Document:

Limited Recourse Gauranty

 Exhibit 10.3 
 LIMITED RECOURSE GUARANTY 
 THIS LIMITED RECOURSE GUARANTY
(“Guaranty”) is made this 28th day of January, 2011, by STRATEGIC STORAGE TRUST INC., a Maryland corporation (the “Guarantor”), in favor of CITIGROUP GLOBAL MARKETS REALTY CORP. (including its
successors, transferees and assigns, the “Lender”). 
 RECITALS: 

A.        Lender and each of the parties set forth on Schedule A attached hereto, (individually
and collectively, as the context may require, “Borrower”) have entered into a certain Loan Agreement (as it may hereafter be modified, supplemented, extended, or renewed and in effect from time to time, the “Loan
Agreement”), which Loan Agreement sets forth the terms and conditions of a loan (said loan, together with all advances which may hereafter be made pursuant to the Loan Agreement, being referred to herein as the “Loan”) to
Borrower secured by certain Properties as defined and more particularly described in the Loan Agreement. 

B.        Guarantor is an Affiliate of Borrower and will receive direct or indirect benefit from
Lender’s making of the Loan to Borrower. 
 C.        The Loan is evidenced by a
certain Promissory Note executed by Borrower and payable to the order of Lender (such Promissory Note, as it may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, and all other notes given in
substitution therefor, or in modification, renewal, or extension thereof, in whole or in part, is herein called the “Note”). 
 D.        Any capitalized term used and not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement. This Guaranty is one of the
Loan Documents described in the Loan Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and as a material inducement to Lender to extend credit to Borrower, Guarantor hereby guarantees to Lender the prompt and full payment and performance of the Guaranteed Recourse Obligations of Borrower (defined
below), this Guaranty being upon the following terms and conditions: 

1.        Guaranteed Recourse Obligations of Borrower. Guarantor hereby unconditionally
and irrevocably guarantees to Lender the punctual payment when due, and not merely the collectability, whether by lapse of time, by acceleration of maturity, or otherwise, and at all times thereafter the payment of the Guaranteed Recourse
Obligations of Borrower (hereinafter defined). As used herein, the term “Guaranteed Recourse Obligations of Borrower” shall mean all obligations and liabilities of Borrower for which Borrower shall be personally liable pursuant to
Article 13 of the Loan Agreement. 
 2.        Certain Agreements and Waivers by
Guarantor. 
 (a)        Guarantor hereby agrees that each of the following shall
constitute Events of Default hereunder (i) the occurrence of a default by Guarantor in payment of the Guaranteed Recourse Obligations of Borrower, or any part thereof, when such indebtedness becomes due and (ii) a breach of the terms of
Section 10.1(f) of the Loan Agreement. 
 (b)        In the event the Guaranteed
Recourse Obligations of Borrower come due under the Loan Agreement, the Guaranteed Recourse Obligations of Borrower, for purposes of this Guaranty, shall be deemed immediately due and payable at the election of Lender. In such event Guarantor shall,
on demand, pay the Guaranteed Recourse Obligations of Borrower to Lender. It shall not be necessary for Lender, in order to enforce such payment, first to (i) institute suit or pursue or exhaust any rights or remedies against

 
Borrower or others liable for the Debt, (ii) enforce any rights against any security that shall ever have been given to secure the Debt, (iii) join Borrower or any others liable for the
payment or performance of the Guaranteed Recourse Obligations of Borrower or any part thereof in any action to enforce this Guaranty and/or (iv) resort to any other means of obtaining payment or performance of the Guaranteed Recourse
Obligations of Borrower. 
 (c)        Suit may be brought or demand may be made against
all parties who have signed this Guaranty or any other guaranty covering all or any part of the Guaranteed Recourse Obligations of Borrower, or against any one or more of them, separately or together, without impairing the rights of Lender against
any party hereto. 
 (d)        In the event any payment by Borrower or any other Person
to Lender is held to constitute a preference, fraudulent transfer or other voidable payment under any bankruptcy, insolvency or similar law, or if for any other reason Lender is required to refund such payment or pay the amount thereof to any other
party, such payment by Borrower or any other party to Lender shall not constitute a release of Guarantor from any liability hereunder, and this Guaranty shall continue to be effective or shall be reinstated (notwithstanding any prior release,
surrender or discharge by Lender of this Guaranty or of Guarantor), as the case may be, with respect to, and this Guaranty shall apply to, any and all amounts so refunded by Lender or paid by Lender to another Person (so long as and to the extent
that such amounts so refunded constituted part of the Guaranteed Recourse Obligations of Borrower), and any interest paid by Lender and any reasonable attorneys’ fees, costs and expenses paid or incurred by Lender in connection therewith. If
acceleration of the time for payment of any amount payable by Borrower under any Loan Document is stayed or delayed by any law or tribunal, any amounts due and payable hereunder shall nonetheless be payable by Guarantor on demand by Lender.

 3.        Subordination. If, for any reason whatsoever, Borrower is now or
hereafter becomes indebted to Guarantor: 
 (a)        such indebtedness and all
interest thereon and all liens, security interests and rights now or hereafter existing with respect to property of Borrower securing same shall, at all times, be subordinate in all respects to the Guaranteed Recourse Obligations of Borrower and to
all liens, security interests and rights now or hereafter existing to secure the Guaranteed Recourse Obligations of Borrower; 

(b)        Guarantor shall not be entitled to enforce or receive payment, directly or indirectly,
of any such indebtedness of Borrower to Guarantor until the Guaranteed Recourse Obligations of Borrower have been fully and finally paid and performed; 
 (c)        Guarantor hereby assigns and grants to Lender a security interest in all such indebtedness and security therefor, if any, of Borrower to Guarantor now
existing or hereafter arising, including any dividends and payments pursuant to debtor relief or insolvency proceedings referred to below. In the event of receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency
proceedings involving Borrower as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and shall have the right to receive directly from the receiver, trustee or other custodian
(whether or not an Event of Default shall have occurred or be continuing under any of the Loan Documents), dividends and payments that are payable upon any obligation of Borrower to Guarantor now existing or hereafter arising, and to have all
benefits of any security therefor, until the Guaranteed Recourse Obligations of Borrower have been fully and finally paid and performed. If, notwithstanding the foregoing provisions, Guarantor should receive any payment, claim or distribution that
is prohibited as provided above in this Section, Guarantor shall pay the same to Lender immediately, Guarantor hereby agreeing that it shall receive the payment, claim or distribution in trust for Lender and shall have absolutely no dominion over
the same except to pay it immediately to Lender; and 
 (d)        Guarantor shall
promptly upon request of Lender from time to time execute such documents and perform such acts as Lender may reasonably require to evidence and perfect its interest and to permit or facilitate exercise of its rights under this Section. 

  
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 4.        Other Liability of Guarantor or
Borrower. If Guarantor is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Lender other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby, and the rights of
Lender hereunder shall be cumulative of any and all other rights that Lender may have against Guarantor. 

5.        Assignment by Lender. This Guaranty is for the benefit of Lender and
Lender’s successors and assigns, and in the event of an assignment of the Guaranteed Recourse Obligations of Borrower, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Recourse Obligations of
Borrower so assigned, may be transferred with such Guaranteed Recourse Obligations of Borrower. Guarantor waives notice of any transfer or assignment of the Guaranteed Recourse Obligations of Borrower, or any part thereof, and agrees that failure to
give notice will not affect the liabilities of Guarantor hereunder. 

