the calculation of Tranche B Availability or Tranche C Availability within the Borrowing Base Availability, and has actually been included in the calculation of
    Borrowing Base Availability, and that is security for the Obligations pursuant to the Mortgages and Assignments of Leases and Rents (or with respect to the JCAP Manhattan Property, that is security for the Obligations pursuant to the pledge of Equity
    Interests in JCAP Manhattan that owns the JCAP Manhattan Property pursuant to the Assignment of Interests).

  

  

  Security Documents. Collectively, the Joinder Agreements, the Assignments of Documents, the Mortgages, the Assignments of Leases
    and Rents, the Assignment of Hedge, the Indemnity Agreement, the Subordination of Management Agreement, the Assignment of Interests, the Acknowledgment, any other security documents executed and delivered pursuant to §5.3, the UCC-1 financing
    statements and any further collateral assignments to the Agent for the benefit of the Lenders.

  

  

  
    

    
      

    

  

  

  

  Title Policy.  With respect to each of the Borrowing Base Properties, an ALTA standard form title insurance policy (or, if such
    form is not available, an equivalent, legally promulgated form of mortgagee title insurance policy reasonably acceptable to the Agent) issued by a Title Insurance Company (with such reinsurance as the Agent may reasonably require, any such reinsurance
    to be with direct access endorsements to the extent available under Applicable Law) in an amount as the Agent may reasonably require based upon the fair market value of the applicable Borrowing Base Property insuring the priority of the Mortgage
    thereon and that the Subsidiary Guarantor holds marketable or indefeasible (with respect to Texas) fee simple or leasehold (for the avoidance of doubt, leaseholds shall only be permitted with respect to Borrowing Base Properties) title to such parcel,
    subject only to the encumbrances acceptable to Agent in its reasonable discretion and which shall not contain standard exceptions for mechanics liens, persons in occupancy (other than tenants as tenants only under Leases) or matters which would be
    shown by a survey, shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to the Agent in its reasonable discretion, and shall contain (a) a revolving credit endorsement and (b) such other endorsements
    and affirmative insurance as the Agent may reasonably require and is available in the State in which the Borrowing Base Property is located, including but not limited to (i) a comprehensive endorsement, (ii) a variable rate of interest endorsement,
    (iii) a usury endorsement if available at a reasonable cost, (iv) a doing business endorsement, (v) if required by Agent to the extent Borrower has not otherwise delivered satisfactory evidence of compliance with zoning of the applicable Borrowing Base
    Property, an ALTA form 3.1 zoning endorsement, (vi) a “tie-in” endorsement relating to all Title Policies issued by such Title Insurance Company in respect of other Borrowing Base Properties, (vii) “first loss” and “last dollar” endorsements, and
    (viii) a utility location endorsement. With respect to the JCAP Manhattan Property, an ALTA standard form owner’s title insurance policy (or, if such form is not available, an equivalent, legally promulgated form of owner’s title insurance policy
    reasonably acceptable to the Agent) issued by a Title Insurance Company (with such reinsurance as the Agent may reasonably require, any such reinsurance to be with direct access endorsements to the extent available under Applicable Law) in an amount
    approved by the Agent insuring that JCAP Manhattan holds marketable fee simple title to the JCAP Manhattan Property, subject only to the encumbrances acceptable to Agent in its reasonable discretion and which shall not contain standard exceptions for
    mechanics liens, persons in occupancy (other than tenants as tenants only under Leases) or matters which would be shown by a survey, and shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to the
    Agent in its reasonable discretion.”

  

  

  (c)        By inserting the following as subparagraph (o) of §1.2 of the Credit Agreement:

  

  

  “(o)      The JCAP Manhattan Property may be included as a Borrowing Base Property and the calculation of the Tranche B Availability or
    Tranche C Availability, as applicable, provided that the terms of this Agreement are satisfied (including the delivery of the Joinder Agreement, Assignment of Interests and related documents described in this Agreement), and the JCAP Manhattan Property
    shall be considered Real Estate for the purposes hereof.”

  

  

  (d)        By deleting in its entirety the introductory paragraph to §5.4 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the
    transactions contemplated by this §5.4 other than an Event of Default that would be cured by effectuating such release as provided in §12.2(b)), the Agent shall release a Borrowing Base Asset from the lien or security title of the Security Documents
    encumbering the same (and if such release relates to the JCAP Manhattan Property, such release shall include the Equity Interests in JCAP Manhattan pledged pursuant to the Assignment of Interests) upon the request of the Borrower subject to and upon
    the following terms and conditions:”

  

  

  
    

    
      

    

  

  

  

  (e)        By deleting in its entirety §6.19(d) of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “(d)      None of the Borrower, the Guarantors, their respective Subsidiaries nor the Real Estate is subject to any applicable
    Environmental Law requiring the performance of Hazardous Substances site assessments, or the removal or remediation of Hazardous Substances, or the giving of notice to any governmental agency or the recording or delivery to other Persons of an
    environmental disclosure document or statement in each case by virtue of the transactions set forth herein and contemplated hereby, or as a condition to the recording of the Mortgages, the acceptance of the Assignment of Interests or to the
    effectiveness of any other transactions contemplated hereby, except for such matters with which the Borrower, the Guarantors, their respective Subsidiaries shall have complied with as of the Closing Date.”

  

  

  (f)        By deleting in its entirety clause (v) of §6.22 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “(v) neither Borrower nor any Subsidiary Guarantor has received any written notice of, and none of them has any knowledge of, any
    approvals, consents, licenses, permits, utility installations and connections (including, without limitation, drainage facilities), curb cuts and street openings, required by Applicable Laws or any agreement affecting such Borrowing Base Property for
    the maintenance, operation, servicing and use of such Borrowing Base Property or any Building for its current use (hereinafter referred to as the “Project Approvals”) which have not been granted, effected, or performed and completed (as the case may
    be), in accordance with the timeline required thereunder, or any fees or charges therefor which have not been fully paid before becoming delinquent, or which are no longer in full force and effect, and no Project Approvals will terminate, or become
    void or voidable or terminable on any foreclosure sale of such Borrowing Base Property pursuant to the applicable Mortgage or any foreclosure sale of any Equity Interests pursuant to the Assignment of Interests,”

  

  

  (g)        By deleting in its entirety §7.5(h) of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “(h)      Notice of Defaults Under Organizational Agreements.  The Borrower will, within five (5) Business Days of notice or
    receipt, provide to the Agent copies of any and all written notices of default under any operating agreement or other organizational agreement of JCAP Manhattan to which Borrower is a party or of any failure by the Borrower to perform any material
    obligation under any such operating agreement or other organizational agreement.”

