Document:

Addendum dated February 28, 2003 to Joint Venture Agreement

 Exhibit 10.38 
  
 Addendum to the Joint Venture Agreement 
  
 Between: 
  

	(1)	SHURGARD SELF STORAGE SCA, a company organized and existing under the laws of Belgium having its registered office at Quai du Commerce/Handelskaai 48, 1000 Brussels,
registered with the Commercial Register of Brussels (registration number 587.679), 

  
 Represented for the purposes of this Agreement by (i) SSC Benelux Inc., represented by David K. Grant, or (ii) European Self Storage SA, represented by
Patrick Metdepenninghen, 
  
 Hereinafter referred to as
“Shurgard”; 
  
 And: 
  

	(2)	Crescent Euro Self Storage Investments SARL, a company in formation, to be organized and to exist under the laws of Luxembourg, which will have its registered office at 398,
route d’Esch, L-1471 Luxembourg and which will be registered with the Commercial Register of Luxembourg, 

  
 Represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan and/or Henry Thompson, 
  
 Hereinafter referred to as “Luxco”. 
  
 Individually referred to as a “Party”, or collectively as the
“Parties”. 
  
 Whereas: 
  

	(A)	Clause 9.1 of the joint venture agreement dated 20 December 2002 (the “Joint Venture Agreement”) between Shurgard and Luxco, provides that each of the conditions
precedent listed in Clause 9.1 of the Joint Venture Agreement must be satisfied on or before 28 February 2003 or on such other date as the Parties may agree. 

  

	(B)	The Parties hereby wish to agree on such other date. 

  
 NOW, THEREFORE, the Parties hereto agree as follows: 
  

	1	Definitions 

  
 Unless otherwise defined herein, any word in this Amendment starting with a capital letter is a defined term and should have the same meaning as in the
Joint Venture Agreement. 
  

	2	Closing Date 

  

	2.1	Although each Party has been using its reasonable best efforts to ensure timely and due satisfaction of the conditions precedent as listed in Clause 9.1 of the Joint Venture
Agreement, the Parties recognise and accept that, due to reasons beyond the control of any of the Parties, the aforementioned conditions precedent will not be satisfied on 28 February 2003 which is the date as set out in Clause 9.1 of the Joint
Venture Agreement. 

  

	2.2	Therefore, pursuant to Clause 9.1 of the Joint Venture Agreement, the Parties agree that the term for satisfaction of the conditions precedent as listed in Clause 9.1 of the
Joint Venture Agreement is extended until 25 April 2003. 

	2.3	For the avoidance of doubt, the Parties agree that, in accordance with Clause 10.1 of the Joint Venture Agreement, the Capital Increase and Closing shall take place at
Linklaters De Bandt office before a notary public of the office Berquin / Ockerman / Deckers / Spruyt / van der Vorst within 5 Business Days following the satisfaction of all conditions precedent set out in Clause 9.1 of the Joint Venture Agreement.

  

	3	Other provisions of the Joint Venture Agreement 

  
 This Addendum shall not affect any other provision of the Joint Venture Agreement and all respective rights and obligations of the Parties under the Joint
Venture Agreement remain fully intact, valid and enforceable. 
  

	4	Governing law and arbitration 

  
 This Addendum shall be governed by and construed in accordance with Belgian law. All disputes arising out of or in connection with this Addendum and which
the Parties are unable to settle amicably shall be finally settled by arbitration as set out in Clause 17.10 of the Joint Venture Agreement 
  
 [NEXT PAGE IS SIGNATORY PAGE] 

 Made on 28 February 2003, in two originals. Each Party acknowledges receipt of its own original. 
  

			
	SHURGARD SELF STORAGE SCA:
	
	 /s/

	Name:	 	European Self Storage SA
	Title:	 	Executive General Manager
	 	 	Represented by:
		
	Name:	 	Patrick Metdepenninghen
	Title	 	Director
	
	CRESCENT EURO SELF STORAGE INVESTMENTS SARL (in formation):
	
	 /s/

	Name:	 	Henry A. Thompson
	Title:Addendum No. 3 dated as of September 22, 2003 to Joint Venture Agreement

 Exhibit 10.40 
  
 Addendum III to the Joint Venture Agreement 
  
 Between: 
  