6.        Binding Effect. This Guaranty is binding not only on Guarantor, but also on
Guarantor’s heirs, personal representatives, successors and assigns. Upon the death of Guarantor, if Guarantor is a natural person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed Recourse Obligations of
Borrower, including that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s estate, whether or not the Guaranteed Recourse Obligations of Borrower are then due and payable. If this
Guaranty is signed by more than one Person, then all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and their respective heirs, personal representatives, successors and assigns,
and the term “Guarantor” shall mean all of such Persons and each of them individually. Without limitation of any other term, provision or waiver contained herein, Guarantor hereby acknowledges and agrees that it has been furnished true,
complete and correct copies of the Loan Documents and has reviewed the terms and provisions thereof (including, without limitation, the Guaranteed Recourse Obligations of Borrower). 

7.        Nature of Guaranty. Guarantor hereby acknowledges and agrees that this Guaranty
(a) is a guaranty of payment and not only of collection and that Guarantor is liable hereunder as a primary obligor, (b) shall only be deemed discharged after the indefeasible satisfaction in full of the Guaranteed Recourse Obligations of
Borrower and the Debt, (c) shall not be reduced, released, discharged, satisfied or otherwise impacted in connection with (i) any act or occurrence that might, but for the provisions hereof, be deemed a legal or equitable reduction,
satisfaction, discharge or release and/or (ii) Lender’s enforcement of remedies under the Loan Documents and (d) shall survive the foregoing and shall not merge with any resulting foreclosure deed, deed in lieu or similar instrument
(if any). 
 8.        Governing Law; Forum. The validity, enforcement and
interpretation hereof shall for all purposes be governed by and construed in accordance with the laws of the state of New York and applicable United States federal law, and is intended to be performed in accordance with, and only to the extent
permitted by, such laws. All obligations of Guarantor hereunder are payable and performable at the place or places where the Guaranteed Recourse Obligations of Borrower are payable and performable. Guarantor hereby irrevocably submits generally and
unconditionally for Guarantor and in respect of Guarantor’s property to the jurisdiction of any state court, or any United States federal court, sitting in the state specified in the first sentence of this Section and to the jurisdiction of any
state or United States federal court sitting in the state in which any of the Properties are located, over any suit, action or proceeding arising out of or relating to this Guaranty or the Guaranteed Recourse Obligations of Borrower. Guarantor
hereby irrevocably waives, to the fullest extent permitted by law, any objection that Guarantor may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Guarantor hereby agrees
and consents that, in addition to any methods of service of process provided for under Applicable Law, all service of process in any such suit, action or proceeding in any state court, or any United States federal court, sitting in the state
specified in the first sentence of this Section may be made by certified or registered mail, return receipt requested, directed to Guarantor at the address set forth for Guarantor in the Loan Agreement, or at a subsequent address of which Lender
received actual notice from Guarantor in accordance with said Section, and service so made shall be complete five (5) days after the same shall have been so mailed. Nothing herein shall affect the right of

  
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Lender to serve process in any manner permitted by law or limit the right of Lender to bring proceedings against Guarantor in any other court or jurisdiction. 

9.        Invalidity of Certain Provisions. If any provision of this Guaranty or the
application thereof to any Person or circumstance shall, for any reason and to any extent, be declared to be invalid or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other Person or
circumstance shall be affected thereby, and the remaining provisions of this Guaranty, or the applicability of such provision to other Persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted
by Applicable Law. 
 10.        Attorneys’ Fees, Costs and Expenses of
Collection. Guarantor shall pay on demand all reasonable attorneys’ fees and all other costs and expenses incurred by Lender in the enforcement of or preservation of Lender’s rights under this Guaranty including, without limitation,
all attorneys’ fees, costs and expenses, investigation costs, and all court costs, whether or not suit is filed herein, or whether at maturity or by acceleration, or whether before or after maturity, or whether in connection with bankruptcy,
insolvency or appeal, or whether in connection with the collection and enforcement of this Guaranty against any other Guarantor, if there be more than one. Guarantor agrees to pay interest on any expenses or other sums due to Lender under this
Section 10 that are not paid when due, at a rate per annum equal to the interest rate provided for in the Note. Guarantor’s obligations and liabilities under this Section 10 shall survive any payment or discharge in full of the
Guaranteed Recourse Obligations of Borrower. 
 11.        Payments. All sums
payable under this Guaranty shall be paid in lawful money of the United States of America that at the time of payment is legal tender for the payment of public and private debts. 

12.        Controlling Agreement. It is not the intention of Lender or Guarantor to
obligate Guarantor to pay interest in excess of that lawfully permitted to be paid by Guarantor under Applicable Law. Should it be determined that any portion of the Guaranteed Recourse Obligations of Borrower or any other amount payable by
Guarantor under this Guaranty constitutes interest in excess of the maximum amount of interest that Guarantor, in Guarantor’s capacity as guarantor, may lawfully be required to pay under Applicable Law, the obligation of Guarantor to pay such
interest shall automatically be limited to the payment thereof in the maximum amount so permitted under Applicable Law. The provisions of this Section shall override and control all other provisions of this Guaranty and of any other agreement
between Guarantor and Lender. 
 13.        Notices. Any and all notices,
elections, demands, requests and responses thereto permitted or required to be given under this Guaranty shall be given in accordance with the applicable terms and conditions of the Loan Agreement. Notices to Guarantor shall be addressed as follows:

 Strategic Storage Trust Inc. 
 111 Corporate Drive, Suite 120 
 Ladera Ranch, CA 92694 

Attn: H. Michael Schwartz 
 14.        Cumulative Rights. The exercise by Lender of any right or remedy hereunder or under any other Loan Document, or at law or in equity, shall not
preclude the concurrent or subsequent exercise of any other right or remedy. Lender shall have all rights, remedies and recourses afforded to Lender by reason of this Guaranty or any other Loan Document or by law or equity or otherwise, and the same
(a) shall be cumulative and concurrent, (b) may be pursued separately, successively or concurrently against Guarantor or others obligated for the Guaranteed Recourse Obligations of Borrower, or any part thereof, or against any one or more
of them, or against any security or otherwise, at the sole discretion of Lender, (c) may be exercised as often as occasion therefor shall arise, it being agreed by Guarantor that the exercise of, discontinuance of the exercise of or failure to
exercise any of such rights, remedies, or recourses shall in no event be construed as a waiver or release thereof or of any other right, remedy, or recourse, and (d) are intended to be, and shall be, nonexclusive. No waiver of any default on
the part of Guarantor or of any 

  
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breach of any of the provisions of this Guaranty or of any other document shall be considered a waiver of any other or subsequent default or breach, and no delay or omission in exercising or
enforcing the rights and powers granted herein or in any other document shall be construed as a waiver of such rights and powers, and no exercise or enforcement of any rights or powers hereunder or under any other document shall be held to exhaust
such rights and powers, and every such right and power may be exercised from time to time. The granting of any consent, approval or waiver by Lender shall be limited to the specific instance and purpose therefor and shall not constitute consent or
approval in any other instance or for any other purpose. No notice to or demand on Guarantor in any case shall of itself entitle Guarantor to any other or further notice or demand in similar or other circumstances. No provision of this Guaranty or
any right, remedy or recourse of Lender with respect hereto, or any default or breach, can be waived, nor can this Guaranty or Guarantor be released or discharged in any way or to any extent, except specifically in each case by a writing intended
for that purpose (and which refers specifically to this Guaranty) executed, and delivered to Guarantor, by Lender. 