  

  

  
    

    
      

    

  

  

  

  (h)        By inserting the following to the end of, and as part of, §7.13 of the Credit Agreement:

  

  

  “Notwithstanding any representation, warranty or covenant to the contrary contained in the Mortgages, the Assignments of Leases and
    Rents or the Assignment of Interests regarding the collection or acceptance of payment of any ‘Revenues’ (as defined in the Mortgages) at Borrowing Base Properties more than one (1) month prior to the due dates of such Revenues, the owner of the
    applicable Borrowing Base Property may accept and collect prepayment of an installment of base rent for an individual storage unit more than one (1) month prior to the due date of such installment provided that (i) the aggregate amount of such base
    rent collected more than three (3) months prior to the due date of such installment shall not at any time exceed either (A) seven and one-half percent (7.5%) of the total monthly base rent payable with respect to such Borrowing Base Property (such
    limit, the ‘7.5% Property Limit’) or (B) two percent (2%) of the total monthly base rent payable with respect to all of the Borrowing Base Properties (such limit, the ‘2% Portfolio Limit’), and (ii) the aggregate amount of such base rent collected more
    than twelve (12) months prior to the due date of such installment shall be de minimis and in any event, such aggregate amount, when added to the amount collected pursuant to the preceding clause (i), shall not cause either the 7.5% Property Limit or
    the 2% Portfolio Limit to be exceeded.  Without limiting any other right or remedy of the Agent and the Lenders, after the occurrence and during the continuance of an Event of Default, Borrower shall pay or cause to be paid to Agent (A) within three
    (3) Business Days of such occurrence of  Event of Default as a prepayment of the Obligations, any and all rents previously collected or accepted by or on behalf of Borrower or a Guarantor as a prepayment of such rents that are due more than one (1)
    month after the occurrence of such Event of Default, and (B) as a prepayment of the Obligations, any and all rents thereafter collected or accepted by or on behalf of Borrower or a Guarantor as a prepayment of such rents greater than one (1) month
    prior to the due date of such installment, such prepayment to be made within three (3) Business Days of such collection or acceptance of an installment of rent greater than one (1) month prior to the due date of such installment.  Collection of base
    rent for individual storage units in compliance with this §7.13, shall not be deemed a breach of any representation, warranty or covenant to the contrary contained in the Mortgages, the Assignments of Leases and Rents or the Assignment of Interests.”

  

  

  (i)         By deleting in their entirety clauses (ii), (v) and (xiv) of §8.2 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “(ii)      Liens on assets other than (A) the Collateral or the JCAP Manhattan Property or any asset or right related thereto or (B) any
    direct or indirect interest of the Borrower, any Guarantor or any Subsidiary of the Borrower in any Guarantor, in respect of judgments permitted by §8.1(e);

  

  

  (v)        liens on Real Estate (but excluding (A) the Collateral or the JCAP Manhattan Property or any asset or right related thereto
    and (B) any direct or indirect interest of the Borrower in any Subsidiary Guarantor) to secure Indebtedness of Subsidiaries of the Borrower that are not Subsidiary Guarantors or owners of interests in Subsidiary Guarantors permitted by §8.1(g) and (h);

  

  

  
    

    
      

    

  

  

  

  (xiv)     Liens on assets of Borrower or its Subsidiaries (but not any Subsidiary Guarantor) other than (A) the Collateral or the JCAP
    Manhattan Property or any asset or right related thereto or (B) any direct or indirect interest of the Borrower, any Guarantor or any Subsidiary of the Borrower in any Guarantor, securing Indebtedness and other obligations in an aggregate amount not
    exceeding $250,000 at any time outstanding.”

  

  

  (j)         By deleting in its entirety §8.13 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “§8.13  Equity Pledges.  Notwithstanding anything in this Agreement to the contrary, neither the Borrower nor the REIT will
    create or incur or suffer to be created or incurred any Lien on any legal, equitable or beneficial interest of the REIT in the Borrower or, except for any Lien in favor of Agent under the Loan Documents, of Borrower in any Subsidiary Guarantor,
    including, without limitation, any Distributions or rights to Distributions on account thereof.”

  

  

  (k)        By deleting in its entirety §8.16 of the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “§8.16  Changes to Organizational Documents.  Borrower shall not amend or modify, or permit the amendment or modification of,
    the articles, bylaws, limited liability company agreements or other formation or organizational documents of Borrower or any Guarantor in a manner that would have a material adverse effect on the rights under the Loan Documents of the Agent, the
    Lenders, the Issuing Lender or the Swing Loan Lender, without the prior written consent of Agent, not to be unreasonably withheld, conditioned or delayed; provided however that nothing herein shall limit the provisions of the Assignment of Interests
    with respect to any “Company” described therein.”

  

  

  (l)         By inserting the following as §8.17 of the Credit Agreement:

  

  

  “§8.17  Non-Encumbrance.  Without implying any limitation upon the generality of §7.19 or §8.2, the Borrower will not, and will
    not permit any other Person to, create or incur or suffer to be created or incurred or to exist (a) any lien, encumbrance, mortgage, pledge, negative pledge, change, restriction or other security interest of any kind upon the JCAP Manhattan Property or
    any asset or right related thereto, or (b) any provision of a document, instrument or agreement (other than a Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on the JCAP Manhattan Property or any asset or
    right related thereto or interest therein as security for the Obligations.”

  

  

  (m)       By inserting the following after the third (3rd) sentence of §16
    of the Credit Agreement:

  

  

  “Without limiting any other provision of the Loan Documents, in the event that any State, county or municipality thereof or any other
    Person shall directly or indirectly claim or demand the payment of any mortgage, recording, intangible, documentary stamp or other similar tax or charge with respect to any Security Document (including any claim that the same should have been paid upon
    initial recording thereof or at any time thereafter, or as condition to enforcement of such Security Document),  the Borrower will pay to the Agent or the Person entitled thereto within ten (10) days of demand the amount of such mortgage, recording,
    intangible, documentary stamp or other similar tax or charge, together with any interest, penalties or other amounts that may be claimed to be due with respect thereto.”

  

  

  
    

    
      

    

  

  

  

  (n)        By deleting in their entirety subparagraphs (b) and (h) of Schedule 5.3 to the Credit Agreement, and inserting in lieu thereof the following:

  

  

  “(b)      Security Documents.  (i) Such Security Documents relating to such Real Estate of such Guarantor or Borrowing Base Loan
    (and if there is a corresponding Mezzanine Loan, then such Mezzanine Loan), including any amendments to or additional Security Documents, in order to grant to the Agent, for the benefit of the Lenders, a first priority perfected lien and security
    interest in such Real Estate,  the Equity Interests in JCAP Manhattan or Borrowing Base Loan (and Mezzanine Loan, as applicable), as applicable, duly executed and delivered by the respective parties thereto (which with respect to a Borrowing Base
    Property shall include the delivery to Agent of a Mortgage, Assignment of Leases and Rents and Subordination of Management Agreement, with respect to a Borrowing Base Loan and Mezzanine Loan, shall include the delivery to Agent of the original note or
    notes duly endorsed in blank and any notice of such assignment as Agent may require be recorded in the applicable public records in the jurisdiction where the real estate securing of such Borrowing Base Loan is located (and shall include any
    certificates evidencing Equity Interests and transfer powers related to a Mezzanine Loan), and with respect to the JCAP Manhattan Property shall include the Assignment of Interests executed by Borrower, the Acknowledgment, a Joinder and Subordination
    of Management Agreement and such other documents as may be required by Agent executed by JCAP Manhattan, and the delivery to Agent of certificates evidencing the Equity Interests in JCAP Manhattan together with such transfer powers or assignments as
    the Agent may reasonably require), and in any case the Agent shall have recorded such UCC financing statements or amendments as the Agent may reasonably require).