	(1)	SHURGARD SELF STORAGE SCA, a company organised and existing under the laws of Belgium, having its registered office at Quai du Commerce/Handelskaai 48, 1000 Brussels,
registered with the Register of Legal Entities (registration number 0587.679), 

  
 Represented for the purposes of this Agreement by (i) SSC Benelux Inc., represented by David K. Grant, or (ii) European Self Storage SA, represented by Patrick Metdepenninghen, 
  
 Hereinafter referred to as “Shurgard”; 
  
 And: 
  

	(2)	Crescent Euro Self Storage Investments SARL, a company organised and existing under the laws of Luxembourg, having its registered office at 291 Route d’Arion, L-1150
Luxembourg and which will be registered with the Commercial Register of Luxembourg, under number B-93753, 

  
 Represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan, Olivier Dorier and/or Henry Thompson, 
  
 Hereinafter referred to as “Luxco”. 
  
 Individually referred to as a “Party”, or collectively as the
“Parties”. 
  
 Whereas: 
  

	(A)	At the date of signature hereof, an amount of EUR 10 million of the Tranche 1 Equity Commitment of Luxco, as set out in Clause 4.2.3 of the Joint Venture Agreement dated
December 20, 2002 (the “Joint Venture Agreement”) between Shurgard and Luxco, must still be paid by Luxco 

  

	(B)	Although this was not provided for in the Joint Venture Agreement, the Parties agree that this amount may be paid by Luxco from the funds deposited in the EUR 20,000,000
Escrow Account opened by the Parties at Société Générale, France, pursuant to an agreement dated July 2, 2003 (the “Escrow Account Agreement”) 

  
 NOW, THEREFORE, the Parties hereto agree as follows: 
  

	1	Definitions 

  
 Unless otherwise defined herein, any word in this Addendum starting with a capital letter is a defined term and should have the same meaning as in the
Joint Venture Agreement. 
  

	2	Payment by Luxco of the balance of the Tranche 1 Equity Commitment 

  

	2.1	The Parties hereby agree that, in deviation from Clause 11.4.2 of the Joint Venture Agreement and of paragraph 2 of the Recitals of the Escrow Agreement, an amount of up to
EUR 10 million may be made available in one or more drawings from the funds deposited in the Escrow Account to the Company for the payment by Luxco of its outstanding Tranche 1 Equity Commitment, notwithstanding the fact that there is no default by
Luxco under Tranche 1 of its obligations pursuant to Clauses 4.2.1 and 4.3 of the Joint 

 Venture Agreement or of any amount due under Tranche 2 pursuant to Clauses 4.2.1 and 4.3 of the Joint
Venture Agreement, but subject to the undertaking set out hereafter in 2.2. 
  

	2.2	Luxco undertakes to deposit replacement funds in the Escrow Account as to bring the funds deposited in the Escrow Account back to an amount of EUR 20,000,000 by paying into
such Escrow Account the difference between the credit balance of the Escrow Account at any time and EUR 20,000,000 within 5 Business Days after the first request thereto from Shurgard. 

  
 Shurgard shall only be allowed to make such request if the lender(s) under
the Second Credit Facility between the Company and the lender, as set out in Clause 4.2.3(ii) of the Joint Venture Agreement, require this increase to EUR 20 million as a condition for providing to the Company the Second Credit Facility. 

 

	2.3	Any drawings by Luxco of the funds deposited in the Escrow Account as set out under 2.1 above, shall be made by means of a Notice of Payment 1, in accordance with clause 5 of
the Escrow Account Agreement, as amended. 

  

	3	Other provisions of the Joint Venture Agreement 

  
 This Addendum shall not affect any other provision of the Joint Venture Agreement and all respective rights and obligations of the Parties under the Joint
Venture Agreement remain fully intact, valid and enforceable. 
  

	4	Governing law and arbitration 

  
 This Addendum shall be governed by and construed in accordance with Belgian law. All disputes arising out of or in connection with this Addendum and which
the Parties are unable to settle amicably shall be finally settled by arbitration as set out in Clause 17.10 of the Joint Venture Agreement. 
  
 [NEXT PAGE IS SIGNATURE PAGE] 

 Made on September 22, 2003, in two originals. Each Party acknowledges receipt of its own original. 
  