15.        Subrogation. Notwithstanding anything to the contrary contained herein,
(a) Guarantor shall not have any right of subrogation in or under any of the Loan Documents or to participate in any way therein, or in any right, title or interest in and to any security or right of recourse for the Guaranteed Recourse
Obligations of Borrower, until the Guaranteed Recourse Obligations of Borrower have been fully and finally paid, and (b) if Guarantor is or becomes an “insider” (as defined in Section 101 of the Bankruptcy Code) with respect to
Borrower, then Guarantor hereby irrevocably and absolutely waives any and all rights of contribution, indemnification, reimbursement or any similar rights against Borrower with respect to this Guaranty (including any right of subrogation, except to
the extent of collateral held by Lender), whether such rights arise under an express or implied contract or by operation of law, until such time as the Debt has been indefeasibly repaid in full. It is the intention of the parties that Guarantor
shall not be deemed to be a “creditor” (as defined in Section 101 of the Bankruptcy Code) of Borrower by reason of the existence of this Guaranty in the event that Borrower or Guarantor becomes a debtor in any proceeding under the
Bankruptcy Code. This waiver is given to induce Lender to make the Loan as evidenced by the Note to Borrower. 

16.        Further Assurances. Guarantor at Guarantor’s expense will promptly execute
and deliver to Lender upon Lender’s reasonable request all such other and further documents, agreements, and instruments in compliance with or accomplishment of the agreements of Guarantor under this Guaranty. 

17.        No Fiduciary Relationship. The relationship between Lender and Guarantor is
solely that of lender and guarantor. Lender has no fiduciary or other special relationship with or duty to Guarantor and none is created hereby or may be inferred from any course of dealing or act or omission of Lender. 

18.        Interpretation. If this Guaranty is signed by more than one Person as
“Guarantor”, then the term “Guarantor” as used in this Guaranty shall refer to all such Persons jointly and severally, and all promises, agreements, covenants, waivers, consents, representations, warranties and other provisions
in this Guaranty are made by and shall be binding upon each and every such undersigned Person, jointly and severally and Lender may pursue any Guarantor hereunder without being required (i) to pursue any other Guarantor hereunder or
(ii) pursue rights and remedies under the Security Instrument and/or Applicable Law with respect to any of the Properties or any other Loan Documents. 
 19.        Time of Essence. Time shall be of the essence in this Guaranty with respect to all of Guarantor’s obligations hereunder. 

20.        Execution. This Guaranty may be executed in multiple counterparts, each of
which, for all purposes, shall be deemed an original, and all of which together shall constitute one and the same agreement. 

21.        Entire Agreement. This Guaranty embodies the entire agreement between Lender
and Guarantor with respect to the guaranty by Guarantor of the Guaranteed Recourse Obligations of Borrower. This Guaranty supersedes all prior agreements and understandings, if any, with respect to guaranty by

  
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Guarantor of the Guaranteed Recourse Obligations of Borrower. No condition or conditions precedent to the effectiveness of this Guaranty exist. This Guaranty shall be effective upon execution by
Guarantor and delivery to Lender. This Guaranty may not be modified, amended or superseded except in a writing signed by Lender and Guarantor referencing this Guaranty by its date and specifically identifying the portions hereof that are to be
modified, amended or superseded. The Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. 

22.    WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR HEREBY WAIVES TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO WHICH GUARANTOR AND LENDER MAY BE PARTIES ARISING OUT OF, IN CONNECTION WITH, OR IN ANY WAY PERTAINING TO, THIS GUARANTY, THE NOTE, THE SECURITY INSTRUMENTS, THE LOAN AGREEMENT AND ANY OTHER LOAN DOCUMENT. IT IS AGREED
AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS GUARANTY. THIS WAIVER IS KNOWINGLY, WILLINGLY AND
VOLUNTARILY MADE BY GUARANTOR, AND GUARANTOR HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. GUARANTOR FURTHER
REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE
WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 

23.        Consent to Jurisdiction. Guarantor irrevocably submits generally and
unconditionally for itself and in respect of its property to the nonexclusive jurisdiction of any state or federal court sitting in the State over any suit, action or proceeding arising out of, or relating to, this Guaranty, and irrevocably agrees
that all claims in respect of such action or proceeding may be heard and determined in such state or federal court. Guarantor irrevocably waives, to the fullest extent permitted by law, any objection that Guarantor may now or hereafter have to the
laying of venue of any such suit, action or proceeding brought in any such court, and any claims that any such suit, action or proceeding is brought in an inconvenient forum. Final judgment in any such suit, action or proceeding brought in any such
court shall be conclusive and binding upon Guarantor and may be enforced in any court in which Guarantor is subject to jurisdiction, by a suit upon such judgment provided that service of process is effected upon Guarantor as provided in the Loan
Documents or as otherwise permitted by Applicable Law. Guarantor hereby releases, to the extent permitted by Applicable Law, all errors and all rights of exemption, appeal, stay of execution, inquisition, and other rights to which Guarantor may
otherwise be entitled under the laws of the United States of America or of any state of possession of the United States of America now in force and which may hereinafter be enacted. The authority and power to appear for and enter judgment against
Guarantor shall not be exhausted by one or more exercises thereof or by any imperfect exercise thereof and shall not be extinguished by any judgment entered pursuant thereto. Such authority may be exercised on one or more occasions or from time to
time in the same or different jurisdiction as often as Lender shall deem necessary and desirable, for all of which this Guaranty shall be sufficient warrant. 
 24.        Waivers. 

(a)        Guarantor hereby agrees that neither Lender’s rights or remedies nor
Guarantor’s obligations under the terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the liability of Guarantor under this
Guaranty shall be absolute and unconditional irrespective of (and Guarantor hereby waives any rights or protections related to): (i) [reserved]; (ii) any claim or defense that this Guaranty was made without consideration or is not
supported by adequate consideration; (iii) the taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the Guaranteed Recourse 

  
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Obligations of Borrower; (iv) any homestead exemption or any other similar exemption under Applicable Law and Guarantor hereby waives the benefit of any such exemption as to the Guaranteed
Recourse Obligations of Borrower; (v) any release, surrender, abandonment, exchange, alteration, sale or other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any failure to create or
perfect any lien or security interest with respect to, or any other dealings with, any collateral or security at any time existing or purported, believed or expected to exist in connection with any or all of the Guaranteed Recourse Obligations of
Borrower, including any impairment of Guarantor’s recourse against any Person or collateral; (vi) whether express or by operation of law, any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are
now or hereafter obtained by Lender covering all or any part of the Guaranteed Recourse Obligations of Borrower, any complete or partial release of any one or more of such guarantors under any such other guaranty, or any complete or partial release
or settlement of Borrower or any other party liable, directly or indirectly, for the payment or performance of any or all of the Guaranteed Recourse Obligations of Borrower; (vii) the death, insolvency, bankruptcy, disability, dissolution,
liquidation, termination, receivership, reorganization, merger, consolidation, change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power of Borrower or any other party at any time liable for the
payment or performance of any or all of the Guaranteed Recourse Obligations of Borrower; (viii) either with or without notice to or consent of Guarantor: any renewal, extension, modification or rearrangement of the terms of any or all of the
Guaranteed Recourse Obligations of Borrower and/or any of the Loan Documents; (ix) any neglect, lack of diligence, delay, omission, failure, or refusal of Lender to take or prosecute (or in taking or prosecuting) any action for the collection
or enforcement of any of the Guaranteed Recourse Obligations of Borrower, or to foreclose or take or prosecute any action to foreclose (or in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to exercise
(or in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any action in connection with any Loan Document, or any failure to sell or otherwise dispose of in a
commercially reasonable manner any collateral securing any or all of the Guaranteed Recourse Obligations of Borrower; (x) any failure of Lender to notify Guarantor of any creation, renewal, extension, rearrangement, modification, supplement,
subordination, or assignment of the Guaranteed Recourse Obligations of Borrower or any part thereof, or of any Loan Document, or of any release of or change in any security, or of any other action taken or refrained from being taken by Lender
against Borrower or any security or other recourse, or of any new agreement between Lender and Borrower, it being understood that Lender shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in
connection with the Guaranteed Recourse Obligations of Borrower, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself information regarding
Borrower, including, but not limited to, any changes in the business or financial condition of Borrower, and Guarantor acknowledges and agrees that Lender shall have no duty to notify Guarantor of any information which Lender may have concerning
Borrower; (xi) if for any reason that Lender is required to refund any payment by Borrower to any other party liable for the payment or performance of any or all of the Guaranteed Recourse Obligations of Borrower or pay the amount thereof to
someone else; (xii) the making of advances by Lender to protect its interest in the Properties, preserve the value of the Properties or for the purpose of performing any term or covenant contained in any of the Loan Documents; (xiii) the
existence of any claim, counterclaim, set off, recoupment, reduction or defense based upon any claim or other right that Guarantor may at any time have against Borrower, Lender, or any other Person, whether or not arising in connection with this
Guaranty, the Note, the Loan Agreement, or any other Loan Document; (xiv) the unenforceability of all or any part of the Guaranteed Recourse Obligations of Borrower against Borrower, whether because the Guaranteed Recourse Obligations of
Borrower exceed the amount permitted by law or violate any usury law, or because the act of creating the Guaranteed Recourse Obligations of Borrower, or any part thereof, is ultra vires, or because the officers or Persons creating same acted in
excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents, or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower’s
obligation ceases to exist by operation of law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable hereunder regardless of whether Borrower or any other Person be found not liable on the Guaranteed
Recourse Obligations of Borrower, or any part thereof, for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of 