  

  

  (h)        UCC Certification; Bankruptcy and Litigation Searches.  A certification from the Title Insurance Company, records
    search firm, or counsel satisfactory to the Agent that a search of the appropriate public records disclosed no (i) conditional sales contracts, security agreements, chattel mortgages, leases of personalty, financing statements or title retention
    agreements which affect any property, rights or interests of the Borrower or such Subsidiary Guarantor except to the extent that the same are discharged and removed prior to or simultaneously with the inclusion of the Real Estate (or with respect to
    JCAP Manhattan, the Equity Interests) or Borrowing Base Loan in the Borrowing Base Assets, (ii) bankruptcy filings or (iii) judgments or pending litigation (except those that are approved by Agent).”

  

  

  (o)        By inserting the following as subparagraph (dd) of Schedule 5.3 to the Credit Agreement:

  

  

  “(dd)    Mezzanine Endorsement.  If available, such mezzanine loan, non-imputation or similar endorsements to the owner’s title
    insurance policy relating to the JCAP Manhattan Property as the Agent may reasonably require, together with proof of payment of all premiums for such endorsement.”

  

  

  
    

    
      

    

  

  

  

  (p)        The Borrowing Base Certificate and Compliance Certificate shall be modified by Borrower and Agent as necessary or appropriate to reflect the
    terms of this Amendment.

  

  

  3.         References to Credit Agreement.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit
    Agreement as modified and amended herein.

  

  

  4.         Consent of Guarantors(a)        .  By execution of this Amendment, each Guarantor hereby expressly consents to the modifications and
    amendments relating to the Credit Agreement as set forth herein and any other agreements contemplated hereby, and Borrower and Guarantors hereby acknowledge, represent and agree that the Credit Agreement, as modified and amended herein, and the other
    Loan Documents remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is
    limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the
    foregoing documents as modified and amended.

  

  

  5.         Representations.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date of this Amendment:

  

  

  (a)        Authorization.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements
    contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not
    conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and
    will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation
    or other charter documents or bylaws of, or any material agreement or other material instrument binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on
    any of the properties, assets or rights of such Persons, and (vi) do not require any material approval or consent of any Person other than those already obtained and as are in full force and effect.

  

  

  (b)        Enforceability.  This Amendment is the valid and legally binding obligation of Borrower and Guarantors enforceable in accordance with
    the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general
    principles of equity.

  

  

  (c)        Approval.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements
    contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other
    than those already obtained and other than any disclosure filings with the SEC as may be required with respect to this Amendment.

  

  

  
    

    
      

    

  

  

  

  (d)        Reaffirmation.  Borrower and the Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made
    by the Borrower, the Guarantors and their respective Subsidiaries in the Loan Documents except for representations or warranties that expressly relate to an earlier date.  Each of the representations and warranties made by or on behalf of Borrower,
    Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement are true and correct in all
    material respects as of the date as of which they were made and are true and correct in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions or
    other events permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date).

  

  

  (e)        No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance
    with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith, and that no Default or Event of Default has occurred and is continuing.

  

  

  6.         Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no
    defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or any Lender, or any past or
    present officers, agents or employees of Agent or any Lender, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.

  

  

  7.         Ratification.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement, the Guaranty and the other
    Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement, the Guaranty and the other Loan Documents.  Nothing in this Amendment or any other document executed in
    connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of
    Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).  This Amendment shall constitute a Loan Document.

  

  

  8.         Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same
    agreement.

  

  

  9.         Miscellaneous.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN
    ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit
    Agreement.

  

  

  
    

    
      

    

  

  

  

  10.       Effective Date.  This Amendment shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the
    Agent of the satisfaction of the following conditions:

  

  

  (a)        the execution and delivery of this Amendment by Borrower, Guarantors, Agent and the Required Lenders; and

  

  

  (b)        the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment and the transactions contemplated
    hereby.

  

  

  [CONTINUED ON NEXT PAGE]

  
    

    
      

    

  

  

  

  

  

  

  

  IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or
    other representatives, have duly executed this Amendment under seal as of the day and year first above written.

  

  

  	 	
          BORROWER:

        
	 	 
	 	
          JERNIGAN CAPITAL OPERATING

        
	 	
          COMPANY, LLC, a Delaware limited liability

        
	 	
          company

        
	 	 
	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland limited

        
	 	 	
          liability company, its managing member

        
	 	 	 
	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	
          Name:

        	
          Kelly P. Luttrell

        
	 	 	
          Title:

        	
          Senior Vice President, Chief

        
	 	 	 	
          Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          REIT:

        
	 	 
	 	
          JERNIGAN CAPITAL, INC., a Maryland

        
	 	
          corporation

        
	 	 
	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	
          Name:

        	
          Kelly P. Luttrell

        
	 	
          Title:

        	
          Senior Vice President, Chief

        
	 	 	
          Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          SUBSIDIARY GUARANTORS:

        
	 	 
	 	
          MIAMI CITY SELF STORAGE 3RD AVE, LLC,

           

          MIAMI CITY SELF STORAGE DORAL 77TH OWNER, LLC;

           

          MIAMI CITY SELF STORAGE 6TH AVE, LLC;

           

          MIAMI CITY SELF STORAGE 28TH LANE, LLC;

           

          MIAMI CITY SELF STORAGE PEMBROKE PINES BLVD OWNER, LLC, each a Florida limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, their sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        
	 
	 	 	 
	 	
          BAKERY SQUARE SELF STORAGE, LLC, a Florida limited liability company

        
	 	 	 
	 	
          By:

        	
          Bakery Square Self Storage Parent, LLC, a Florida limited liability company, its manager

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its manager

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          BAKERY SQUARE SELF STORAGE PARENT, LLC, a Florida limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its manager

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

  	 	
          BAKERY SQUARE OPERATIONS, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

  	 	
          PLG JACKSONVILLE STORAGE, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

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          LR-BAYSHORE 1, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its managing member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

  	 	
          FLEMING ISLAND SS, LLC, a Florida limited liability company

        
	 	 	 
	 	
          By:

        	
          Fleming Island SS Holding, LLC, a Florida limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          JCAP FI Holdings, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          FLEMING ISLAND SS HOLDING, LLC, a Florida limited liability company,

        
	 	 	 
	 	
          By:

        	
          JCAP FI Holdings, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          JCAP FI HOLDINGS, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