			
	SHURGARD SELF STORAGE SCA:
	
	 /s/

	Name:	 	European Self Storage SA
	Title:	 	Executive General Manager
	 	 	represented by:
	Name:	 	Patrick Metdepenninghen
	Title:	 	Permanent representative

  
 CRESCENT EURO SELF STORAGE INVESTMENTS SARL: 

			
	
	 /s/

	Name:	 	Olivier DORIER
	Title:	 	DirectorAmendment dated January 3, 2003 to Joint Venture Agreement

 Exhibit 10.41 
  
 Amendment to the Joint Venture Agreement 
  
 Between: 
  

	(1)	SHURGARD SELF STORAGE SCA, a company organised and existing under the laws of Belgium, having its registered office at Quai du Commerce/Handelskaai 48, 1000 Brussels,
registered with the Commercial Register of Brussels (registration number 587.679), 

  
 Represented for the purposes of this Agreement by (i) SSC Benelux Inc., represented by David K. Grant, or (ii) European Self Storage SA, represented by
Patrick Metdepenninghen, 
  
 Hereinafter referred to as
“Shurgard”; 
  
 And: 
  

	(2)	Crescent Euro Self Storage Investments SARL, a company in formation, to be organised and to exist under the laws of Luxembourg, which will have its registered office at 398,
route d’Esch, L-1471 Luxembourg and which will be registered with the Commercial Register of Luxembourg, 

  
 represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan and/or Henry Thompson, 
  
 Hereinafter referred to as “Luxco”. 
  
 Individually referred to as a “Party”, or collectively as the
“Parties”. 
  
 Whereas: 
  

	(A)	Pursuant to Clause 10.5.4 of the joint venture agreement dated 20 December 2002 (the “Joint Venture Agreement”) between Shurgard and Luxco, Shurgard and Luxco
undertook to (i) execute or cause a company nominated by it to execute and cause a bank of first standing to be selected by Shurgard and Luxco to execute, respectively, a Shurgard Break-Up Fee Escrow Agreement and the Luxco Break-Up Fee Escrow
Agreement, and (ii) pay or cause a company nominated by it to pay EUR 3,500,000 into the escrow account opened in accordance with the Shurgard Break-Up Fee Escrow Agreement and the Luxco Break-Up Fee Escrow Agreement respectively (the
“Escrow Accounts”), at the latest 5 Business Days after the signing of the Joint Venture Agreement. 

  
 NOW, THEREFORE, the Parties hereto agree as follows: 
  

	1	Definitions 

  
 Unless otherwise defined herein, any word in this Agreement starting with a capital letter is a defined term and should have the same meaning as in the
Joint Venture Agreement. 
  

	2	Amendment 

  
 The Parties recognise and accept that, due to technical reasons, (i) neither the Shurgard Break-Up Fee Escrow Agreement nor the Luxco Break-Up Escrow
Agreement can be signed and executed, and (ii) the requisite amounts cannot be paid into the Escrow Accounts, within 5 Business Days after the signing of the Joint Venture Agreement as provided in Clause 10.5.4 of the Joint Venture Agreement.

 Therefore, the Parties agree that (i) The Shurgard Break-Up Fee Escrow Agreement and the Luxco Break-Up
Fee Escrow Agreement shall be signed and executed and (ii) the requisite amounts shall be paid into the Escrow Accounts, as soon as possible and at the latest on or by 14 January 2003. 
  
 This Amendment shall not affect any other provision of the Joint Venture Agreement and all respective rights and obligations
of the Parties under the Joint Venture Agreement remain fully intact, valid and enforceable. 
  

	3	Governing law and arbitration 

  
 This Amendment shall be governed by and construed in accordance with Belgian law. All disputes arising out of or in connection with this Amendment and
which the Parties are unable to settle amicably shall be finally settled by arbitration as set out in Clause 17.10 of the Joint Venture Agreement. 
  
 [NEXT PAGE IS SIGNATORY PAGE] 

 Made in Brussels on 3 January 2003, in two originals. Each Party acknowledges receipt of its own original. 
  

			
	SHURGARD SELF STORAGE SCA:
	
	 /s/

	 Name:
	 	 European Self Storage SA

	 Title:
	 	 Executive General Manager

	 	 	 Represented by:

	 Name:
	 	 Patrick Metdepenninghen

	 Title:
	 	 Directors

	
	CRESCENT EURO SELF STORAGE INVESTMENTS SARL:
	
	 /s/

	 Name:
	 	 Henry A. Thompson

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