  
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any or all of the Guaranteed Recourse Obligations of Borrower); (xv) any order, ruling or plan of reorganization emanating from proceedings under any bankruptcy or similar insolvency laws
with respect to Borrower or any other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Recourse Obligations of Borrower, whether or not consented to by Lender; and/or (xvi) any partial or total
transfer, pledge and/or reconstitution of Borrower and/or any direct or indirect owner of Borrower (regardless of whether the same is permitted under the Loan Documents). 
 (b)        This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives: 

(i)        any and all rights to which Guarantor may otherwise have been entitled
under any suretyship laws in effect from time to time, including any right or privilege, whether existing under statute, at law or in equity, to require Lender to take prior recourse or proceedings against any collateral, security or Person
whatsoever; and 
 (ii)        any right and/or requirement of or related
to notice, presentment, protest, notice of protest, further notice of nonpayment, notice of dishonor, default, nonperformance, intent to accelerate, acceleration, existence of the Debt and/or any amendment or modification of the Debt. 

25.        Representations, Warranties and Covenants of Guarantor. Guarantor hereby makes
the following representations, warranties and covenants: (a) Guarantor is duly organized, validly existing and in good standing under the laws of its state of formation, and Guarantor has all requisite right and power to execute and deliver
this Guaranty and to perform the Guaranteed Recourse Obligations of Borrower; (b) the execution, delivery and performance of this Guaranty and the incurrence of the Guaranteed Recourse Obligations of Borrower, now or hereafter owing, and the
creation of liens on Guarantor’s assets (i) are within the powers of Guarantor and (ii) do not require any approval or consent of, or filing with, any governmental authority or other Person (or such approvals and consents have been
obtained and delivered to the Lender) and are not in contravention of any provision of law applicable to Guarantor; (c) this Guaranty and the other Loan Documents to which Guarantor is a party constitutes when delivered, valid and binding
obligations of Guarantor, enforceable in accordance with their respective terms; (d) Guarantor is not a party to any indenture, loan or credit agreement, or any lease or other agreement or instrument, or subject to any restriction, which is
likely to have a Material Adverse Effect; (e) Guarantor has filed all tax returns which are required to be filed (or obtained proper extensions of time for the filing thereof) and has paid, or made adequate provision for the payment of, all
taxes which have or may become due pursuant to said returns or to assessments received; (f) subject to the terms of Section 3.13 of the Loan Agreement, the financial statements and other information pertaining to Guarantor submitted to
Lender are true, complete and correct in all material respects and do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading; (g) there is no
litigation, at law or in equity, or any proceeding before any federal, state, provincial or municipal board or other governmental or administrative agency pending or, to the actual knowledge of Guarantor, threatened, which involves a risk of any
material judgment or liability not fully covered by insurance (other than any deductible) which is likely to be adversely determined and if so, would have a Material Adverse Effect, and no judgment, decree, or order of any federal, state, provincial
or municipal court, board or other governmental or administrative agency has been issued against Guarantor which has a Material Adverse Effect; (h) the making of the Loan to Borrower will result in material benefits to Guarantor. Each of the
representations of and/or relating to Guarantor set forth in the other Loan Documents are hereby re-made by Guarantor and incorporated herein by reference as if fully set forth herein; (i) Guarantor (1) has not entered into this Guaranty
or any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (2) has received reasonably equivalent value in exchange for the Guaranteed Recourse Obligations of Borrower hereunder and under the Loan Documents; and
(j) Guarantor is not a “foreign person” within the meaning of Section 1445(1)(3) of the Internal Revenue Code. 
 26.        Financial Covenants of Guarantor. 
 (a)        Guarantor (i) shall keep and maintain complete and accurate books and records and (ii) shall permit Lender and any authorized representatives
of Lender to have access to and to inspect, examine 

  
 8 

 
and make copies of the books and records, any and all accounts, data and other documents of Guarantor, at all reasonable times (which shall be at Guarantor’s expense during the continuance
of an Event of Default), during normal business hours, at Guarantor’s address for notices as set forth herein upon the giving of reasonable notice of such intent. Guarantor shall also provide to Lender, upon Lender’s reasonable request,
such proofs of payments, costs, expenses, revenues and earnings, and other documentation as Lender may reasonably request, from time to time, and with such other information, in such detail as may reasonably be required by Lender. 

(b)        Lender shall have the right, at any time and from time to time upon the occurrence and
continuance of an “Event of Default” hereunder or under the other Loan Documents, to audit the books and records of Guarantor. 
 (c)        During the term hereunder, Guarantor will furnish or cause to be furnished to Lender, as soon as available, and in any event within ninety (90) days
after the end of each calendar year, the annual financial statements of Guarantor, which financial statements shall be prepared on an unaudited basis, in form substantially similar to those previously delivered by Guarantor to Lender and which shall
include Guarantor’s balance sheet, tax returns and statements of net worth and contingent liabilities. All such financial statements shall (A) be prepared by Guarantor’s independent certified public accountants (which accountants
shall be acceptable to Lender, which acceptance shall not be unreasonably withheld; provided, however, the following accountants listed on Schedule B attached hereto shall be deemed acceptable by Lender) and (B) be certified by Guarantor
to Lender as true and correct in all material respects and (C) contain such backup and/or supporting information as may be reasonably requested by Lender. In addition, Guarantor shall promptly furnish to Lender any other financial information
reasonably requested by Lender from time to time in respect of Guarantor. 

(d)        Net Worth Representation and Covenant. At all times while the Debt remains
unsatisfied, Guarantor shall maintain a net worth of not less than $25,000,000.00 (calculated exclusive of the value of the Properties or any equity therein). For the purposes hereof, Guarantor’s net worth shall be determined based on
Guarantor’s statement of stockholder equity (“Stockholder Equity Statement”). 