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          EDISON CAPITAL JACKSONVILLE LLC,

           

          a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

  	 	
          FIVE POINTS STORAGE OWNER, LLC,

           

          a North Carolina limited liability company

        
	 	 	 
	 	
          By:

        	
          Five Points Storage Member, LLC, a

           

          North Carolina limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          FIVE POINTS STORAGE MEMBER, LLC,

           

          a North Carolina limited liability company

        
	 	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 	 
	 	
          (SEAL)

        

  

  

  	 	
          10TH & SEIGLE AVE., LLC,

           

          a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          10th & Seigle Ave. Holdings, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          NORTHSIDE ATLANTA OWNER, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Northside Atlanta VFS, LLC, a Delaware limited liability company, its managing member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          MONROE ATLANTA OWNER, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          Monroe Atlanta VFS, LLC, a Delaware limited liability company, its managing member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          STORAGE PARTNERS OF MIAMI I, LLC, a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          SPMI Holding, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 
	 	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          SPMI HOLDING, LLC;

        
	 	
          10 HAMPSHIRE PROPERTY LLC;

        
	 	
          7807 KINGSTON PIKE, LLC;

        
	 	
          MONROE ATLANTA VFS, LLC;

        
	 	
          NORTHSIDE ATLANTA VFS, LLC;

        
	 	
          PVR STORAGE, LLC;

        
	 	
          MEQUITY VININGS, LLC;

        
	 	
          LAUDERDALE STORAGE BUILDERS, LLC;

        
	 	
          HURTSBOURNE STORAGE, LLC;

        
	 	
          10TH & SEIGLE AVE. HOLDINGS, LLC, each a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          Jernigan Capital Operating Company, LLC, a Delaware limited liability company, their sole member

        
	 	 	 
	 	 	
          By:

        	
          Jernigan Capital, Inc., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          1835 WASHINGTON SELF STORAGE LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          101 AMERICAN BLVD. W., LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          631 TRANSFER RD., LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          3216 WINNETKA AVE. N., LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          EAST COLONIAL CAPITAL ORLANDO LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          ALAMEDA CAPITAL, LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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    [Signature Page to First Amendment to Second Amended and Restated Credit Agreement – KeyBank/Jernigan]

    
      

    

  

  

  

  

  

  	 	
          MEQUITY 150TH STREET, LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

  	 	
          BT STORAGE INVESTMENTS, LLC,

           

          a Delaware limited liability company

        
	 	 	 
	 	
          By:

        	
          VALBARD INVESTMENTS, LLC, a

           

          Delaware limited liability company, its managing member

        
	 	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 	 	 
	 	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 	 	 
	 	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          VALBARD INVESTMENTS, LLC,

           

          a Delaware limited liability company

        
	 	 
	 	
          By:

        	
          JERNIGAN CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability company, its sole member

        
	 	 	 
	 	 	
          By:

        	
          JERNIGAN CAPITAL, INC., a Maryland corporation, its managing member

        
	 	 	 	 
	 	 	 	
          By:

        	
          /s/ Kelly P. Luttrell

        
	 	 	 	
          Name: Kelly P. Luttrell

        
	 	 	 	
          Title: Senior Vice President, Chief Financial Officer and Treasurer

        
	 	 
	 	
          (SEAL)

        

  

  

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          LENDERS:

        
	 	 
	 	
          KEYBANK NATIONAL ASSOCIATION, individually and as Agent

        
	 	 	 
	 	
          By:

        	
          /s/ Sara Jo Smith

        
	 	
          Name: Sara Jo Smith

        
	 	
          Title: Vice President

        
	 	 
	 	
          RAYMOND JAMES BANK, N.A.

        
	 	 	 
	 	
          By:

        	
          /s/ Matt Stein

        
	 	
          Name: Matt Stein

        
	 	
          Title: Senior Vice President

        
	 	 
	 	
          BMO HARRIS BANK N.A.

        
	 	 	 
	 	
          By:

        	
          /s/ Jonas L. Robinson

        
	 	
          Name: Jonas L. Robinson

        
	 	
          Title: Senior Vice President

        
	 	 
	 	
          TRUSTMARK NATIONAL BANK

        
	 	 	 
	 	
          By:

        	
          /s/ Michael Peeler

        
	 	
          Name: Michael Peeler

        
	 	
          Title: Senior Vice President

        
	 	 
	 	
          FIRSTBANK

        
	 	 	 
	 	
          By:

        	
          /s/ Bill Harter

        
	 	
          Name: Bill Harter

        
	 	
          Title: Senior Vice President

        
	 	 
	 	
          TRIUMPH BANK

        
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        
	 	
          Title:

        

  

  

  [Signatures Continued on Next Page]

  
    [Signature Page to First Amendment to Second Amended and Restated Credit Agreement – KeyBank/Jernigan]

    
      

    

  

  

  

  

  

  	 	
          RENASANT BANK

        
	 	 	 
	 	
          By:

        	
          /s/ David Bowman

        
	 	
          Name: David Bowman

        
	 	
          Title: Managing Director

        
	 	 
	 	
          PINNACLE BANK

        
	 	 	 
	 	
          By:

        	
          /s/ Joelle Rogin

        
	 	
          Name: Joelle Rogin

        
	 	
          Title: Senior Vice President

        
	 	 
	 	
          SYNOVUS BANK

        
	 	 	 
	 	
          By:

        	
          /s/ Zachary Braun

        
	 	
          Name: Zachary Braun

        
	 	
          Title: Relationship Manager

        
	 	 
	 	
          TRUIST BANK

        
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        
	 	
          Title:

        
	 	 
	 	
          IBERIABANK, a division of First Horizon Bank

        
	 	 	 
	 	
          By:

        	
          /s/ Luke Yancy

        
	 	
          Name: Luke Yancy

        
	 	
          Title: Senior Vice President

        

  

  

  [Signature Page to First Amendment to Second Amended and Restated Credit Agreement – KeyBank/Jernigan]EX-4.1

 Exhibit 4.1 

LIFE STORAGE LP, 
 Issuer, 

LIFE STORAGE, INC., 
 Parent
Guarantor, 
 and 
 Wells Fargo
Bank, National Association, 
 Trustee 
  

 
 Fourth
Supplemental Indenture 
 Dated as of September 23, 2020 

To 
 Indenture 

Dated as of June 20, 2016 
  

 
 2.200% SENIOR
NOTES DUE 2030 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of September 23, 2020 (the “Fourth
Supplemental Indenture”), among LIFE STORAGE LP, a limited partnership formed under the laws of Delaware (the “Issuer”), LIFE STORAGE, INC. (the “Parent Guarantor”), a corporation formed under the laws of Maryland and the
sole owner of Life Storage Holdings, Inc., the general partner of the Issuer and a limited partner of the Issuer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (the “Trustee”). 

RECITALS OF THE ISSUER AND THE PARENT GUARANTOR 

WHEREAS, the Issuer, the Parent Guarantor and the Trustee are parties to an Indenture dated as of June 20, 2016 (the “Base
Indenture,” and together with this Fourth Supplemental Indenture, the “Indenture”) relating to the issuance from time to time by the Issuer of its Securities on terms to be specified at the time of issuance; 

WHEREAS, the Issuer proposes to create under the Base Indenture a new series of Securities; 

WHEREAS, Section 301 of the Base Indenture provides that the Issuer, the Parent Guarantor and the Trustee may enter into supplemental
indentures prior to the issuance of a new series of Securities to create such series of Securities and set forth the terms of such series of Securities; and 

WHEREAS, the consent of Holders to the execution and delivery of this Fourth Supplemental Indenture is not required and all the conditions
and requirements necessary to make this Fourth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, in consideration of the premises and the purchase of Securities by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities or series thereof (as determined by reference to principal amount, plus accrued but unpaid Interest, of the Securities held by such Holders), as follows: 

ARTICLE I 
 RELATION TO
INDENTURE; DEFINITIONS 
 Section 1.1    Relation to Indenture. This Fourth Supplemental Indenture
constitutes an integral part of the Base Indenture. 
 Section 1.2    Definitions. For all purposes of this
Fourth Supplemental Indenture, except for terms defined herein or unless the context otherwise requires, capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture. In addition, the
following terms shall have the following meanings to be equally applicable to both the singular and plural forms of the terms set forth below: 

“Acquired Debt” means Debt of a Person (i) existing at the time such Person is merged or consolidated with or into the Issuer
or any of its Subsidiaries or becomes a Subsidiary of the Issuer; or (ii) assumed by the Issuer or any of its Subsidiaries in connection with the acquisition of assets from such Person. Acquired Debt shall be deemed to be incurred on the date
the acquired Person is merged or consolidated with or into the Issuer or any of its Subsidiaries or becomes a Subsidiary of the Issuer or the date of the related acquisition, as the case may be. 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per year equal to the arithmetic mean of the weekly
average yield to maturity (representing the average of the daily rates for the immediately preceding week) available through, the most recent Statistical Release for the maturity (rounded to the nearest month) corresponding to the remaining life to
the Par Call Date of the notes as of the redemption date. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately
preceding sentence and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Adjusted Treasury
Rate, the most recent Statistical Release published at least three business days prior to the date of the notice of redemption shall be used. 

 “Annual Debt Service Charge” means, for any period, the interest expense of the
Issuer and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, including, without duplication, (1) all amortization of debt discount and premium; (2) all accrued interest; (3) all capitalized
interest; and (4) the interest component of finance lease obligations, but excluding (i) interest reserves funded from the proceeds of any loan, (ii) amortization of deferred financing costs, (iii) prepayment penalties,
(iv) swap ineffectiveness charges and (v) any expense resulting from the discounting of any indebtedness in connection with the application of purchase accounting in connection with any acquisition. 

“Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on which banking
institutions in New York, New York are authorized or obligated by law or executive order to close. 
 “Consolidated Income Available
for Debt Service” for any period means Consolidated Net Income of the Issuer and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: 

 

	 	(i)	 interest expense on Debt; 

 

	 	(ii)	 provision for taxes; 

 

	 	(iii)	 amortization of debt discount, premium and deferred financing costs; 

 

	 	(iv)	 the income or expense attributable to transactions involving derivative instruments that do not qualify for
hedge accounting in accordance with GAAP; 

  

	 	(v)	 losses and gains on sales or other dispositions of properties and other investments, property valuation losses
and impairment charges; 

  

	 	(vi)	 depreciation and amortization; 

 

	 	(vii)	 gains or losses on early extinguishment of debt; 

 

	 	(viii)	 all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment
thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed); 

  

	 	(ix)	 the effect of any non-recurring or other unusual non-cash items, as may be determined by us in good faith; and 

  

	 	(x)	 amortization of deferred charges; 

all determined on a consolidated basis in accordance with GAAP. Consolidated Income Available for Debt Service will be adjusted, without duplication, to give
pro forma effect in the case of any assets having been placed in service or removed from service from the beginning of the period to the date of determination, to include or exclude, as the case may be, any Consolidated Income Available for Debt
Service earned or eliminated as a result of the placement of the assets in service or removal of the assets from service as if the placement of the assets in service or removal of the assets from service occurred at the beginning of the period. 

“Consolidated Net Income” for any period means the amount of net income (or loss) of the Issuer and its Subsidiaries for such
period, excluding, without duplication: 
  

	 	(i)	 extraordinary items; and 

  
 2 

	 	(ii)	 the portion of net income (but not losses) of the Issuer and its Subsidiaries allocable to noncontrolling
interests in unconsolidated Persons to the extent that cash dividends or distributions have not actually been received by the Issuer or one of its Subsidiaries, 

all determined on a consolidated basis in accordance with GAAP. 

“Debt” means, with respect to any Person, any indebtedness of such Person, whether or not contingent, in respect of (without
duplication): 
  

	 	(i)	 indebtedness for borrowed money evidenced by bonds, notes, debentures or similar instruments;

  

	 	(ii)	 indebtedness secured by any Lien on any property or asset owned by such Person, but only to the extent of the
lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of the Parent Guarantor, or a duly authorized committee thereof) of the property subject to such Lien;

  

	 	(iii)	 reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or
amounts representing the balance (other than letters of credit issued to provide credit enhancement or support with respect to other of such Person’s or such Person’s Subsidiaries’ indebtedness otherwise reflected as Debt under this
definition) or unconditional obligations to pay the deferred and unpaid purchase price of property, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto, except any
such purchase price that constitutes an accrued expense or trade payable; or 

  

	 	(iv)	 any lease of property by such Person as lessee which is required to be reflected on such Person’s balance
sheet as a finance lease in accordance with GAAP, 

 in the case of items of indebtedness under (i) through (iii) above to the extent
that any such items (other than letters of credit) would appear as liabilities on such Person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise
included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business) Debt of the types referred to above of another Person other than
obligations to be liable for the Debt of another Person solely as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such Person whenever such Person shall
create, assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) that has been the subject of an “in substance” defeasance in accordance
with GAAP and Intercompany Debt that is subordinate in right of payment to the Notes (or an obligation to be liable for, or to pay, Intercompany Debt that is subordinate in right of payment to the Notes referenced in clause
(1) above).     
 “GAAP” means generally accepted accounting principles in the United States of America
in effect as of the issue date, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. 

“Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money, secured or unsecured, to which the only
parties are the Issuer, the Parent Guarantor or any Subsidiary of either of them as of that date. 
 “Lien” means any lien
(statutory or other), mortgage, deed of trust, deed to secure Debt, pledge, security interest, assignment for collateral purposes, deposit arrangement, encumbrance or preference, priority, or other security agreement, excluding any right of setoff
but including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security
interest. 