(e)        Guarantor acknowledges that (a) the determination of net worth for purposes of
subsection (d) above is based on the Stockholder Equity Statement and (b) it shall not make changes in the accounting methodology used in its Stockholder Equity Statement or other financial statements relevant thereto without the consent
of Lender (which consent shall not be unreasonably withheld or delayed) except that it may make such changes in accordance with GAAP. To the extent that any such changes affect the manner in which compliance with the net worth covenant is tested or
determined, Lender shall have the right in its reasonable discretion to adjust such calculations or determinations as necessary to allow for consistent testing, determinations and results. 

27.        State Specific Provisions. 

(a)        Guarantor acknowledges that this Guaranty is governed by the laws of the State of New
York; provided, however, (i) that to the extent that a court of competent jurisdiction would deem the laws of the State of Nevada to be applicable to this Guaranty, Guarantor hereby unconditionally and irrevocably waives all provisions of this
Guaranty that conflict with Nevada law. To the extent that a court of competent jurisdiction rules that the laws of the State of Nevada apply to this Guaranty, Guarantor waives: (A) to the extent permitted in paragraph 40.495(2) of the Nevada
Revised Statutes (“NRS”), the benefits of the one-action rule under NRS Section 40.430, or any other statute or decision, to require Lender to proceed against or exhaust any security held by Lender at any time or to pursue any other
remedy in Lender’s power before proceeding against Guarantor; and (B) to the extent permitted by NRS 104.3605, discharge under NRS 104.3605(9); and 
 (ii)        that to the extent that a court of competent jurisdiction would deem the laws of the State of Kentucky to be applicable to this Guaranty, the liability
of the Guarantor shall be joint and several for the payment in full of the entire amount of the Guarantied Obligations with that of the Borrower, any co-

  
 9 

 
maker, accommodation party or any other guarantor. Notwithstanding anything contained herein to the contrary, however, for purposes of KRS §371.065, to the extent not already complied with,
the amount payable under this Guaranty shall not exceed in the aggregate the principal amount of $58,250,000.00, plus interest, attorney fees and costs and expenses of collection. All rights, powers, and remedies of Lender hereunder and under any
other guaranties now or at any time hereafter in force between Lender and Guarantor shall be cumulative and not alternative and shall be in addition to all rights, powers and remedies given to Lender by law. Additionally, this guaranty shall
terminate February 6, 2022, provided that such termination shall not affect the liability of the Guarantor with respect to: (1) obligations created or incurred prior to such date, or (2) extensions or renewals of, interest accruing
on, or fees, costs or expenses incurred with respect to, such obligations on or after such date. 

(b)        Nothing in Section 27(a) shall be construed as to any intention of the parties
that any state’s law other than the State of New York shall apply to this Guaranty. 
 [NO FURTHER TEXT ON THIS PAGE]

  
 10 

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

			
	STRATEGIC STORAGE TRUST, INC., a
	Maryland corporation
		
	By:	 	/s/ H. Michael Schwartz
	Name:	 	H. Michael Schwartz
	Title:	 	PresidentSecond Amendment to Sublease

 Exhibit 10.45 
 SECOND AMENDMENT TO SUBLEASE 
 This Second Amendment to Sublease
(“Second Amendment”) is made as of December 8, 2010 (the “Execution Date”) between ARIBA, INC. a Delaware corporation (“Sublandlord”), and JUNIPER NETWORKS, INC., a Delaware corporation (“Subtenant”).

 RECITALS 
 A. Sublandlord and Moffett Park Drive LLC, a California limited liability company (“Master Landlord”), entered into the Technology Corners Triple Net Multiple Building Lease dated March 15,
2000, which has been amended by a letter agreement dated September 11, 2000, a First Amendment to Lease dated January 12, 2001, a Second Amendment to Lease dated October 31, 2002, a Third Amendment to Lease dated October 21,
2004, and a Fourth Amendment to Lease dated July 6, 2007 (collectively, “Master Lease”). The Master Lease expires on January 24, 2013 (“Master Lease Expiration Date”). 

B. NetScreen Technologies, Inc. (“Netscreen”), and Sublandlord entered into a Sublease dated October 18, 2002, as amended
by that certain First Amendment to Sublease dated June 15, 2007 (“First Amendment”) and further amended by that certain letter Amendment dated November 9, 2007 (“Sublandlord’s Server Room Exit Notice”) and letter
Amendment dated April 9, 2008 (“Subdivided Server Room and Utility Consumption – Building One Premises”) (collectively the “Sublease”), under which Sublandlord is currently subleasing to Subtenant approximately 174,962
rentable square feet of space in Building Three, approximately 4,707 rentable square feet of space in Building Four, and approximately 88,927 rentable square feet of space in Building One (88,742 rentable square feet of space pursuant to the First
Amendment and 185 rentable square feet of space pursuant to the Subdivided Server Room and Utility Consumption – Building One Premises). 
 C. Subtenant is the successor in interest to Netscreen under the Sublease. Subtenant, Sublandlord and Master Landlord also entered into that certain Recognition Agreement dated October 31, 2002 and
amended by the First Amendment to Recognition Agreement dated June 15, 2007 (collectively the “Recognition Agreement”) and Consent to Sublease dated October 31, 2002 as amended by that certain Consent to Sublease dated
July 6, 2007 (collectively the “Consent”). 
 D. Whereas; Subtenant’s Expansion Option to extend into the
Building One Expansion Space under the First Amendment expired, and Sublandlord and Subtenant now desire to amend and modify certain portions of the Sublease to expand the Premises, all upon the terms and conditions set forth herein. 

AGREEMENT 

For and in consideration of the foregoing recitals and the respective undertakings of the parties, and other good and valuable
consideration, the receipt and adequacy of which are acknowledged, Sublandlord and Subtenant hereby agree as follows: 

 1. Capitalized Terms. Each capitalized term used in this Second Amendment shall have
the meaning ascribed to it in the Sublease, unless such term is otherwise defined in this Second Amendment. 
 2.
Definitions. The following definitions are hereby amended or added to the Sublease and this Second Amendment: 
 (a) Premises. Commencing on the Building One Expansion Premises Delivery Date, this term shall be amended to mean, collectively, the Building One Premises, the Building One Expansion Premises, the
Building Three Premises, and the Building Four Premises. 
 (b) Building One Premises. The entire third
and fourth floors of Building One, as well as the Subdivided Server Room on the first floor of Building One, which the parties hereby conclusively agree contain a total of 88,927 rentable square feet, as more particularly described in the First
Amendment to Sublease and letter Amendment dated April, 9, 2008 (“Subdivided Server Room and Utility Consumption - Building One Premises”). 
 (c) Building One Expansion Premises. The balance of the first floor of Building One, which the parties hereby conclusively agree contains a total of 42,835 rentable square feet together with the
entire second floor of Building One, which the parties hereby conclusively agree contain a total of 43,320 rentable square feet, as more particularly described on Exhibit A attached to this Second Amendment. The parties agree that the
Building One Expansion Premises consists of a total of 86,155 rentable square feet. 
 (d) Rentable Area of
Premises. Commencing with the Building One Expansion Premises Delivery Date, anticipated to be November 1, 2010, this term shall be revised to be 354,751 rentable square feet as further defined below: 

Building Three Premises – 174,962 square feet 
 Building Four Premises – 4,707 Square feet 
 Building One
Premises – 88,927 Square feet 
 Building One Expansion Premises – Commencing with the Building OneExpansion
Premises Delivery Date anticipated to be November 1, 2010 this term shall be revised to mean 42,835 rentable square feet on the first floor of Building One, together with 43,320 rentable square feet on the second floor of Building One, for a
total of 86,155 rentable square feet. 
 (e) Building One Expansion Premises Delivery Date. The date upon
which the Sublandlord delivers actual possession of the Building One Expansion Premises space to the Subtenant. The balance of the first floor of Building One and second floor of Building One are anticipated to be delivered on November 1, 2010.
Notwithstanding anything to the contrary contained herein, upon mutual execution of this Second Amendment, provided Subtenant has provided proof of insurance, Subtenant shall have the right to immediate access to the Building One Expansion Premises
space solely for the purposes of due diligence, design and planning. 