  
 3 

 “Quotation Agent” means an independent investment banking institution of national
standing appointed by the Issuer from time to time. 
 “Par Call Date” means July 15, 2030 (the date that is 90 days prior to
the Maturity Date). 
 “Statistical Release” means the statistical release designated “H.15” or any successor
publication which is published by the Federal Reserve System (or companion online data resource published by the Federal Reserve System) and which establishes yields on actively traded United States government securities adjusted to constant
maturities, or, if such statistical release is not published at the time of any determination under the indenture, then such other reasonably comparable index designated by us. 

“Subsidiary” means a corporation, partnership, association, joint venture, trust, limited liability company or other business entity
which is required to be consolidated with a Person in accordance with GAAP. 
 “Total Assets” means the sum of, without
duplication, (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable, non-real estate intangible assets and right-of-use assets associated with an operating lease in accordance with GAAP) of the Issuer and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Total Unencumbered Assets” means, as of any date, the sum of, without duplication, (i) Undepreciated Real Estate Assets that
are not subject to a Lien securing Debt; and (ii) all other assets (excluding accounts receivable, non-real estate intangible assets and
right-of-use assets associated with an operating lease in accordance with GAAP) of the Issuer and its Subsidiaries that are not subject to a Lien securing Debt, all
determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 3.4, all investments by the Issuer and
its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such investments
would have otherwise been included. 
 “Undepreciated Real Estate Assets” means, as of any date, the cost (original acquisition
cost plus capital improvements) of real estate assets, right of use assets associated with a financing lease in accordance with GAAP, related intangibles of the Issuer and its Subsidiaries on such date, before depreciation and amortization, all
determined on a consolidated basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include the right of use assets associated with an operating lease in accordance with GAAP. 

“Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by a Lien on any property or assets of the
Issuer or any of its Subsidiaries. 
 ARTICLE II 

THE SECURITIES 
 There is
established a series of Securities pursuant to the Base Indenture with the following terms: 

Section 2.1    Title of the Securities. The series of Securities established under this Fourth Supplemental
Indenture shall be designated as the “2.200% Senior Notes due 2030” (the “Notes”). 

Section 2.2    Aggregate Principal Amount. The Notes initially will be issued in an aggregate principal amount
of $400,000,000 (not including the Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 304, 305 or 306 of the Base Indenture); provided that the Issuer may,
without the consent of Holders of the Notes, issue additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes, except for the issue date, issue price, the first payment date (if applicable) and payment
of Interest accruing prior to the issue date of the additional Notes, which additional Notes will constitute a single series of Securities under the Indenture. 

  
 4 

 Section 2.3    Maturity Date. The date on which the
principal on the Notes is payable is October 15, 2030, subject to the provisions of the Indenture relating to acceleration (the “Maturity Date”). 

Section 2.4    Ranking. The Notes and the Guarantee of the Parent Guarantor will be the Issuer’s and the
Parent Guarantor’s senior unsecured obligations, respectively, and will rank equally in right of payment with all of such entities’ existing and future senior unsecured, unsubordinated indebtedness. The Notes and the Guarantee, however,
will be effectively subordinated to all of the Issuer’s and Parent Guarantor’s existing and future secured indebtedness, respectively (to the extent of the value of the collateral securing such indebtedness). The Notes and the Guarantee
will also be effectively subordinated in right of payment to all existing and future liabilities and other indebtedness, whether secured or unsecured, of the Issuer’s subsidiaries. 

Section 2.5    Additional Notes. The Notes will initially be limited to an aggregate principal amount of
$400,000,000. The Issuer may from time to time, without notice to or consent of existing Holders of the Notes, create and issue additional Securities, subject to the restrictions described in Article III hereof, having the same terms and conditions
as the Notes in all respects, except for the issue date and, under certain circumstances, the issue price, Interest accrued prior to the issue date and first payment of Interest thereon. Additional notes issued in this manner will be consolidated
with and will form a single series with the previously outstanding notes, provided, however, that such additional notes may not be fungible with the previously outstanding notes for U.S. federal income tax purposes, in which case the
additional notes would have a different CUSIP number than the Notes offered hereby. 

Section 2.6    Interest. The Notes will bear Interest from, and including, September 23, 2020, or from,
and including, the most recent Interest Payment Date to which Interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date or Maturity Date of the Notes, as applicable, at a rate of 2.200% per annum, payable
semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2021. The Issuer will pay Interest to the Person in whose name a Note is registered at the close of business on April 1 and
October 1 (whether or not a Business Day) next preceding the Interest Payment Date. The Issuer will compute interest on the basis of a 360-day year consisting of twelve
30-day months. If any Interest Payment Date or Maturity Date falls on a day that is not a Business Day, the required payment of principal or interest will be made on the next succeeding Business Day as if made
on the date on which such payment was due, and no interest will accrue on such payment for the period from and after such Interest Payment Date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day.

 Section 2.7    Place of Payment for Principal and Interest. The principal and Interest on the Notes will
be payable at the office or agency of the Issuer maintained for that purpose, pursuant to the Base Indenture, in the City of New York, which initially shall be the Corporate Trust Office; provided, however, that at the option of the Issuer, such
payment of principal, or Interest may be made by check mailed to the Person entitled thereto as provided in the Base Indenture. 

Section 2.8    Defeasance and Waiver of Covenants. The Notes shall be subject to defeasance under Sections 402
and 403 of the Base Indenture, and Sections 3.1, 3.2, 3.3 and 3.4 hereof are subject to covenant defeasance under Section 403 of the Base Indenture as permitted pursuant to Section 401 of the Base Indenture and subject to
waiver under Section 1008 of the Base Indenture. 
 Section 2.9    Sinking Fund. The Notes shall
not have the benefit of any sinking fund. 
 Section 2.10    Form and Dating. 

(a)    The Notes shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. 

(b)    The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this
Fourth Supplemental Indenture, and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Notes conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture shall govern and be controlling. 

  
 5 

 (c)    The Notes will be issued in the form of a fully-registered
global security (the “Global Security”). The Depository Trust Company shall serve as the depository (the “Depositary”) for the Global Security. The Global Security will be deposited with, or on behalf of, the Depositary and
registered, at the request of the Depositary, in the name of Cede & Co. Except as set forth below, the Global Security may be transferred, in whole and not in part, only by the Depositary to its nominee or by its nominee to such Depositary
or another nominee of the Depositary or by the Depositary or its nominee to a successor of the Depositary or a nominee of such successor. If (i) the Depositary is at any time unwilling or unable to continue as depositary and a successor
depositary is not appointed by the Issuer within 90 calendar days after receipt of such notice from the Depositary; (ii) the Depositary ceases to be a clearing agency registered under the Exchange Act and the Issuer does not appoint a successor
depositary within 90 calendar days of becoming aware that the Depositary has ceased to be registered as a clearing agency; (iii) the Issuer, in its sole discretion, determines that the Notes will be exchangeable for definitive securities
in registered form and notifies the Trustee of its decision; or (iv) an Event of Default with respect to the Notes represented by the Global Security has occurred and is continuing, then in each case the Issuer may issue Notes in
certificated form in exchange for the Global Security. In each of these instances, an owner of an interest in the Global Security would be entitled to physical delivery of such Notes in certificated form. Notes so issued in certificated form will be
issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will be issued in registered form only. 

Section 2.11    Optional Redemption.  

(a)    The Issuer may redeem the Notes at its option and sole discretion, at any time or from time to time prior to the
Par Call Date, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes being redeemed; or (ii) as determined by the Quotient Agent, the sum of the present values of the remaining
scheduled payments of principal and Interest thereon that would be due if such Notes matured on the Par Call Date but for the redemption thereof (not including any portion of such payments of Interest accrued as of the Redemption Date)
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis points,
plus, in each case, accrued and unpaid Interest thereon to, but not including, the applicable Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment
Date, the Issuer will pay the full amount of accrued and unpaid Interest, if any, on such Interest Payment Date to the Holder of record of the Notes at the close of business on the corresponding Record Date (instead of the Holder surrendering its
Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid Interest thereon
to, but not including, the applicable Redemption Date. 
 (b)    If any Redemption Date falls on a day that is not a
Business Day, the required payment of the Redemption Price will be made on the next succeeding Business Day as if made on the date on which such payment was due, and no interest will accrue on such payment for the period from and after such
Redemption Date to the date of such payment on the next succeeding Business Day. 
 (c)    If the Issuer elects to
redeem the Notes in part, the Trustee will select the Notes to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), in the case of certificated notes, on a pro rata basis, by lot or such other method it
deems fair and appropriate and, in the case of Global Notes held through the Depositary, in accordance with the applicable procedures of the Depositary. 

(d)    The Issuer will not redeem the Notes pursuant to this Section 2.11 on any date if the principal amount
of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. 

(e)    Notice of redemption pursuant to this Section 2.11 shall be given in the manner provided in Sections
106 and 1104 of the Base Indenture not later than 15 days and not earlier than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 

  
 6 

 Section 2.12    Payment of Notes Called for Redemption by the
Issuer. If notice of redemption has been given as provided in Sections 106 and 1104 of the Base Indenture, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at
the place or places stated in such notice at the Redemption Price, and unless the Issuer shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes
to be redeemed on the Redemption Date, then on and after such date: (a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) Interest on the Notes or portion of Notes so called for redemption shall cease to accrue
on and after the Redemption Date, and (c) all rights of the Holders of the Notes shall cease with respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment
in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date. 

Section 2.13    Nonconvertible. The Notes shall not be convertible or exchangeable for any other security or
property. 
 Section 2.14    Parent Guarantor. The Notes shall be Guaranteed by the Parent Guarantor in
accordance with Article Fourteen of the Base Indenture. 
 ARTICLE III 

ADDITIONAL COVENANTS 
 In
addition to the covenants set forth in the Base Indenture, the Issuer hereby further covenants as follows: 

Section 3.1    Limitation on Total Outstanding Debt. The Issuer shall not, and shall not permit any of its
Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount
of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of the sum of the following (without duplication): (1) Total Assets of the Issuer and its Subsidiaries as of
the last day of the then most recently ended fiscal quarter for which financial statements are available and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities
offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the
proceeds obtained from the incurrence of such additional Debt. 
 Section 3.2    Secured Debt Test. The
Issuer shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries’ property or assets, whether owned on the date of this
Fourth Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its
Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) which is secured by a Lien on any of the Issuer’s or any of its Subsidiaries’ property or assets is greater than 40% of the sum of the
following (without duplication): (1) Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarter for which financial statements are available; and (2) the aggregate purchase price of any
real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by
the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 

Section 3.3    Debt Service Test.  

(a)    The Issuer shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including without limitation
Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended, 

  
 7 

 
for which financial statements are available, prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to
the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance with GAAP), and calculated on the following assumptions: (1) such Debt and any other Debt (including,
without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had
occurred, on the first day of such period; (2) the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except
that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and (3) in the case of
any acquisition or disposition by the Issuer or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred
as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

(b)    If the Debt giving rise to the need to make the calculation described in Section 3.3(a) or any other Debt incurred
after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt will be computed on a pro forma basis by applying the average
daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during such period. 

(c)    For purposes of this Section 3.3, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries
whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof. 

Section 3.4    Maintenance of Total Unencumbered Assets. The Issuer shall not have at any time Total
Unencumbered Assets of less than 150% of the aggregate principal amount of all of its and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with GAAP. 

ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.1    Trustee. The Trustee is appointed as the paying agent, transfer agent and registrar of the
Notes and for the purposes of Section 1002 of the Base Indenture. 
 Section 4.2    Ratification of Base
Indenture. This Fourth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture continues in full force and effect and is in all
respects confirmed and preserved, and the Base Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. In the event of a conflict between the language of this Fourth Supplemental Indenture
and the Base Indenture, the language of this Fourth Supplemental Indenture shall control. 
 Section 4.3    No
Representation by Trustee. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. 

Section 4.4    Separability. In case any provision in this Fourth Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.5    Governing Law. This Fourth Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 8 

 Section 4.6    Counterparts. This Fourth Supplemental
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

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

					
	 LIFE STORAGE LP,

as Issuer

	
	By: LIFE STORAGE HOLDINGS, INC., as general partner
		
	By:	 	 /s/ Andrew J. Gregoire

		 	Name:	 	Andrew J. Gregoire
		 	Title:	 	Chief Financial Officer
	
	 LIFE STORAGE, INC.,

as Parent Guarantor

		
	By:	 	 /s/ Andrew J. Gregoire

		 	Name:	 	Andrew J. Gregoire
		 	Title:	 	Chief Financial Officer                                 
                           
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Stefan Victory

		 	Name:	 	Stefan Victory
		 	Title:    	 	Vice President

 [Signature Page to the Fourth Supplemental Indenture] 

 EXHIBIT A 

 FORM OF NOTE 

[Face of Note] 
 CUSIP # 53227J AC8

 ISIN US53227JAC80 
 2.200%
Senior Note due 2030 
  

			
	No. [     ]	  	$[         ]

 LIFE STORAGE LP 

promises to pay to CEDE & CO. or its registered assigns, the principal sum of [ ] Dollars on October 15, 2030. 

Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 
 Dated:
September 23, 2020 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 IN WITNESS WHEREOF, Life Storage LP has caused this instrument to be duly executed as of the day and
year first written above. 
  