  
 - 2 -

 
Subtenant shall not perform any construction, alteration, addition, repair or other work to the Building One Expansion Premises during such early access period. 

(f) Building One Expansion Premises Term Commencement Dates. Term Commencement for Building One Expansion Premises
shall be the Building One Expansion Premises Delivery Date. 
 (g) Building One Expansion Premises Rent
Commencement Date. Rent Commencement for the Building One Expansion Premises shall be forty five (45) days after the Building One Expansion Premises Delivery Date. 

(h) Sublease Expiration Date. January 24, 2013, which is coterminous with the Master Lease Expiration Date,
and shall apply to the entire Premises, as defined in Paragraph 2(a), including all delivered Building One Expansion Premises. 
 (i) Building One Expansion Premises Monthly Base Rent. Monthly Base Rent for the Building One Expansion Premises shall be as follows: 

 

													
	 TIME PERIOD*
	  	RENT/PSF
/MONTH	 	  	BLDG 1 EXPANSION
PREMISES	 	  	MONTHLY BASE
RENTAL	 
	 Building One Expansion Premises Delivery Date – 45 days following the Building One Expansion Premises Delivery
Date
	  	$	0	  	  	 	86,155	  	  			
	 Building One Expansion Premises Rent Commencement Date – 01/24/13
	  	$	.75	  	  	 	86,155	  	  	$	64,616.25	  

  

	*	In accordance with Section 2(e), (g) and (f) of this Second Amendment, the Sublandlord shall deliver the Building One Expansion Premises on Building One
Expansion Premises Delivery Date and Monthly Base rent for such space shall commence upon the Building One Expansion Premises Rent Commencement Date. 

(j) Master Landlord Consent. The written consent of Master Landlord to this Second Amendment on terms reasonably
acceptable to the parties, including consent to Subtenant’s Permitted Use of the Premises. The parties agree that a written consent that is substantially similar to the Consent (as defined in Recital C above), revised on commercially reasonable
terms, shall be deemed reasonably acceptable to both parties. 
 (k) Subtenant’s Project Share.
Commencing on the Building One Expansion Space Delivery Date, this term shall be revised to be 49.55% 
 (l)
Subtenant’s Building Share. 

  
 - 3 -

 (i) Building Three Premises – 100%. 

(ii) Building Four Premises – 0%. 

(iii) Building One Premises – 50.79% as of the date of this Second Amendment and continuing through the Building One
Expansion Premises Delivery Date. Following the Building One Expansion Premises Delivery Date this term shall be revised to be 100%. 
 3. Expansion. 
 (a) Commencing upon the Building One
Expansion Premises Delivery Date the Sublandlord hereby sublease and demises to Subtenant and the Subtenant hereby subleases and accepts from Sublandlord, on the terms and conditions set forth herein, the Building One Expansion Premises. 

(b) Sublandlord shall deliver possession of that portion of the Building One Expansion Premises to Subtenant where the
Sublandlord tenders vacant possession of the Building One Expansion Premises to Subtenant in accordance with the condition required by this Second Amendment. If the Building One Expansion Premises Delivery Date shall not have occurred within sixty
(60) days following the anticipated Building One Expansion Premises Delivery Date for the Building One Expansion Premises (the “Building One Premises Delivery Deadline”), then Subtenant shall have the right, but not the obligation, in
its sole and absolute discretion to immediately terminate this Second Amendment as it relates to such undelivered Building One Expansion Premises by providing written notice thereof to the Sublandlord within five (5) days following the Building
One Premises Delivery Deadline. If this Second Amendment is terminated in accordance with this Section, then any Base Rent for the Building One Expansion Premises together with any other consideration previously delivered to Sublandlord by Subtenant
related to the Building One Expansion Premises shall be promptly refunded to Subtenant by Sublandlord and Subtenant shall be fully released from any further obligations and liabilities under this Second Amendment. 

(c) Prior to the actual Building One Expansion Premises Delivery Date, commencing on the day Master Landlord Consent to
this Second Amendment has been received (the “Building One Expansion Premises Early Access Date”), Sublandlord agrees where such space is vacant to provide Subtenant, its employees, agents, consultants and contractors with unrestricted
early access and early entry to the Building One Expansion Premises at no cost to Subtenant (“Early Access”) in order that Subtenant may perform due diligence, design and planning activities in the Building One Expansion Premises,
including installation of furniture, trade fixtures and equipment and telephone and data communications systems and cabling, and otherwise prepare the Building One Expansion Premises for occupancy by Subtenant and the operation of Subtenant’s
business therein. 
 4. Delivery Condition. On the Building One Expansion Premises Delivery Date, Sublandlord shall
deliver the Building One Expansion Premises with all access point, including elevators, doors and stairwells secured and accessible only to Subtenant and in broom clean condition. Sublandlord represents and warrants that as of the Building One
Expansion Premises Delivery Date, the roof, all structural components of the Building, HVAC, electrical, plumbing, fire and life safety systems and elevator, parking lot and site lighting are operational, in good working order and condition and
conform to codes in effect as of the Execution Date. 

  
 - 4 -

 
Sublandlord further represents and warrants that the Building One Expansion Premises are in compliance with all federal, state and municipal codes, including without limitation all environmental
laws and the Americans with Disabilities Act (the “ADA”) (collectively, “Applicable Laws”). 
 5.
Rent. 
 (a) To reflect the Building One Expansion Premises the term “Monthly Base Rent” shall
be amended to include monthly base rent payable for the Building One Expansion Premises as provided in Section 2 hereof, and Subtenant shall pay to Sublandlord Monthly Base Rent as so revised. The term “Base Rent” as used in the
Sublease shall mean Monthly Base Rent as so revised. 
 (b) Commencing on the Building One Expansion Premises
Rent Commencement Date, Subtenant’s Project Share and Subtenant’s Building Shares shall be revised as provided in Section 2 hereof. 
 6. Permitted Use. Subtenant may use the Building One Expansion Premises or any legally permitted use consistent with the character and zoning criteria for the Project and for any other uses
permitted under the Master Lease, including but not limited to general and administrative office, research and development, laboratory, manufacturing, training and fitness center, warehouse, storage and cafeteria uses; provided, however, that
Subtenant shall not use the Building One Expansion Premises for any use that is not permitted under the Master Lease. 
 7.
Security Deposit. Sublandlord is in possession of Six Hundred Thousand Dollars ($600,000) cash or other immediately available funds, which amount Sublandlord shall continue to hold as a Security Deposit in accordance with Article 7 of
the First Amendment to Sublease instrument dated June 15, 2007. Sublandlord shall not require an additional Security Deposit for the Building One Expansion Premises. 
 8. Initial Subtenant Improvements. At its sole cost and expense, Subtenant shall have the right to construct certain initial leasehold improvements to the Building One Expansion Premises in
accordance with the Work Letter attached hereto as Exhibit C (the “Initial Subtenant Improvements”); provided that such improvements comply with the provisions of Section 6.03 of the Master Lease (including the requirement to
obtain the Master Landlord’s Consent thereto). 
 9. Restoration. Subtenant shall have no responsibility to perform
any restoration obligation that Sublandlord may have to Master Landlord under the Master Lease with respect to any leasehold improvements installed at the Building One Expansion Premises prior to the delivery date. If, simultaneously with its
written request to Sublandlord for approval of any Subtenant Owned Alterations or Utility Installation (including the Initial Subtenant Improvements), Subtenant requests in writing that Sublandlord notify Master Landlord requesting a written
statement from Master Landlord indicating if Master Landlord shall require or shall not require Sublandlord to remove such alterations or installations, then Sublandlord shall promptly request such written statement from Master Landlord.
Notwithstanding Article 8.4 of the Sublease instrument dated October 18, 2002 to the contrary, Sublandlord shall not require removal of such alterations or installations except to the extent that Master Landlord

  
 - 5 -

 
requires such removal. Subtenant shall have the right to remove all of Subtenant’s trade fixtures and personal property from the Premises at any time during the Term. 