			
	LIFE STORAGE LP
		
	By:	 	LIFE STORAGE HOLDINGS, INC.,
		 	as General Partner
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	  

		 	Authorized Signatory

 [Signature Page to Note]

 [Back of Note] 

2.200% Senior Notes due 2030 
 Capitalized terms
used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1) Interest. The Notes
will bear interest from, and including, September 23, 2020, or from, and including, the most recent interest payment date to which interest has been paid or duly provided for, to, but excluding, the applicable interest payment date or Maturity
Date of the Notes, as applicable, at a rate of 2.200% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2021. The Issuer will pay interest to the Person in whose name a Note is
registered at the close of business on April 1 and October 1 next preceding the interest payment date. The Issuer will compute interest on the basis of a 360-day year consisting of twelve 30-day months. If any interest payment date or Maturity Date falls on a day that is not a Business Day, the required payment of principal or interest will be made on the next succeeding Business Day as if made on
the date on which such payment was due, and no interest will accrue on such payment for the period from and after such interest payment date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day. 

(2) Place of Payment for Principal and Interest. The principal of and interest on the Notes will be payable at the office or agency of the
Issuer maintained for that purpose, pursuant to the Indenture, in the City of New York, which initially shall be the corporate trust office of the Trustee; provided, however, that at the option of the Issuer, such payment of principal or interest
may be made by check mailed to the person entitled thereto as provided in the Indenture. 
 (3) Paying Agent and Security Registrar.
Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Security Registrar. The Issuer may change any Paying Agent or Security Registrar without notice to any Holder. The Issuer or any of its
Subsidiaries may act in any such capacity. 
 (4) Sinking Funds. The Notes are not subject to repayment at the option of the Holder
thereof. In addition, the Notes are not entitled to the benefit of, and are not subject to, any sinking fund. 
 (5) Indenture. The Issuer
issued the Notes under an indenture, dated as of June 20, 2016 (the “Base Indenture”), as amended by the Fourth Supplemental Indenture, dated as of September 23, 2020 (the “Fourth Supplemental Indenture,”
and together with the Base Indenture, and as the Base Indenture and the Fourth Supplemental Indenture may be further amended and supplemented from time to time, the “Indenture”), among the Issuer, the Parent Guarantor named therein
and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all
such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are unsecured obligations of the Issuer. 
 (6) Redemption. The Issuer shall have the right to
redeem the Notes under certain circumstances as set forth in Section 2.11 of the Fourth Supplemental Indenture. 
 (7) Payment of Notes Called For
Redemption. If notice of redemption has been given as provided in Sections 106 and 1104 of the Base Indenture, and unless the Issuer shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds
sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then on and after such date: (a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) Interest on the Notes
or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, and (c) all rights of the Holders of the Notes shall cease with respect of such Notes except the right to receive the Redemption Price thereof.

 (8) Denominations, Transfer and Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any
Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. The Issuer shall not be required (i) to issue, register the transfer of or exchange the Notes during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption under Section 1104 of the Base Indenture and ending at the close of business on the day of the mailing of the relevant
notice of redemption, or (ii) to register the transfer of or exchange any Notes so selected for redemption as a whole or in part, except the unredeemed portion of any Notes being redeemed in part. 

(9) Persons Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Issuer, any Guarantor, the Trustee for such
Note and any agent of the Issuer, any Guarantor or such Trustee may treat the Person in whose name any such Note is registered as the owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 307 of the Base Indenture) interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, any Guarantor, such Trustee or any agent of the Issuer, any Guarantor or such
Trustee shall be affected by notice to the contrary. 
 None of the Issuer, any Guarantor, the Trustee, any Paying Agent or the Security Registrar shall
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. 
 (10) Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Guarantee or the Notes
may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding affected by such amendment or supplemental indenture voting as a single class, and any existing Default or Event
of Default or compliance with any provision of the Indenture, the Guarantee or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without
the consent of any Holder of a Note, the Indenture, the Guarantee or the Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of
certificated Notes; to provide for the assumption to a successor of the Issuer’s or Guarantor’s obligations to Holders of Notes; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change that would
provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Trust Indenture Act or to maintain the qualification
of the Indenture under the Trust Indenture Act. 
 (11) Defaults and Remedies. If an Event of Default (other than an Event of Default specified in
Sections 501(6) or 501(7) of the Base Indenture) occurs and is continuing, the entire principal amount and accrued interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of not less than 25%
in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 501(6) or 501(7) of the Base Indenture occurs, the
principal amount and accrued interest on all the Notes shall be immediately and automatically due and payable without any declaration or other act by the Trustee or any Holder. 

(12) No Recourse Against Others. No past, present or future individual incorporator, limited partner, stockholder, trustee, director, officer or
employee of the Issuer, any Guarantor or of any successor entity to the Issuer or any Guarantor will have any liability for any obligations of the Issuer and any Guarantor under the Notes or the Indenture based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

 (13) Authentication. No Note shall be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose unless there appears on such Note the certificate of authentication manually executed by the Trustee for such Note or on its behalf pursuant to Section 614 of the Base Indenture, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 (14) CUSIP Numbers. The
Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use) or other identifying numbers (“Identifying Numbers”) and, if so, the Trustee shall use such Identifying Numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such Identifying Numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be
placed only on the other identifying numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in the Identifying
Numbers. 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Life Storage LP 
 c/o Life Storage, Inc. 

6467 Main Street 
 Williamsville, New York 14221 

Attention: Andrew J. Gregoire, Chief Financial Officer 

 FORM OF NOTATION OF GUARANTEE 

For value received, the Guarantor (which term includes any successor Person under the Indenture hereinafter referred to) has unconditionally
guaranteed to the extent set forth in, and subject to the provisions of, an indenture dated as of June 20, 2016 (the “Base Indenture”), as amended by the Fourth Supplemental Indenture, dated as of September 23, 2020 (the
“Fourth Supplemental Indenture” and, together with the Base Indenture, and as the Base Indenture and the Fourth Supplemental Indenture may be further amended and supplemented from time to time, the “Indenture”)
among Life Storage LP (the “Issuer”), the Guarantor named therein and Wells Fargo Bank, National Association, as trustee (the “Trustee”), providing for the issuance of 2.200% Senior Notes due 2030, the due and
punctual payment of the principal of and interest on the Notes to which this notation is affixed and all other amounts due and payable under the Indenture and the Notes to which this notation is affixed by the Issuer. 

The obligations of such Guarantor to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and
the Indenture are expressly set forth in Article Fourteen of the Base Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	LIFE STORAGE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Assignment Form 
  

	
	 To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:            
                                         
                                         
                                         
                                         
 

	                            (Insert assignee’s legal name)
	
	  

	(Insert assignee’s Soc. Sec. or Tax I.D. No.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         
                                    to transfer this Note on the books
of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:	 	
                    

  

	
	 Your

Signature:                        
                                         
                   

	(Sign exactly as your name appears on the face of this Note)

 Signature
Guarantee:                                       
                          
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL SECURITY 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

																	
	 Date of Increase or Decrease
	  	Amount of
Decrease in
Principal Amount
of this Global
Security	 	  	Amount of Increase
in Principal
Amount of this
Global Security	 	  	Principal Amount
of this Global
Security Following
Such Decrease
(or increase)	 	  	Signature of
Authorized
Signatory of Trustee
or Custodian

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