10. Furniture. 
 (a) Subject to the terms and provisions of Section 1.7 of the Sublease instrument dated October 18, 2002, commencing on the Building One Expansion Premises Term Commencement Dates, Sublandlord
shall lease to Subtenant and Subtenant shall lease from Sublandlord, at no additional rent, the furniture and equipment located in the Building One Expansion Premises described more fully in Exhibit B-1 and B-2 attached hereto (the
“Building One Expansion Premises Furniture). During the first thirty (30) days following the Building One Expansion Premises Delivery Date the Subtenant shall have the right to give Sublandlord notice of any Building One Expansion Premises
Furniture that is damaged and beyond ordinary reasonable use without repair. Sublandlord shall within ten (10) business days of receipt of such notice either elect to remove such damaged Building One Expansion Premises Furniture and dispose of
or store the same at Sublandlord’s sole cost and expense or Sublandlord shall have the right to carry out such necessary repairs at Sublandlord’s sole cost and expense and such repaired Building One Expansion Premises Furniture shall
remain in the Building One Expansion Premises during the Building One Expansion Premises Term. 
 (b) Upon
written notice thereof delivered to Sublandlord at least ninety (90) days prior to the Sublease Expiration Date, Subtenant may elect in its sole and absolute discretion to purchase the Furniture for its “fair market value” payable in
cash or other immediately available funds on or before the Sublease Expiration Date. If the parties cannot agree upon the fair market value of the Furniture within thirty (30) days after Subtenant makes such election, either party hereto may
submit the issue to arbitration with JAMS, LLC (“JAMS”) in San Jose, California, pursuant to Section 1280, et seq. of the California Code of Civil Procedure. Within ten (10) business days following the appointment of the
arbitrator, each party shall state in writing its position concerning the issue supported by the reasons therefore with two copies delivered to the arbitrator. If either party fails timely to submit its position, the position submitted by the other
party shall be deemed correct, and the arbitration shall be deemed concluded. The arbitrator shall arrange for a simultaneous exchange of positions and a hearing. After the hearing, the arbitrator shall select which of the two proposed positions
most closely approximates his determination of the correct position and shall have no right to propose a middle ground or any modification of either of the two proposed positions. The position he chooses as most closely approximating his
determination shall constitute the decision of the arbitrator and be final and binding upon the parties. In the event of a failure, refusal, or inability of the arbitrator to act, his successor shall be appointed by JAMS, or, if JAMS fails to do so
within five (5) business days, as provided by the Act. The arbitrator shall attempt to decide the issue within ten (10) business days after the hearing. Both parties shall share the fee and expenses of the arbitrator. The prevailing party
shall be entitled to collect its reasonable (as determined by the arbitrator) attorneys’ fees and costs from the unsuccessful party. The arbitrator shall have the right to consult experts and competent authorities with factual information or
knowledge concerning the dispute and the fees of such authorities shall be shared equally by the parties. 
 (c)
If Subtenant elects to purchase the Furniture, Sublandlord shall transfer the Furniture to Subtenant pursuant to a bill of sale in its as-is condition and without any 

  
 - 6 -

 
representations or warranties. During the Term, Subtenant shall be responsible for, and if necessary shall reimburse Sublandlord with respect to, all costs and expenses related to the Furniture,
including all insurance, maintenance, repair, replacement, and personal property tax costs. 
 11. Master Landlord
Consent. This Second Amendment to Sublease shall become effective following mutual execution by the parties on the Execution Date and the receipt of Master Landlord’s Consent and Amended Recognition Agreement. Within two (2) business
days following mutual execution of this Second Amendment, Sublandlord shall submit this Second Amendment to the Master Landlord for its consent and shall request that Master Landlord provide an Amended Recognition Agreement (as further described in
Paragraph 15 below). The parties shall work together diligently and in good faith to obtain the Master Landlord Consent and Amended Recognition Agreement. Subtenant shall provide all reasonable financial and other information reasonably requested by
the Master Landlord in connection with such efforts. 
 12. Signage. Subtenant shall have the right to install one
exterior sign on Building One, subject, however to the terms of Paragraph 34 of the Sublease instrument dated October 18, 2002. Subtenant shall also have the right to install standard interior signage for the Building One Expansion Premises.
Subtenant shall remove Subtenant’s Building One exterior signage, if any, on or before the expiration of the Sublease and repair any damages resulting therefrom. 
 13. Common Areas. Paragraph 1.3 of the Sublease instrument dated October 18, 2002 shall be amended to include the following clause thereof: 

“(iii) as to Building One, Commencing on the Building One Expansion Premises Delivery Date, there will be no Building One Common Area
for purposes of this Sublease for Building One.” 
 14. Deleted Provisions. Due to the fact that Subtenant failed to
exercise the Expansion Option as outlined in the First Amendment to Sublease, sections 2(c), 2(f), 2(i), 2(j), 2(k), 10 and 11 of the First Amendment to Sublease are hereby deleted and of no further force and effect. Further, any reference to
“Building One Expansion Space”, “Expansion Option”, or “Option to Expand” should be considered null and void. Pursuant to the Letter Amendment dated November 9, 2007, Section 19 of the First Amendment to
Sublease shall be of no further force and effect. 
 15. Recognition Agreement. Sublandlord and Subtenant acknowledge and
agree that this Second Amendment shall be subject and subordinate to all of the terms, covenants and conditions of the Recognition Agreement and Consent (as the same are defined in the Recitals above) and the Master Landlord Consent. Following the
Execution Date, Sublandlord shall request from Master Landlord (as part of seeking consent to this Second Amendment) an amendment to the Recognition Agreement, in substantially similar form as attached hereto as Exhibit D to this Second
Amendment. Sublandlord shall not unreasonably withhold, condition or delay Sublandlord’s approval and execution of the final form amendment to Recognition Agreement where Master Landlord has approved the same. 

16. Notices. Any notice, claim, certificate, request, demand, consents, approvals, offers, statements and any other instruments or
communications required or permitted to be given 

  
 - 7 -

 
pursuant to the provisions of this Sublease shall be in writing and shall be deemed to have been given and received for all purposes when delivered in person or by Federal Express or other
reliable 24-hour delivery service or five (5) business days after being deposited in the United States mail, by registered or certified mail, return receipt requested, postage prepaid, addressed to the other party at its address provided below
with copies of the same as further described below. The parties may change the address or person addressed by written notice. 
  

			
	 Sublandlord’s address for notices:
	  	Subtenant’s address for notices:
		
	 Ariba, Inc.
	  	Juniper Networks, Inc.
	 807 Eleventh Avenue
	  	1194 N. Mathilda Ave.
	 Sunnyvale, California 94089
	  	Sunnyvale, California 94089
	 Attn: General Counsel
	  	Attn: Vice President of Real Estate
	 Fax: (650) 390-1377
	  	Fax: (408) 936-3062
		
	 With a copy to:
	  	With copy of all notices to:
		
	 Ariba, Inc.
	  	Juniper Networks, Inc.
	 210 Sixth Avenue
	  	1194 N. Mathilda Ave.
	 Pittsburgh, Pennsylvania 15222
	  	Sunnyvale, California 94089
	 Attn: Real Estate Manager
	  	Attn: Legal Department
	 Fax: (412) 297-7989
	  	Fax: (408) 936-1278
		
		  	With copy of all default notices to:
		
		  	Reed Smith LLP
		  	101 Second Street,
		  	Suite 1800
		  	San Francisco, California 94105
		  	Attn: Simon T. Adams, Esq.
		  	Fax: (415) 391-8269

 17. Brokers.

 (a) Each party to this Second Amendment represents and warrants to the other party that it has had no dealings
with any broker or agent in connection with this Second Amendment except for Jones Lang Lasalle Bay Area, Inc. exclusive real estate representative of Subtenant (“Subtenant’s Broker”), and Newmark Pacific, Inc., exclusive real estate
representative of Sublandlord (Sublandlord’s Broker”). 
 (b) Sublandlord will pay a commission to
Newmark Pacific, Inc. under separate agreement between Sublandlord and Newmark Pacific, Inc. 
 (c) Sublandlord,
at Sublandlord’s sole cost and expense, agrees to pay a market commission to Jones Lang LaSalle Bay Area, Inc. (“Subtenant’s Broker”) as Subtenant’s exclusive real estate representative pursuant to the terms and conditions
of a separate agreement. 

  
 - 8 -

 (d) No other commissions shall be payable in connection with this
transaction. Each party to this Second Amendment covenants and agrees to protect, defend, indemnify and hold harmless the other party from and against any and all costs (including reasonable attorneys’ fees), expenses or liability for any
compensation, commission and charges claimed by any broker or other agent, other than the Subtenant’s Broker and Sublandlord’s Broker, with respect to this Second Amendment or the negotiation thereof on behalf of such party. 

18. Use of Cafeteria and Fitness Center. Sublandlord continues to grant Subtenant the right for Subtenant’s directors and
employees to the use and enjoyment of the Cafeteria and Fitness Center, which Subtenant shall use in accordance with the terms and conditions described in Exhibits E and F of the Sublease instrument dated October 18, 2002, respectively and with
all reasonable rules and regulations relating to the same. 
 19. Indemnification. Notwithstanding anything to the
contrary in the Sublease, Subtenant will have no obligation to indemnify, defend or hold harmless either Master Landlord or Sublandlord under such terms and conditions in the Master Lease to the extent that any of the claims, demands, liabilities or
causes of action at issue are caused by Master Landlord’s, Sublandlord’s or any of their respective agents, contractors or employees, gross negligence or willful misconduct. 

20. Sublandlord’s Compliance with Master Lease. Sublandlord covenants to timely and fully observe, perform and discharge all
of its obligations under the Master Lease, except where the failure to do so would not have a material adverse effect (as reasonably determined by Subtenant) on Subtenant and except where such obligation is an obligation of Subtenant under the
Sublease. 
 21. Direct Contracts for Service. Upon the Building One Expansion Premises Delivery Date, Sublandlord grants
to Subtenant the right to enter into Direct Contracts for Service in Building One as such terms are further defined in Section 26(b) of the First Amendment to Sublease. 
 22. Building One Security System Modifications. At Subtenant’s sole cost and expense, and upon receipt of Master Landlord Consent to this Second Amendment, Sublandlord grants to Subtenant the
right to convert the Building One security system to be consistent with the security system utilized in the Building Three Premises. Subtenant must obtain any and all applicable review and approvals under the Master Lease and Sublease as necessary.

 23. Building One Expansion Premises Additional Rent. Commencing on the Building One Expansion Premises Delivery Date,
Subtenant agrees to pay all pass-through operating expenses, including, but not limited to, common area maintenance, real estate taxes, and insurance costs, and utilities for the sublease of the Building One Expansion Premises. Commencing upon the
Building One Expansion Premises Delivery Date, Subtenant must contract directly with the utility providers for utility consumption in Building One, and pay the same directly to the providers. 

  
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 24. Miscellaneous. 

(a) This Second Amendment shall be binding upon and inure to the benefit of the parties hereto, their heirs, estates,
personal representatives, successors and assigns. 
 (b) This Second Amendment shall be construed in accordance
with and governed by the laws of the State of California. 
 (c) This Second Amendment constitutes the entire
understanding and agreement of Sublandlord and Subtenant with respect to the specific subject matter hereof, and shall supersede and replace all prior understandings and verbal representations. The parties confirm and acknowledge that there are no
other promises, covenants, understandings, agreements, representations or warranties with respect to the subject matter of this Second Amendment except as expressly set forth herein. 

(d) This Second Amendment may not be modified, amended or terminated except pursuant to a written instrument duly executed
by the parties hereto, or their successors-in-interest. 
 (e) Sublandlord and Subtenant shall each bear their
own costs and expenses with respect to the negotiation, preparation and execution of this Second Amendment. If the form of the Second Amendment to the Recognition Amendment is substantially similar to the First Amendment to the Recognition
Amendment, then Sublandlord and Subtenant shall each bear their own costs and expenses with respect to preparation and execution of the Second Amendment to the Recognition Amendment. However, should Master Landlord require changes to the form of
such amendment which require negotiation, then Subtenant shall be responsible to reimburse Sublandlord for the costs incurred in the review and approval of the Second Amendment to the Recognition Agreement. 

(f) All notices, demands or other communications between the parties hereto shall be in writing and shall be given in the
manner set forth for the giving of notices in the Sublease. 
 (g) Each party acknowledges that it has been
represented by counsel with respect to this Second Amendment and accordingly, each party represents to the other party that it has read and understood the terms hereof and the consequences of executing this Second Amendment. Each party further
waives any right it may have to require the provision of this Second Amendment to be construed against the other party who drafted the same. 
 (h) If any term or provision of this Second Amendment shall be deemed or held, by any court or authority having property jurisdiction to be invalid, illegal, void or unenforceable, the remaining terms and
provisions hereof shall nevertheless remain in full force and effect with the intent that the purpose of this Second Amendment will be accomplished. 
 (i) Each party acknowledges and agrees that except as may be amended by the terms and conditions of this Second Amendment, the terms, covenants and conditions of the Sublease, the First Amendment, the
Recognition Agreement and Consent are hereby ratified and confirmed. Upon the consent of the Master Landlord to a fully executed copy of the Second 

  
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Amendment, the Sublease, the First Amendment, and this Second Amendment shall collectively be known as the “Sublease”. 

25. Exhibits to the Second Amendment. The following exhibits are attached hereto and hereby incorporated with this Second
Amendment. 
  

			
	        Exhibit A
	  	Building One Expansion Premises
	        Exhibit B-1
	  	Building One Expansion Premises Furniture
	        Exhibit B-2
	  	Building One Expansion Premises Furniture
	        Exhibit C
	  	Building One Expansion Premises Work Letter
	        Exhibit D
	  	Second Amendment to Recognition Agreement

 IN WITNESS WHEREOF, Sublandlord and Subtenant have duly executed this Second Amendment as of the day and year first above written. 

 

									
	SUBLANDLORD:	 		 	SUBTENANT:
			
	ARIBA, INC.	 		 	JUNIPER NETWORKS, INC.
	a Delaware Corporation	 		 	a Delaware Corporation
					
	By:	 	/s/ Chris Cavanaugh	 		 	By:	 	/s/ Robyn Denholm
	Its:	 	VP & Corporate Controller	 		 	Its:	 	CFO

  
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